Monitoring style drift : evidence from U.S. Equity funds

Kurniawan, Meinanda (2013) Monitoring style drift : evidence from U.S. Equity funds. Masters by Research thesis, Queensland University of Technology.

Abstract

This thesis examines the stewardship and investment style monitoring by managers and boards of U.S. equity funds. Results indicate that complying with a fund’s declared style, especially in value-growth dimension, remains a challenge for fund managers and boards, and that style-based investors should be aware of the risk of style drift since fund managers and boards do not always monitor the fund’s investment style as stated in the prospectus. Results also show that the quality of fund stewardship, as reflected by fund board quality, corporate culture, manager compensation, regulatory history, and fees are effective in ensuring that fund managers and boards perform their fiduciary obligation by increasing monitoring of the fund investment style.

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ID Code: 64687
Item Type: QUT Thesis (Masters by Research)
Supervisor: How, Janice & Verhoeven, Peter
Keywords: mutual fund, fund governance, board quality, corporate culture, manager compensation, managerial ownership, Morningstar stewardship grade, investment style, style drift, style consistency
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Institution: Queensland University of Technology
Deposited On: 21 Nov 2013 06:56
Last Modified: 07 Sep 2015 21:57

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