Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds

• 成果类型: Article
• 署名作者: Chuprinin, Oleg; Sosyura, Denis
• 署名单位: University of New South Wales Sydney; Arizona State University; Arizona State University-Tempe
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy010
• 发表日期: 2018
• 页码: 3756
• 关键词: Intergenerational income mobility; UNITED-STATES; performance; returns; connections; GROWTH; size; sons; firm

摘要

Using data from individual Census records on the wealth of managers' parents, we find that mutual fund managers from poor families outperform managers from rich families. We argue that managers born poor face higher entry barriers into asset management. Consistent with this view, managers born poor are promoted only if they outperform, while those born rich are more likely to be promoted for reasons unrelated to performance. Overall, we establish a first link between fund managers' family descent and their ability to create value.