Active Technological Similarity and Mutual Fund Performance
研究了共同基金经理对技术创新的理解能力是否是其获得正异常收益的来源，发现按投资组合技术相似性变化排序的基金年化净Carhart阿尔法跨五分位差为282个基点。
Abstract We examine whether superior understanding of technological innovation is a source of mutual fund managers’ ability to garner positive abnormal returns. Consistent with our hypothesis, the inter-quintile annual net Carhart alpha spread for mutual funds sorted on changes in the technological similarity (TS) of their portfolio holdings is 282 basis points. Moreover, because changes in TS are largely orthogonal to other predictors of mutual fund success (e.g., industry concentration, active share, fund R 2 , and lag fund alpha), changes in TS can be combined with other measures to help identify the best performing funds.