Do fixed income mutual fund managers have managerial skills?

Ding Du, Zhaodan Huang and Peter J. Blanchfield

The Quarterly Review of Economics and Finance, 2009, vol. 49, issue 2, pages 378-397

Abstract: Motivated by Berk and Green [Berk, J., & Green, R. (2004). Mutual fund flows and performance in rational markets. Journal of Political Economy, 112, 1269-1295] and Chevalier and Ellison [Chevalier, J., & Ellison, G. (1999). Career concerns of mutual fund managers. Quarterly Journal of Economics, 114, 389-432] who show theoretically that performance persistence may be short-lived, we complement Bollen and Busse [Bollen, N., & Busse, J. A. (2004). Short-term persistence in mutual fund performance. Review of Financial Studies, 18, 569-597] and examine performance persistence in high-quality corporate-bond mutual funds over short horizons. Empirically, we find supporting evidence of performance persistence over shorter horizons. Our empirical tests also suggest that the performance persistence we document may be at least partly due to managerial skills.

Keywords: Mutual; fund; performance; Managerial; skills; Corporate; bond (search for similar items in EconPapers)
Date: 2009

Downloads: (external link)
http://www.sciencedirect.com/science/article/B6W5X ... a63365505973b690c13d
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:eee:quaeco:v:49:y:2009:i:2:p:378-397

Access Statistics for this article

The Quarterly Review of Economics and Finance is edited by R. J. Arnould and J. E. Finnerty

More articles in The Quarterly Review of Economics and Finance from Elsevier
Series data maintained by Heidi Boesdal ().