The Predictability of Managerial Heterogeneities in Mutual Funds
基于中国共同基金样本，研究发现基金经理固定效应高的基金年化收益高出2%，且投资者关注经理特质，支持了凸性资金流-绩效敏感性的理性解释。
Using a sample of Chinese mutual funds, we empirically assess how managerial heterogeneity affects mutual fund performance. We find that funds with higher manager fixed effects outperform those with lower manager fixed effects by 2% per year. We also note that fund performance improves after managers with higher fixed effects are hired. The results are consistent with the notion that manager fixed effects are associated with managerial innate ability. Finally, we find that investors pay attention to managerial attributes beyond the traditional performance measures, providing supporting evidence for the rational explanation of convex flow‐performance sensitivity in the literature.