What do mutual fund managers’ private portfolios tell us about their skills?
研究瑞典共同基金经理的个人投资组合数据，发现多数经理不投资自己管理的基金，而投资自己基金的经理后续业绩更好，表明经理清楚自身能力。
I study a registry-based dataset of Swedish mutual fund managers’ personal portfolios. The majority of managers do not invest personal wealth into the very same funds they professionally manage. The managers who do invest personal money into their funds subsequently outperform the managers who do not. The results suggest that fund managers, in contrast to regular investors, are certain about their ability to generate an abnormal return, or lack thereof, and invest their personal wealth accordingly.