This paper investigates what mutual fund managers learn from senior colleagues by focusing on managers managing … ability of fund managers by extending the active investment skill model (Berk and Green, 2004). Empirical evidence shows that …

Why do investors entrust active mutual fund managers with large sums of money while receiving negative excess returns … on average? Our explanation is that investors have a coarser information set than fund managers which leads them to … systematically misinterpret managers' skill. When investors are unable to correctly quantify risk because they have no knowledge of …

Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large … investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive …

The on-going debate over whether fund managers have skills and whether those skills are short-lived is still … insights. First, fund managers in the higher ranked MPPM deciles persistently outperform lower ranked managers by posting … characteristic of the holdings indicates higher ranked fund managers would hold younger, smaller, growth, and particularly stocks …

We study how mutual fund managers gain an edge in selecting stocks in an era of globalization. We use textual analysis … difference in four-factor alpha between the top and bottom OCI deciles amounting to 2.95% per annum. Fund managers' overweighing …

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 …