Journal of Empirical Finance 36 (2016) 8–29

对分析师主导型共同基金的研究：买方分析师的角色与能力

作者：Gjergji Cici, Claire Rosenfeld（Mason School of Business, College of William & Mary）

摘要： 我们通过对14家基金公司中由买方分析师管理的基金的分析，评估买方分析师的角色与能力。买方分析师通过实现正的风险调整后收益，以及卓越的风险权衡能力来展现投资能力。对同一家基金公司的基金而言，分析师的能力对基金收益的影响为正。尽管有些基金经理从密切关注他们的买方分析师的分析中获益，这些分析师的研究依然没有获得充分的利用。一些终身基金经理出于职业生涯的考虑，选择放弃分析师的一些想法，从而导致了对分析师研究的利用不足。

关键词：共同基金，买方分析师，业绩评估，职业生涯影响

A study of analyst-run mutual funds: The abilities and roles of buy-side analysts

Gjergji Cici, Claire Rosenfeld (Mason School of Business, College of William & Mary)

ABSTRACT: We assess the abilities and the role of buy-side analysts within mutual fund families by analyzing mutual funds managed by buy-side analysts from fourteen fund families. Buy-side analysts exhibit investment abilities by realizing positive style- and risk-adjusted returns and generating superior risk-return tradeoffs. Analysts' skills have a positive impact on the performance of funds from the same family. Although some managers benefit from closely following their buy-side analysts' ideas, research generated by these analysts is generally being underutilized by affiliated managers. The underutilization is consistent with longertenured managers choosing to forgo some of the analysts' ideas due to career considerations.

Keywords: Mutual funds, Buy-side analysts, Performance evaluation, Career effects

原文链接：

http://www.sciencedirect.com/science/article/pii/S0927539815001346

翻译：罗丹