Consistent with Chevalier and Ellison (1999), we find that mutual fund managers with degrees from elite universities tend to outperform their counterparts from less elite universities. The abnormal performance can be characterized as “fast performance,” the stocks they select realize excess...

Different share classes on the same firms provide a natural experiment to explore how investor clienteles affect momentum and short-term reversals. Domestic retail investors have a greater presence in Chinese A shares, and foreign institutions are relatively more prevalent in B shares. These...