Overconfidence Among Professional Investors: Evidence from Mutual Fund Managers
研究股票型共同基金经理是否存在过度自信，发现他们在过去业绩好时交易更频繁，且这种效应由个人投资组合业绩驱动，而非市场表现。
Abstract: We examine overconfidence among equity mutual fund managers. While overconfidence has been extensively documented among retail investors, evidence from professional investors is scarce. Consistent with theories of overconfidence, we find that fund managers trade more after good past performance. The higher trading activity after good performance is driven by individual portfolio performance, while the market performance has no significant impact. We rule out some alternative explanations for our results like increased trading as a response to tournament incentives, as a response to inflows, or as a rational reaction due to managerial learning about abilities.