The investment abilities of mutual fund buy-side analysts

Gjergji Cici and Claire Rosenfeld

No 12-07, CFR Working Papers from University of Cologne, Centre for Financial Research (CFR)

Abstract: We investigate the abilities of buy-side analysts by analyzing nontraditional mutual funds that are exclusively managed by in-house analysts rather than traditional portfolio managers. Analysts exhibit stronger general and job-specific investment abilities than traditional managers from within and outside the fund family. Using holdings of analystrun funds as a proxy for the analysts' best ideas, we document that more-skilled portfolio managers rely on analysts' ideas from the same family to a lesser extent than less-skilled managers. We find that analysts' abilities matter in that they are positively related to the future performance of other funds within the same family.

Keywords: Mutual Funds; Buy-Side Analysts; Performance Valuation (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfrwps:1207

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