管理共同基金的医生：资产管理专业化的回报

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-09-01 DOI:10.1016/j.finmar.2024.100916

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引用次数: 0

摘要

我们通过比较医学专家和普通专家在管理医疗保健行业共同基金中的表现，研究了资产管理中专业知识的回报。专家的阿尔法年化收益率高出 5%。这一结果在控制其他可观察到的特征以及使用不同的绩效衡量标准、子时期和变量定义时都是稳健的。医学教育对基金业绩的积极影响以及专家对特定行业事件的把握能力表明，知识技能而非社会关系是专家取得优异业绩的关键。我们的论文为基金经理的特征提供了新的证据，这些特征为产生阿尔法提供了竞争优势。

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Doctors managing mutual funds: Returns to specialization in asset management

We investigate the returns to specialized knowledge in asset management by comparing the performance of medical specialists versus generalists in managing healthcare sector mutual funds. Specialist alpha is 5% higher on an annualized basis. This result is robust to controlling for other observable characteristics and using different performance measures, subperiods, and variable definitions. The positive effect of a medical education on fund performance and specialists’ ability to time industry-specific events suggest that knowledge-based skills, rather than social connections, are key to specialist outperformance. Our paper provides new evidence on fund manager characteristics that provide a competitive advantage in generating alpha.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.