The Investment Value of Fund Managers' Experience outside the Financial Sector

被引：21

作者：

Cici, Gjergji ^{[1
]}

Gehde-Trapp, Monika ^{[2
,3
]}

Goericke, Marc-Andre ^{[3
,4
]}

Kempf, Alexander ^{[3
,4
]}

机构：

[1] Univ Kansas, Lawrence, KS 66045 USA

[2] Univ Hohenheim, Stuttgart, Germany

[3] CFR, Cologne, Germany

[4] Univ Cologne, Cologne, Germany

来源：

REVIEW OF FINANCIAL STUDIES | 2018年 / 31卷 / 10期

关键词：

MUTUAL FUNDS; HOME BIAS; PERFORMANCE; INFORMATION; INVESTORS; HIERARCHIES; BEHAVIOR; STOCKS;

D O I：

10.1093/rfs/hhy019

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Human capital acquired while working in other industries before joining fund management provides fund managers with an information advantage. Fund managers exploit this advantage by overweighting their experience industries and by picking outperforming stocks from these industries. These managers' superior information is impounded into stock prices slowly, suggesting that their information is unique and takes a while to be discovered by the markets. Families exploit their manager's industry-specific human capital by broadly employing their investment ideas in other funds. The investment value of industry experience is unaffected by whether or not the manager with such experience is in a team.

引用

页码：3821 / 3853

页数：33

共 53 条

[1] Information cascades: Evidence from a field experiment with financial market professionals [J].