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

• 成果类型: Article
• 署名作者: Cici, Gjergji; Gehde-Trapp, Monika; Goericke, Marc-Andre; Kempf, Alexander
• 署名单位: University of Kansas; University Hohenheim; University of Cologne
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy019
• 发表日期: 2018
• 页码: 3821
• 关键词: mutual funds; HOME BIAS; performance; INFORMATION; investors; hierarchies; BEHAVIOR; stocks

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.