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首页> 外文期刊>Journal of financial economics >Allocation of decision rights and the investment strategy of mutual funds
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Allocation of decision rights and the investment strategy of mutual funds

机译：共同基金的决策权分配和投资策略

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The literature suggests that while decentralized decision making can allow for greater specialization in an organization, it heightens the cost of coordinating decisions. The mutual fund industry-in particular, sole- and team-managed balanced funds-provides an ideal setting to test the specialization versus coordination trade-off, as information on decision structures and fund actions is easily obtained. We show that sole-managed balanced funds, with centralized decision rights, exhibit significant market timing that requires reallocation across asset classes. However, consistent with coordination difficulties between managers specializing in particular asset classes, no market timing is evident in team-managed balanced funds. Team-managed funds exhibit greater returns from specialization, in the form of better security selection performance than sole-managed funds. These results hold cross-sectionally and for funds that switch management structures. The overall returns across different management structures are similar, indicating a market equilibrium. Investor flows reward market-timing performance for sole- but not team-managed funds.
机译：文献表明，分散决策可以使组织中的专业化程度更高，但它会增加协调决策的成本。共同基金行业，尤其​​是独资和团队管理的平衡型基金，提供了理想的环境来测试专业化与协调权衡，因为可以轻松获取有关决策结构和基金行动的信息。我们表明，具有集中决策权的独家管理平衡基金表现出显着的市场时机，需要跨资产类别进行重新分配。但是，与专门负责特定资产类别的经理之间的协调困难相一致，在团队管理的平衡型基金中没有明显的市场时机。团队管理型基金表现出比专业管理型基金更好的安全选择性能，从而从专业化中获得更大的回报。这些结果具有横断面，适用于转换管理结构的资金。不同管理结构的总体收益相似，表明市场均衡。投资者流奖励唯一而非团队管理的基金的市场时机表现。

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