Abstract
We use the staggered state-level stay-at-home orders in the U.S. as the difference-in-differences strategy to study the effect of remote work on the performance of actively managed equity mutual funds. After the implementation of working from home, fund daily returns over market returns decrease by 90 basis points per day, corresponding to a 6-million-dollar economic loss per day relative to investing in the market portfolio. Remote work also decreases measures of managerial skill, especially for funds not belonging to a family. These results suggest that working from home impairs mutual fund performance.
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