共同基金经理的私人投资组合告诉我们他们的技能是什么？

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2023-01-01 DOI:10.1016/j.jfi.2022.100999

Markus Ibert

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引用次数: 0

摘要

我研究了一个基于注册表的瑞典共同基金经理个人投资组合数据集。大多数经理人不会将个人财富投资于他们专业管理的基金。将个人资金投资于基金的经理随后表现优于不投资的经理。研究结果表明，与普通投资者相比，基金经理确信自己有能力产生或缺乏异常回报，并相应地投资个人财富。

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What do mutual fund managers’ private portfolios tell us about their skills?

I study a registry-based dataset of Swedish mutual fund managers’ personal portfolios. The majority of managers do not invest personal wealth into the very same funds they professionally manage. The managers who do invest personal money into their funds subsequently outperform the managers who do not. The results suggest that fund managers, in contrast to regular investors, are certain about their ability to generate an abnormal return, or lack thereof, and invest their personal wealth accordingly.

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来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.