Manager education and mutual fund performance

Gottesman, Aron; Morey, Matthew R.

doi:10.1016/j.jempfin.2005.10.001

Cited by 194 publications

(135 citation statements)

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“…Currently, more and more scholars are focusing on the effects of executives' characteristics on the relationship between corporate performance and business strategies. According to human capital theory, executive cognition, skills and preferences vary considerably due to differences in education background, gender and social connection [29][30][31][32][33]. These differences ultimately affect corporate performance by influencing executives' strategic decisions [34].…”

Section: Introductionmentioning

confidence: 99%

Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies

Wang

Lou

et al. 2016

Sustainability

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Abstract:Recently, China's energy industry has been continuously depressed due to a slowdown in its economic development. China's energy companies have made considerable efforts to promote their corporate performance to mitigate this performance decline and to ensure the sustainable development of China's energy industry, macro economy, society and environment. In this paper, the effects of two business strategies-industrial diversification and international diversification-on the performance of listed energy firms are empirically investigated. The empirical results show the following: (1) industrial diversification hinders corporate performance; (2) for industrially-diversified energy companies, related diversified strategies are more effective than unrelated diversified strategies; and (3) international diversification improves the performance of renewable energy firms, but hinders the performance of conventional energy firms. These results suggest that as economic conditions are not currently optimal, China's energy companies should pay more attention to their main businesses and generate more products to satisfy market demand.

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Section: Introductionmentioning

confidence: 99%

Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies

Wang

Lou

et al. 2016

Sustainability

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“…1 Among mutual fund managers, MBA and CFA are the most common degrees with about 74 percent of the managers having at least one of them. 2 Several academic studies have analyzed the distinct impact of each single degree on mutual fund performance and risk (see, e.g., Shukla and Singh, 1994;Golec, 1996;Chevalier and Ellison, 1999a;Gottesman and Morey, 2006). In this paper, we examine whether the investment behavior of mutual fund managers who decide to earn both degrees, i.e., a CFA designation additionally to an MBA degree and vice versa, differs from those who earn only one degree.…”

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confidence: 99%

“…In this paper, we examine whether the investment behavior of mutual fund managers who decide to earn both degrees, i.e., a CFA designation additionally to an MBA degree and vice versa, differs from those who earn only one degree. Gottesman and Morey (2006) document that among managers with at least an MBA or a CFA, 45 percent of those managers gathered both degrees. 3 Given the additional effort in terms of time and money to attain a second degree, this raises the question what it reveals about the managers if they decide to earn the second degree.…”

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confidence: 99%

“…As stated above, several studies have analyzed the distinct impact of an MBA and a CFA, respectively, on fund performance (Shukla and Singh, 1994;Golec, 1996;Chevalier and Ellison, 1999a;Gottesman and Morey, 2006;Dincer et al, 2010). The results of these studies are mixed.…”

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confidence: 99%

“…If this year is missing, we follow Gottesman and Morey (2006) and set the manager's age to zero while adding a dummy to the regression which equals one for observations with missing manager age.…”

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confidence: 99%

See 2 more Smart Citations

Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior?

Andreu

Puetz

2017

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The “educational capital” of corporate boards and initial public offering pricing: Evidence from the US initial public offerings

Wu,

Tang,

et al. 2024

Manage Decis Econ

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We unravel the conditions under which the type of education found among board members mitigates the uncertainty in new equity markets. Our results indicate that issuers in low R&D industries—as well as those faced with complex organizational structures—leave less money on the table when their boards are dominated by executives with managerial skills. Conversely, boards with highly specialized members in small and knowledge‐intensive firms reduce underpricing. Finally, we document that both types of board education lessen initial public offering share–price volatility in the immediate post‐issue period. This research is the first to derive conclusive evidence that more executives in the boards with managerial skills and boards with highly specialized members facilitate price discovery in signaling issuer reputation on the first trading day. This study has implications that we provide investors with unique non‐financial information, boards' “education capital,” that can be considered before making investment decisions.

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Manager education and mutual fund performance

Cited by 194 publications

References 16 publications

Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies

Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies

Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior?

The “educational capital” of corporate boards and initial public offering pricing: Evidence from the US initial public offerings

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