MARCH 1, 2010 - Ark Advisor

voluntary and involuntary turnover, a well-known problem that has vexed management turnover researchers. About 15% of mutual funds employ subadvisors, and the outsourcing of portfolio management to subadvisors has recently received much attention (e.g., Cashman and Deli, 2006, Chen, Hong, Jiang, Kubik, 2011, Del Guercio, Reuter, Tkac, 2009, Kuhnen, 2009, Dhong, 2010), but our … ................
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