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The investment abilities of mutual fund buy-side analysts

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  • Cici, Gjergji
  • Rosenfeld, Claire
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    Abstract

    We investigate the abilities of buy-side analysts by analyzing nontraditional mutual funds that are exclusively managed by in-house analysts rather than traditional portfolio managers. Analysts exhibit stronger general and job-specific investment abilities than traditional managers from within and outside the fund family. Using holdings of analystrun funds as a proxy for the analysts' best ideas, we document that more-skilled portfolio managers rely on analysts' ideas from the same family to a lesser extent than less-skilled managers. We find that analysts' abilities matter in that they are positively related to the future performance of other funds within the same family. --

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    Bibliographic Info

    Paper provided by University of Cologne, Centre for Financial Research (CFR) in its series CFR Working Papers with number 12-07.

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    Date of creation: 2012
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    Handle: RePEc:zbw:cfrwps:1207

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    Related research

    Keywords: Mutual Funds; Buy-Side Analysts; Performance Valuation;

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    1. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1.
    2. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, Elsevier, vol. 33(1), pages 3-56, February.
    3. Jonathan B. Berk & Richard C. Green, 2002. "Mutual Fund Flows and Performance in Rational Markets," NBER Working Papers 9275, National Bureau of Economic Research, Inc.
    4. Vikram Nanda, 2004. "Family Values and the Star Phenomenon: Strategies of Mutual Fund Families," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 17(3), pages 667-698.
    5. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
    6. Medoff, James L & Abraham, Katharine G, 1980. "Experience, Performance, and Earnings," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 95(4), pages 703-36, December.
    7. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, American Finance Association, vol. 52(1), pages 57-82, March.
    8. Massa, Massimo & Reuter, Jonathan & Zitzewitz, Eric, 2010. "When should firms share credit with employees? Evidence from anonymously managed mutual funds," Journal of Financial Economics, Elsevier, Elsevier, vol. 95(3), pages 400-424, March.
    9. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, 2nd ed," NBER Books, National Bureau of Economic Research, Inc, number beck75-1.
    10. Cici, Gjergji & Gibson, Scott & Moussawi, Rabih, 2010. "Mutual fund performance when parent firms simultaneously manage hedge funds," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 19(2), pages 169-187, April.
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