Mutual fund managers: Does longevity imply expertise?

被引：0

作者：

Bruce A. Costa

Gary E. Porter

机构：

[1] School of Business Administration, University of Montana, Missoula

[2] Boler School of Business, John Carroll University, University Heights

来源：

Journal of Economics and Finance | 2003年 / 27卷 / 2期

关键词：

Mutual Fund; Excess Return; Base Period; Bond Fund; Mutual Fund Manager;

D O I：

10.1007/BF02827220

中图分类号：

学科分类号：

摘要：

We analyze the performance of 1, 042 mutual funds from 1986 to 1995 to measure the relationship between manager tenure and performance. Funds whose managers' have at least ten years tenure do not generate significantly higher excess returns than funds with less experienced managers. The excess returns of the best managers are not greater than those of their less experienced colleagues. Regardless of tenure, managers producing positive risk adjusted returns for three years are not likely to repeat their performance in subsequent periods. Our results provide further evidence that tenure should not be a factor in selecting mutual funds.

引用

页码：224 / 235

页数：11

共 16 条

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