Abstract
This article examines the role of top management teams (TMTs) in the US mutual fund industry, focusing on the shared experience between fund managers. We find that there is a significant positive relation between shared experience in TMTs and fund performance. In our subsequent analysis, we find our shared experience measure to be associated with several documented characteristics (e.g., industry concentration, number of holdings, turnover, duration, and active management) that are found in the prior literature to be associated with positive fund performance. This provides some insights on the potential channels through which shared experience results in positive fund performance. Our overall findings have important implication for investors in considering the shared experience in TMTs when making an investment decision.
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