Product Market Linkages, Manager Quality, and Mutual Fund Performance

被引：13

作者：

Huang, Lixin ^{[1
]}

Kale, Jayant R. ^{[1
,2
]}

机构：

[1] Georgia State Univ, Dept Finance, J Mack Robinson Coll Business, Atlanta, GA 30303 USA

[2] Indian Inst Management Bangalore, Bangalore, Karnataka, India

来源：

REVIEW OF FINANCE | 2013年 / 17卷 / 06期

关键词：

CROSS-AUTOCORRELATIONS; STOCK MARKETS; INFORMATION; INDUSTRY; RETURNS; PERSISTENCE; INCENTIVES; EFFICIENCY; CUSTOMERS; LIQUIDITY;

D O I：

10.1093/rof/rfs038

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Mutual funds typically invest a disproportionately large portion of their portfolio in one industry (main industry). We present a simple theoretical model to demonstrate that better mutual fund managers make larger investments in the important supplier/customer industries related to the main industry. Consistent with our theory, empirical tests on a large sample of mutual funds show that investment in related industries is positively associated with fund performance and plays a more significant role in explaining fund performance than investment in the main industry. Furthermore, the positive relation between main investment and fund performance obtains only when related investment is high.

引用

页码：1895 / 1946

页数：52

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