The Predictability of Managerial Heterogeneities in Mutual Funds

doi:10.1111/fima.12075

CORC > 上海财经大学 > 上海财经大学

	The Predictability of Managerial Heterogeneities in Mutual Funds
	Huang, Jun 1; Wang, Albert Y.2
刊名	FINANCIAL MANAGEMENT
	2015-12
卷号	44 期号:4 页码:947-979
ISSN号	0046-3892
DOI	10.1111/fima.12075
英文摘要	Using a sample of Chinese mutual funds, we empirically assess how managerial heterogeneity affects mutual fund performance. We find that funds with higher manager fixed effects outperform those with lower manager fixed effects by 2% per year. We also note that fund performance improves after managers with higher fixed effects are hired. The results are consistent with the notion that manager fixed effects are associated with managerial innate ability. Finally, we find that investors pay attention to managerial attributes beyond the traditional performance measures, providing supporting evidence for the rational explanation of convex flow-performance sensitivity in the literature.
WOS研究方向	Business & Economics
语种	英语
出版者	WILEY
WOS记录号	WOS:000363452900008
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1430]
专题	上海财经大学
通讯作者	Huang, Jun
作者单位	1.Shanghai Univ Finance & Econ, Inst Accounting & Finance, Shanghai, Peoples R China; 2.Univ Alabama, Dept Econ Finance & Legal Studies, Tuscaloosa, AL USA
推荐引用方式 GB/T 7714	Huang, Jun,Wang, Albert Y.. The Predictability of Managerial Heterogeneities in Mutual Funds[J]. FINANCIAL MANAGEMENT,2015,44(4):947-979.
APA	Huang, Jun,&Wang, Albert Y..(2015).The Predictability of Managerial Heterogeneities in Mutual Funds.FINANCIAL MANAGEMENT,44(4),947-979.
MLA	Huang, Jun,et al."The Predictability of Managerial Heterogeneities in Mutual Funds".FINANCIAL MANAGEMENT 44.4(2015):947-979.