Arbeitspapier
The impact of labor mobility restrictions on managerial actions: Evidence from the mutual fund industry
This paper examines how labor mobility restrictions such as non-compete clauses in employment contracts affect the incentives and resulting behavior of employees. Using the investment industry as a testing laboratory, we find that mutual fund managers respond to heightened career concerns due to increased enforceability of non-compete clauses by increasing effort, reducing downside risk, engaging less in tournaments, making their portfolios similar to the portfolios of their benchmarks or peers, and increasing window-dressing. These concerns are, however, moderated by the presence of more developed internal labor markets, which allow managers to substitute restricted across-family mobility with within-family mobility.
- Language
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Englisch
- Bibliographic citation
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Series: CFR Working Paper ; No. 18-01
- Classification
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Wirtschaft
- Event
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Geistige Schöpfung
- (who)
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Cici, Gjergji
Hendriock, Mario
Kempf, Alexander
- Event
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Veröffentlichung
- (who)
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University of Cologne, Centre for Financial Research (CFR)
- (where)
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Cologne
- (when)
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2018
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Cici, Gjergji
- Hendriock, Mario
- Kempf, Alexander
- University of Cologne, Centre for Financial Research (CFR)
Time of origin
- 2018
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