Universität zu Köln

Cici, Gjergji, Gehde-Trapp, Monika, Goericke, Marc-Andre and Kempf, Alexander (2018). The Investment Value of Fund Managers' Experience outside the Financial Sector. Rev. Financ. Stud., 31 (10). S. 3821 - 3854. CARY: OXFORD UNIV PRESS INC. ISSN 1465-7368

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Abstract

Human capital acquired while working in other industries before joining fund management provides fund managers with an information advantage. Fund managers exploit this advantage by overweighting their experience industries and by picking outperforming stocks from these industries. These managers' superior information is impounded into stock prices slowly, suggesting that their information is unique and takes a while to be discovered by the markets. Families exploit their manager's industry-specific human capital by broadly employing their investment ideas in other funds. The investment value of industry experience is unaffected by whether or not the manager with such experience is in a team.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Cici, Gjergji UNSPECIFIED UNSPECIFIED UNSPECIFIED Gehde-Trapp, Monika UNSPECIFIED UNSPECIFIED UNSPECIFIED Goericke, Marc-Andre UNSPECIFIED UNSPECIFIED UNSPECIFIED Kempf, Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-170529
DOI:	10.1093/rfs/hhy019
Journal or Publication Title:	Rev. Financ. Stud.
Volume:	31
Number:	10
Page Range:	S. 3821 - 3854
Date:	2018
Publisher:	OXFORD UNIV PRESS INC
Place of Publication:	CARY
ISSN:	1465-7368
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language MUTUAL FUNDS; HOME BIAS; PERFORMANCE; INFORMATION; INVESTORS; HIERARCHIES; BEHAVIOR; STOCKS Multiple languages Business, Finance; Economics Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/17052