Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/119418
Authors: 
Adam, Tim
Güttler, André
Year of Publication: 
2015
Series/Report no.: 
SFB 649 Discussion Paper 2015-013
Abstract: 
We use the financial crisis of 2007-2009 as a laboratory to examine the costs and benefits of teams versus single managers in asset management. We find that when a fund uses complex trading strategies involving the use of CDS team-managed funds outperform solo-managed funds. This may be due to the greater diversity of expertise, experience and skill of teams relative to single managers. During the financial crisis, however, the performance premium of teams becomes negative, which may be because of the slower decision times of teams, which are especially costly during times of rapidly changing market conditions.
Subjects: 
mutual funds
management teams
financial crisis
credit default swaps
performance
market timing
JEL: 
G11
G15
G23
Document Type: 
Working Paper

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