Fund manager skill: selling matters more!
研究发现共同基金经理在买入和卖出股票的能力上不对称，卖出能力强的经理买入也更好，整体回报更高；而买入能力强的经理不一定擅长卖出，导致回报较低。
Abstract We examine whether mutual fund managers have differential skill in the buy and sell domains. Although they have characteristic-timing ability in aggregate, we show they exhibit asymmetric ability when buying and selling. Our key finding is that fund managers with superior selling ability are significantly better at buying stocks and, as a result, earn significantly higher aggregate returns. However, fund managers who buy stocks successfully do not necessarily have parallel selling skills, leading to lower returns overall. Thus, we provide strong evidence that selling skill is the key determinant of overall mutual fund timing performance.