Should Investors Care Where Private Equity Managers Went to School?

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-01-01 DOI:10.1561/114.00000021

Florian Fuchs, Roland Füss, Tim Jenkisnon, Stefan Morkoetter

引用次数: 10

Abstract

In this paper, we investigate whether the educational background of private equity managers, which represents an important part of their human capital, impacts fund performance. In particular, we explore three potential channels how the educational background may influence fund performance: (i) institutional quality, (ii) individual performance, and (iii) academic variety. We find that a combination of top-tier education and work experience identifies individual performance in the management team. In addition, academic variety, in particular among graduates of high-ranked universities, rather than uniform institutional quality, is an important return driver.

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投资者应该关心私募股权基金经理的学历吗?

作为人力资本的重要组成部分，私募基金经理的教育背景是否会影响基金绩效，本文对此进行了研究。我们特别探讨了教育背景如何影响基金业绩的三个潜在渠道:(i)机构质量，(ii)个人业绩，以及(iii)学术多样性。我们发现，顶级教育和工作经验的结合决定了管理团队中的个人表现。此外，学术多样性，尤其是高排名大学毕业生的学术多样性，而不是统一的院校质量，是一个重要的回流动力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.