The career paths of mutual fund managers: : the role of merit

• Autores: Gary E. Porter, Jack W. Trifts
• Localización: Financial analysts journal, ISSN-e 0015-198X, Vol. 70, Nº. 4, 2014, págs. 55-71
• Idioma: inglés
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• Resumen

  • This study provides evidence that merit�specifically, performance relative to peers measured on a style-adjusted basis�plays a significant role in the length of a mutual fund manager�s career. Managers who underperform their peers are more likely to lose their jobs. However, surviving managers of any tenure�even those who manage their funds for 10 or more years�generally do not outperform the market or their style benchmarks and do not display consistently superior performance.