Do financial experts make better investment decisions?

被引：46

作者：

Bodnaruk, Andriy ^{[1
]}

Simonov, Andrei ^{[2
,3
,4
]}

机构：

[1] Univ Notre Dame, Notre Dame, IN 46556 USA

[2] Michigan State Univ, E Lansing, MI 48824 USA

[3] Gaidar Inst Econ Policy, Moscow, Russia

[4] CEPR, London, England

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2015年 / 24卷 / 04期

关键词：

Individual investors; Investor sophistication; Financial expertise; Mutual fund managers; INVESTORS; SOPHISTICATION; TOURNAMENTS; MOMENTUM; COSTS;

D O I：

10.1016/j.jfi.2014.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide direct evidence on the effect of financial expertise on investment outcomes by analyzing private portfolios of mutual fund managers. We find no evidence that financial experts make better investment decisions than peers: they do not outperform, do not diversify their risks better, and do not exhibit lower behavioral biases. Managers do much better in stocks for which they have an information advantage over other investors, i.e., stocks that are also held by their mutual funds. More experienced managers seem to be aware of the limitations to their investment skills as they increase their holdings of mutual fund-related stocks following poor performance of their portfolios. Our results suggest that there are limits to the value added by financial expertise. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：514 / 536

页数：23

共 43 条

[1]

[Anonymous], WORKING PAPER

[2]

Barber B., 2011, WORKING PAPER

[3] Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study [J].