Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance
45 Pages Posted: 4 Feb 2013 Last revised: 25 Apr 2019
There are 2 versions of this paper
Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance
Mutual Fund Portfolio Manager Structures: Attributes, Implications, and Performance
Date Written: December 27, 2016
Abstract
The purposes of this study are to review how mutual fund portfolio manager structures and their attributes, and implications impact fund risk and return performance. For example, retail Investors in actively managed mutual funds are often characterized as "dumb investors chasing past performance," but evidence finds the opposite is true. Investors are able to identify skilled portfolio managers, but the average investor's net alpha is significantly negative. There is thus no evidence that investors share in returns provided by manager skills. Again, why do investors who can identify skilled managers in actively managed funds continue to be satisfied with below market returns?
JEL Classification: G2, G23, G28
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
Risk Taking by Mutual Funds as a Response to Incentives
By Judith A. Chevalier and Glenn Ellison
-
Mutual Fund Flows and Performance in Rational Markets
By Richard C. Green and Jonathan Berk
-
Mutual Fund Flows and Performance in Rational Markets
By Richard C. Green and Jonathan Berk
-
Career Concerns of Mutual Fund Managers
By Judith A. Chevalier and Glenn Ellison
-
Career Concerns of Mutual Fund Managers
By Judith A. Chevalier and Glenn Ellison
-
The Persistence of Risk-Adjusted Mutual Fund Performance
By Edwin J. Elton, Martin J. Gruber, ...
-
By Judith A. Chevalier and Glenn Ellison
-
Hot Hands in Mutual Funds: the Persistence of Performance, 1974-87
By Darryll Hendricks, Jayendu Patel, ...
-
By Narasimhan Jegadeesh, Hsiu-lang Chen, ...