Experience Is Wealth: Does Work Experience in Other Professions Matter to Mutual Fund Managers’ Portfolio Decisions?
研究发现共同基金经理更重仓持有其曾作为卖方分析师、审计师或承销商时接触过的公司股票，且这种经验越近、越长、公司代理问题越严重时影响越大，基金经理利用此经验交易能获得超额收益。
We document that, among stocks held in mutual fund portfolios, fund managers tend to invest more heavily in firms for which they have prior professional experience in the form of working for sell-side analysts, audit firms, and underwriters in capacities where they could learn about companies that may belong to their portfolios when they later become fund managers. Cross-sectional results reveal that the impact of this professional experience intensifies when the work experience is less distant and lasts for longer, when the firm suffers more severe agency problems and worse information asymmetry, and when the fund manager has more power. Additionally, we observe that fund managers trade on stocks of firms for which they have relevant professional experience prior to upcoming earnings news, and this trading activity leads to superior returns to their funds. Finally, we document empirical patterns consistent with both knowledge acquisition and professional connections from prior work experience contributing to our evidence.