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The influence of academic interactions on stock selection and performance: Evidence from Japan

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  • Takahashi, Hidetomo
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    Abstract

    Using mutual fund holdings data and fund manager demographic data, this paper examines whether academic interactions between fund managers and board members affect fund manager investment decisions and fund performance. I show that mutual fund managers are more likely to hold academically related stocks. Performance tests provide empirical evidence that academic interactions are beneficial to earn more profits. In addition, I show that mutual fund managers seem to lose profitable opportunities due to academic interactions because of their investment styles. Overall, this paper shows that mutual fund managers seem to take advantage of academic interactions to earn greater profits.

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    File URL: http://www.sciencedirect.com/science/article/B6W5X-4YB792P-2/2/e455a53e2d2c0a60effa9cf76e195acc
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    Bibliographic Info

    Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

    Volume (Year): 50 (2010)
    Issue (Month): 3 (August)
    Pages: 361-366

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    Handle: RePEc:eee:quaeco:v:50:y:2010:i:3:p:361-366

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    Web page: http://www.elsevier.com/locate/inca/620167

    Related research

    Keywords: Mutual fund Market efficiency Social interaction;

    References

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    1. Mark Grinblatt, 2001. "How Distance, Language, and Culture Influence Stockholdings and Trades," Journal of Finance, American Finance Association, vol. 56(3), pages 1053-1073, 06.
    2. Andrea Frazzini & Owen A. Lamont, 2005. "Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns," NBER Working Papers 11526, National Bureau of Economic Research, Inc.
    3. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
    4. Lauren Cohen & Andrea Frazzini & Christopher Malloy, 2007. "The Small World of Investing: Board Connections and Mutual Fund Returns," NBER Working Papers 13121, National Bureau of Economic Research, Inc.
    5. Luboš Pástor & Robert F. Stambaugh, . "Liquidity Risk and Expected Stock Returns," CRSP working papers 531, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    6. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    7. Michael C. Jensen, 1968. "The Performance Of Mutual Funds In The Period 1945–1964," Journal of Finance, American Finance Association, vol. 23(2), pages 389-416, 05.
    8. Joshua D. Coval & Tobias J. Moskowitz, 2001. "The Geography of Investment: Informed Trading and Asset Prices," Journal of Political Economy, University of Chicago Press, vol. 109(4), pages 811-841, August.
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    Cited by:
    1. Alexakis, Christos & Dasilas, Apostolos & Grose, Chris, 2013. "Asymmetric dynamic relations between stock prices and mutual fund units in Japan. An application of hidden cointegration technique," International Review of Financial Analysis, Elsevier, vol. 28(C), pages 1-8.

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