Universität zu Köln

Andreu, Laura and Puetz, Alexander (2017). Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior? J. Bus. Res., 75. S. 138 - 147. NEW YORK: ELSEVIER SCIENCE INC. ISSN 1873-7978

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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. (C) 2017 Elsevier Inc. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Andreu, Laura UNSPECIFIED UNSPECIFIED UNSPECIFIED Puetz, Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-230543
DOI:	10.1016/j.jbusres.2017.02.014
Journal or Publication Title:	J. Bus. Res.
Volume:	75
Page Range:	S. 138 - 147
Date:	2017
Publisher:	ELSEVIER SCIENCE INC
Place of Publication:	NEW YORK
ISSN:	1873-7978
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language CAREER CONCERNS Multiple languages Business Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/23054