A tale of two types: Generalists vs. specialists in asset management

• 成果类型: Article
• 署名作者: Zambrana, Rafael; Zapatero, Fernando
• 署名单位: University of Notre Dame; Boston University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.04.027
• 发表日期: 2021
• 页码: 844-861
• 关键词: Mutual fund; institutional investors; human capital; specialist; Generalist; Market timing; Stock picking

摘要

Management companies assign some portfolio managers to run funds within a single in-vestment objective (i.e., specialists), and others to run funds across several investment ob-jectives (i.e., generalists). Our results show that funds achieve higher performance when they appoint superior pickers as specialists and market timers as generalists. We argue that these decisions are the result of a better match of manager mandates with the way information is collected and processed in each investment strategy. Overall our results are consistent with decision-making in fund families that add value to their investors by aim-ing to optimally assign or reassign portfolio managers. (c) 2021 Elsevier B.V. All rights reserved.