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Human Capital, Career Concern and Investment Behavior of Managers: An Empirical Examination on Close-end Funds in China

By an empirical examination on investment fund market in China, We find that portfolio managers' turnover does not affect the risk adjustment strategy of the funds, demonstrating that fund companies rather than portfolio managers are in charge of the fund investment strategy. Moreover, Chinese portfolio managers, even after they have been terminated, would be appointed other positions in the same fund company. It seems that this kind of turnover hardly has sufficient pressure on portfolio managers.