The Journal of Finance, Volume 71, Issue5, October 2016, Pages 2333—2370

选择赢家？来自投资顾问推荐的基金经理

作者：Tim Jenkinson (University of Oxford; CEPR), Howard Jones (University of Oxford), Jose Vicente Martinez (University of Connecticut)

摘要：在选择基金经理时，投资顾问会给机构投资者提供一些建议。基于美国积极管理的股票型基金，我们分析了驱使顾问推荐的因素、顾问的推荐对资金流和被推荐基金表现的影响。研究表明投资顾问的推荐在很大程度上被“软因素”而非基金过去的表现所驱使，同时他们的推荐对于基金资金流有显著的影响。然而，没有任何证据表明投资顾问的推荐可以增加基金价值，这就意味着投资顾问鼓励和引导的寻找赢者这一行为是徒劳的。

Picking Winners? Investment Consultants' Recommendations of Fund Managers

Tim Jenkinson (University of Oxford; CEPR), Howard Jones (University of Oxford), Jose Vicente Martinez (University of Connecticut)

ABSTRACT

Investment consultants advise institutional investors on their choice of fund manager. Focusing on U.S. actively managed equity funds, we analyze the factors that drive consultants' recommendations, what impact these recommendations have on flows, and how well the recommended funds perform. We find that investment consultants' recommendations of funds are driven largely by soft factors, rather than the funds' past performance, and that their recommendations have a significant effect on fund flows. However, we find no evidence that these recommendations add value, suggesting that the search for winners, encouraged and guided by investment consultants, is fruitless.

原文链接：http://onlinelibrary.wiley.com/doi/10.1111/jofi.12289/full

翻译：秦秀婷