Picking Winners? Investment Consultants’ Recommendations of Fund Managers
研究了美国主动管理型股票基金中投资顾问推荐的影响因素、对资金流的影响以及推荐基金的业绩表现，发现推荐主要基于软因素而非历史业绩，且未带来超额收益。
ABSTRACT Investment consultants advise institutional investors on their choice of fund manager. Focusing on U.S. actively managed equity funds, we analyze the factors that drive consultants’ recommendations, what impact these recommendations have on flows, and how well the recommended funds perform. We find that investment consultants’ recommendations of funds are driven largely by soft factors, rather than the funds’ past performance, and that their recommendations have a significant effect on fund flows. However, we find no evidence that these recommendations add value, suggesting that the search for winners, encouraged and guided by investment consultants, is fruitless.