Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance
We examine whether mutual fund performance is related to characteristics of fund managers that may indicate ability, knowledge, or effort. In particular, we study the relationship between performance and the manager's age, the average composite SAT score at the manager's undergraduate institution, and whether the manager has an MBA. Although the raw data suggest striking return differences between managers with different characteristics, most of these can be explained by behavioral differences between managers and by selection biases. After adjusting for these, some performance differences remain. In particular, managers who attended higher-SAT undergraduate institutions have systematically higher risk-adjusted excess returns. Copyright The American Finance Association 1999.
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Volume (Year): 54 (1999)
Issue (Month): 3 (06)
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References listed on IDEAS
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- Mark Grinblatt & Sheridan Titman, "undated".
"Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings,"
Rodney L. White Center for Financial Research Working Papers
23-88, Wharton School Rodney L. White Center for Financial Research.
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- Brown, Stephen J, et al, 1992. "Survivorship Bias in Performance Studies," Review of Financial Studies, Society for Financial Studies, vol. 5(4), pages 553-580.
- Khorana, Ajay, 1996. "Top management turnover An empirical investigation of mutual fund managers," Journal of Financial Economics, Elsevier, vol. 40(3), pages 403-427, March.
- Fama, Eugene F & French, Kenneth R, 1992. " The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
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