Mutual fund managers: Does longevity imply expertise?

Autor:	Bruce A. Costa, Gary E. Porter
Rok vydání:	2003
Předmět:	Finance Fund of funds Economics and Econometrics business.industry Manager of managers fund media_common.quotation_subject Bond fund Longevity Closed-end fund Open-end fund Demographic economics Excess return business health care economics and organizations Mutual fund media_common
Zdroj:	Journal of Economics and Finance. 27:224-235
ISSN:	1938-9744 1055-0925
DOI:	10.1007/bf02827220
Popis:	We analyze the performance of 1,042 mutual funds from 1986 to 1995 to measure the relationship between manager tenure and performance. Funds whose managers' have at least ten years tenure do not generate significantly higher excess returns than funds with less experienced managers. The excess returns of the best managers are not greater than those of their less experienced colleagues. Regardless of tenure, managers producing positive risk adjusted returns for three years are not likely to repeat their performance in subsequent periods. Our results provide further evidence that tenure should not be a factor in selecting mutual funds.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::b0fae6e0dab39f482ac7ee32f0a5cd7f https://doi.org/10.1007/bf02827220 Zobrazit plný text záznamu Plný text ve formátu PDF