Mutual Fund Managers’ Prior Work Experience and Their Investment Skill
利用2003至2016年中国共同基金数据，研究基金经理先前作为行业分析师或宏观分析师的工作经验对其投资业绩的影响，发现行业分析师出身的经理选股能力更强，宏观分析师出身的经理市场时机把握更好。
Abstract This paper examines the relationship between mutual fund managers’ past professional backgrounds and their portfolio performance using Chinese mutual fund data from 2003 to 2016. We focus on managers with prior work experience either as industry analysts or as macroanalysts. We hypothesize that managers who worked as industry analysts exhibit superior stock picking skills, while managers with a background as macroanalysts time the market better. These hypotheses are supported by the data after controlling for observable fund and manager characteristics. Bootstrap analyses suggest that a significant difference in performance between these two types of managers cannot be attributed purely to luck.