一、主题：Board excessive compensation and mutual funds’ exit decisions
Abstract: Using a large, and hand-collected dataset of over 10,000 U.S. mutual funds, this paper studies the time-varying relationship between directors’ excessive compensation and fund exit decisions during the period 2002-2014. Our results extend existing evidence by showing that excessive compensation is a preferable measure to explain fund exit decisions in comparison with total compensation. The results show that fund exits are affected by two competing forces: (i) fund-families’ cost-reduction and (ii) independent directors’ remuneration concerns. We show that the fund-families’ cost reduction factor dominates during the non-financial-crisis period but the opposite is true during the 2008 financial crisis. We document that directors’ ownership, board independence, and board diversity also have some explanatory power in fund exit decisions.