1) Plan sponsors hire investment managers to invest new inflows or replace terminated managers. They terminate managers for underperformance or other reasons like style changes or personnel turnover. 2) The study found that managers had high positive returns before being hired but neutral returns after being hired. Returns were negative before being fired for underperformance but positive after being fired. 3) In conclusion, managers tend to outperform before and after being in a portfolio but underperform while included, likely due to mean reversion and marketing efforts during strong periods. Performance should be considered alongside process and circumstances to identify changes rather than just terminating underperformers.