This paper investigates whether bond fund managers with credit rating experience outperform their peers. We document … that bond fund managers who previously worked in credit rat- ing agencies on average create higher risk-adjusted returns …

This is the first study of corporate-bond mutual fund performance that examines detailed security-level holdings and … equity funds that shows evidence of stock-selection ability, we do not find evidence consistent with bond fund managers, on … weakly positive evidence of ability to time corporate bond characteristics. Overall results show that the costs of active …

dispersion is related to bond-specific characteristics associated with liquidity and market volatility. TRACE may have …