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The demographics of fund turnover

  • Christoffersen, Susan E. K.
  • Sarkissian, Sergei

This article documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated among less experienced managers in financial centers, they do not outperform inexperienced managers located in smaller towns. Furthermore, managers in financial centers increase trading after good performance. This result is particularly strong for inexperienced, more educated male fund managers investing in growth stocks and located in New York. Our results provide strong evidence that demographic factors influence fund manager trading behavior.

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File URL: http://mpra.ub.uni-muenchen.de/28651/3/MPRA_paper_28651.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28651.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:28651
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