A Tangled Tale of Training and Talent: PhDs in Institutional Asset Management

Ranadeb Chaudhuri (), Zoran Ivković (), Joshua Pollet () and Charles Trzcinka ()
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Ranadeb Chaudhuri: Accounting and Finance Department, School of Business Administration, Oakland University, Rochester, Michigan 48309
Zoran Ivković: Department of Finance, Broad College of Business, Michigan State University, East Lansing, Michigan 48824
Joshua Pollet: Department of Finance, Gies College of Business, University of Illinois, Champaign, Illinois 61820
Charles Trzcinka: Department of Finance, Kelly School of Business, Indiana University, Bloomington, Indiana 47405

Management Science, 2020, vol. 66, issue 12, 5623-5647

Abstract: Performance of investment products managed by firms in which PhDs play a key role is superior to the performance of products managed by otherwise similar firms. This relation is not a result of endogenous matching between firms and PhDs. Performance is related to training (the field of study) because economics or finance PhDs outperform other PhDs. Performance is also related to talent because PhDs who published in top outlets outperform other PhDs. Field-specific training is not relevant among the most talented PhDs because the performance gap between economics or finance PhDs and other PhDs disappears among published PhDs.

Date: 2020
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Citations: View citations in EconPapers (4)

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