Mutual fund managers' prior work experience and their investment skills
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Description
This paper examines the relationship between mutual fund managers’ past professional backgrounds and their portfolio performance, using Chinese mutual fund data from 2003 to 2016. We focus on managers with prior work experience either as industry analysts or as macro analysts, the two most common career paths for Chinese fund managers. We hypothesize that managers who worked as industry analysts exhibit superior stock-picking skills, while managers with a background as macro analysts are more skillful in timing the market. These hypotheses are supported by the data, even after controlling for observable fund and manager characteristics. Bootstrap analyses suggest that the significant difference in performance between these two types of managers cannot be attributed purely to luck.
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ID Code: | 222986 | ||
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Item Type: | Contribution to Journal (Journal Article) | ||
Refereed: | Yes | ||
ORCID iD: |
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Measurements or Duration: | 22 pages | ||
Keywords: | Managerial skills, bootstrap, market-timing, stock-picking | ||
DOI: | 10.1111/fima.12180 | ||
ISSN: | 0046-3892 | ||
Pure ID: | 33320311 | ||
Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Economics & Finance |
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Copyright Owner: | Consult author(s) regarding copyright matters | ||
Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au | ||
Deposited On: | 06 Nov 2021 17:32 | ||
Last Modified: | 16 Jul 2024 21:00 |
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