Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5109462 | Journal of Business Research | 2017 | 9 Pages |
Abstract
We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare the investment risk and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that managers with both degrees take fewer risks, follow less extreme investment styles, and achieve less extreme performance outcomes. Our results are consistent with the explanation that managers with a certain personal attitude that makes them take fewer risks and invest more conventionally choose to gain both qualifications. We rule out several alternative explanations: our results are not driven by the respective contents of the MBA and the CFA program, by the manager's skill, or by the fund family's investment policy.
Related Topics
Social Sciences and Humanities
Business, Management and Accounting
Business and International Management
Authors
Laura Andreu, Alexander Puetz,