A Tangled Tale of Training and Talent: PhDs in Institutional Asset Management
研究发现，有博士参与管理的投资产品业绩更好，且业绩与博士的培训领域（经济学或金融学）和才能（顶级发表）相关，但才能顶尖时培训领域差异不再重要。
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. This paper was accepted by Tyler Shumway, finance.