کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
958337 | 1478830 | 2016 | 22 صفحه PDF | دانلود رایگان |
• Assess the abilities of buy-side analysts within mutual fund families
• Funds run by buy-side analysts realize positive style- and risk-adjusted returns.
• Analysts' skills positively affect the performance of affiliated funds.
• Ideas of buy-side analysts are underutilized by affiliated managers.
• Longer-tenured managers forgo some of the analysts' ideas due to career considerations.
We assess the abilities and the role of buy-side analysts within mutual fund families by analyzing mutual funds managed by buy-side analysts from fourteen fund families. Buy-side analysts exhibit investment abilities by realizing positive style- and risk-adjusted returns and generating superior risk-return tradeoffs. Analysts' skills have a positive impact on the performance of funds from the same family. Although some managers benefit from closely following their buy-side analysts' ideas, research generated by these analysts is generally being underutilized by affiliated managers. The underutilization is consistent with longer-tenured managers choosing to forgo some of the analysts' ideas due to career considerations.
Journal: Journal of Empirical Finance - Volume 36, March 2016, Pages 8–29