Look For People, Not For Alpha: Mutual Funds Success And Managerial Intellectual Capital

Iuliia Naidenova, Petr Parshakov, Marina Zavertiaeva and Eduardo Tome ()
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Eduardo Tome: Universidade Europeia

HSE Working papers from National Research University Higher School of Economics

Abstract: This is the first paper to explore which characteristics of Russian fund managers are connected with a higher abnormal return (measured by Jensen’s alpha) and risk (beta) for mutual funds. While only some fund managers publish biographic sketches we use the Heckman procedure to control for self-selection issues. The results support the idea that individual characteristics indicate the possibility to earn abnormal alpha. The relationship between both fund performance measures and manager experience has inverted U-shape. The results can be used as a simple screening system that helps to choose a mutual fund to invest in without sophisticated calculations

Keywords: Russia; equity funds; individual intellectual capital; Jensen’s alpha (search for similar items in EconPapers)
JEL-codes: G11 G23 J24 M50 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2015
New Economics Papers: this item is included in nep-cis, nep-mfd and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in WP BRP Series: Financial Economics / FE, March 2015, pages - 20

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Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:42/fe/2015

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