The Investment Value of Fund Managers’ Experience outside the Financial Sector
研究发现，基金经理在进入基金行业前在其他行业的工作经验能带来信息优势，他们通过超配这些行业并挑选其中的优质股票来获利，且这种优势会缓慢融入股价。
Human capital acquired while working in other industries before joining fund management provides fund managers with an information advantage. Fund managers exploit this advantage by overweighting their experience industries and by picking outperforming stocks from these industries. These managers’ superior information is impounded into stock prices slowly, suggesting that their information is unique and takes a while to be discovered by the markets. Families exploit their manager’s industry-specific human capital by broadly employing their investment ideas in other funds. The investment value of industry experience is unaffected by whether or not the manager with such experience is in a team. Received August 25, 2016; editorial decision December 24, 2017 by Editor Andrew Karolyi.