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Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance

Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance,10.1111/0022-1082.00130,Journal of Finance,Judi

Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance   (Citations: 185)
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We examine whether mutual fund performance is related to characteristics of fund managers that may indicate ability, knowledge, or effort. In particular, we study the relationship between performance and the manager's age, the average composite SAT score at the manager's undergraduate institution, and whether the manager has an MBA. Although the raw data suggest striking return differences between managers with different characteristics, most of these can be explained by behavioral differences between managers and by selection biases. After adjusting for these, some performance differences remain. In particular, managers who attended higher-SAT undergraduate institutions have systematically higher risk-adjusted excess returns. Copyright The American Finance Association 1999.
Journal: Journal of Finance - J FINAN , vol. 54, no. 3, pp. 875-899, 1999
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    • ...Our approach to investigate if education in finance makes a difference in an individual's investment behavior is similar to the approach of Shukla and Singh [1994], Chevalier and Ellison [1999] and Gottesman and Morey [2006]...

    Ann Marie Hibbertet al. Can Diversification be Learned?

    • ...Given the small samples, pooling information across funds has the potential advantage of gaining power compared to estimates based on a fund-byfund analysis (Chevalier and Ellison (1999))...

    Martin T. Bohlet al. Pension Funds' Performance in Strongly Regulated Industries in Central...

    • ...� � : (12) In equilibrium n must be such that the expected excess pro…t from entering the domestic...
    • ...If FD � FF; we need that in equilibrium �1 + ��2 � 0: Plugging (1) and (2) into (12), one...
    • ...: Plugging (8) and (9) into (12), one gets �2 = 1 �...
    • ...the foreign market in each period (equation (12)), we get:...

    Wioletta Dziudaet al. Asymmetric Information, Portfolio Managers, and Home Bias

    • ...[1] Gottesman and morey (2006) criticized that the work of Chevalier and Ellison was survivorship bias, for their data from a bull market...

    Hui Tiao-yanet al. Study on the relationship between the fund managers' characteristic an...

    • ...Our last variable, the average SAT, measures manager talent using a manager’s specific SAT score, following Chevalier and Ellison (1999a)...
    • ...Another interesting feature of Plot B is that, unlike Chevalier and Ellison (1999a), we deal with the general education level of the city and not with that of fund managers...
    • ...Consistent with Chevalier and Ellison (1999a) ,w e observe a positive and highly statistically significant relation between the average SAT score and fund performance...

    Susan E. K. Christoffersenet al. City size and fund performance

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