Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds
利用人口普查数据中基金经理父母的财富信息，发现出身贫困的基金经理业绩优于出身富裕的，且前者晋升更依赖业绩，后者晋升与业绩关系不大。
Using data from individual Census records on the wealth of managers’ parents, we find that mutual fund managers from poor families outperform managers from rich families. We argue that managers born poor face higher entry barriers into asset management. Consistent with this view, managers born poor are promoted only if they outperform, while those born rich are more likely to be promoted for reasons unrelated to performance. Overall, we establish a first link between fund managers’ family descent and their ability to create value. Received December 8, 2016; editorial decision November 20, 2017 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web Site next to the link to the final published paper online.