Universität zu Köln

Cici, Gjergji and Rosenfeld, Claire (2016). A study of analyst-run mutual funds: The abilities and roles of buy-side analysts. J. Empir. Financ., 36. S. 8 - 30. AMSTERDAM: ELSEVIER SCIENCE BV. ISSN 1879-1727

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Abstract

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. (C) 2015 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Cici, Gjergji UNSPECIFIED UNSPECIFIED UNSPECIFIED Rosenfeld, Claire UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-282408
DOI:	10.1016/j.jempfin.2015.12.004
Journal or Publication Title:	J. Empir. Financ.
Volume:	36
Page Range:	S. 8 - 30
Date:	2016
Publisher:	ELSEVIER SCIENCE BV
Place of Publication:	AMSTERDAM
ISSN:	1879-1727
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language PERFORMANCE; MANAGERS; EARNINGS; TRADES; FLOWS Multiple languages Business, Finance; Economics Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/28240