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The Career Paths of Mutual Fund Managers: The Role of Merit |
Abstract
This study provides evidence that merit—specifically, performance relative to peers measured on a style-adjusted basis—plays a significant role in the length of a mutual fund manager’s career. Managers who underperform their peers are more likely to lose their jobs. However, surviving managers of any tenure—even those who manage their funds for 10 or more years—generally do not outperform the market or their style benchmarks and do not display consistently superior performance.
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Financial Analysts Journal, July/August 2014-Gary E. Porter and Jack W. Trifts
29.08.2100
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Themes
Asia
Bonds
Bubbles and Crashes
Business Cycles Central Banks
China
Commodities Contrarian
Corporates
Creative Destruction Credit Crunch
Currencies
Current Account
Deflation Depression
Equity Europe Financial Crisis Fiscal Policy
Germany
Gloom and Doom Gold
Government Debt
Historical Patterns
Household Debt Inflation
Interest Rates
Japan
Market Timing
Misperceptions
Monetary Policy Oil Panics Permabears PIIGS Predictions
Productivity Real Estate
Seasonality
Sovereign Bonds Systemic Risk
Switzerland
Tail Risk
Technology
Tipping Point Trade Balance
U.S.A. Uncertainty
Valuations
Yield
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