FINANCIAL MANAGEMENT · Volume 47, Issue 1· 2018

基金经理的工作经历与其投资技能

作者：Rui Chen (Central University of Finance and Economics, Beijing),

Zhennan Gao (Peking University, Beijing),

Xueyong Zhang (Central University of Finance and Economics, Beijing),

Min Zhu (Queensland University)

摘要：这篇文章使用2003年至2016年间中国共同基金的数据检验了基金经理过去的职业背景与其投资组合业绩之间的关系。我们主要关注那些先前工作经历为行业分析师或者宏观经济分析师的基金经理。我们假设从事行业分析师的基金经理能够展示出更强的择股能力，从事宏观经济分析师的基金经理则拥有更强的择时能力。在控制了可观测的基金和基金经理特征后，我们的数据支持以上假设。Bootstrap分析法表明这两类基金经理的明显业绩差异不能单纯归因运气。

Mutual Fund Managers’ Prior Work Experience and Their Investment Skill

Rui Chen (Central University of Finance and Economics, Beijing), Zhennan Gao (Peking University, Beijing), Xueyong Zhang (Central University of Finance and Economics, Beijing), Min Zhu (Queensland University)

ABSTRACT

This paper examines the relationship between mutual fund managers’ past professional backgrounds and their portfolio performance using Chinese mutual fund data from 2003 to 2016. We focus on managers with prior work experience either as industry analysts or as macroanalysts. We hypothesize that managers who worked as industry analysts exhibit superior stock picking skills, while managers with a background as macroanalysts time the market better. These hypotheses are supported by the data after controlling for observable fund and manager characteristics. Bootstrap analyses suggest that a significant difference in performance between these two types of managers cannot be attributed purely to luck.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12180/full

翻译：吴雨玲