Learning by doing: The value of experience and the origins of skill for mutual fund managers


Kempf, Elisabeth ; Manconi, Alberto ; Spalt, Oliver



DOI: https://doi.org/10.2139/ssrn.2124896
URL: https://ssrn.com/abstract=2124896
Document Type: Working paper
Year of publication: 2017
The title of a journal, publication series: SSRN Working Paper Series
Place of publication: Rochester, NY
Publication language: English
Institution: Business School > ABWL, Finanzwirtschaft u. Finanzmarktinstitutionen (Spalt 2019-)
Subject: 330 Economics
Abstract: Learning by doing matters for professional investors. We develop a new methodology to show that mutual fund managers outperform in industries where they have obtained experience on the job. The key to our identification strategy is that we look "inside'' funds and exploit heterogeneity in experience for the same manager at a given point in time across industries. As fund managers become more experienced, they pick better stocks, and their trades become better predictors for abnormal stock returns around subsequent earnings announcements. Our approach identifies experience as a first-order driver of observed mutual fund manager skill.

Dieser Datensatz wurde nicht während einer Tätigkeit an der Universität Mannheim veröffentlicht, dies ist eine Externe Publikation.




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Kempf, Elisabeth ; Manconi, Alberto ; Spalt, Oliver (2017) Learning by doing: The value of experience and the origins of skill for mutual fund managers. SSRN Working Paper Series Rochester, NY [Working paper]


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