Superstar Fund Managers: Talent Revelation or Just Glamour?
讲座名称：
Superstar Fund Managers: Talent Revelation or Just Glamour?
讲座时间：
2017-10-19
讲座人：
Jerry TirivateteParwada
形式：
校区：
兴庆校区
实践学分：
讲座内容：
讲座题目：Superstar Fund Managers: Talent Revelation or Just Glamour?
讲座时间：2017年10月19日上午9.30
讲座地点：西交大财经校区教学楼8楼国际交流厅
讲座人：Jerry TirivateteParwada 教授
讲座摘要：We examine the effect of mutual fund managers’ superstar status on their money flows, performance, and risk-taking behavior. Investors respond positively to fund managers who win a prominent fund-manager-of-the-year award based on proven long-term record. While award-winning managers generate positive risk-adjusted performance diseconomies of scale apparently diminish such outperformance. Award-winning managers do not take on increased risks or trade more actively as implied by attention-induced incentives. Our results are consistent with Berk and Parham’s (2015, 2017) rational expectations equilibrium argument that skill exists among superstar fund managers and the attendant inflow of investor capital subsequently arbitrages away such outperformance.
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