A Tangled Tale of Training and Talent: PhDs in Institutional Asset Management

• 成果类型: Article
• 署名作者: Chaudhuri, Ranadeb; Ivkovic, Zoran; Pollet, Joshua; Trzcinka, Charles
• 署名单位: Oakland University; Michigan State University; Michigan State University's Broad College of Business; University of Illinois System; University of Illinois Urbana-Champaign; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2019.3431
• 发表日期: 2020
• 关键词: investment; finance; ability; doctorate; education; Money management; PhD; performance; publication; skill; Talent; training

摘要

Performance of investment products managed by firms in which PhDs play a key role is superior to the performance of products managed by otherwise similar firms. This relation is not a result of endogenous matching between firms and PhDs. Performance is related to training (the field of study) because economics or finance PhDs outperform other PhDs. Performance is also related to talent because PhDs who published in top outlets outperform other PhDs. Field-specific training is not relevant among the most talented PhDs because the performance gap between economics or finance PhDs and other PhDs disappears among published PhDs.