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Are You Smarter than a CFA’er?
Oguzhan C. Dincer Illinois State University Russell B. Gregory-Allen Massey University - Department of Commerce Hany A. Shawky SUNY at Albany - School of Business and Center for Institutional Investment management August 20, 2009 Abstract: Several studies have examined whether a manager having an MBA or CFA leads to superior portfolio performance. However, these studies have yielded mixed conclusions. A possible reason is that most have considered only MBA or CFA alone, and most have not controlled for managers’ style targets. We examine MBAs and CFAs together, controlling for market conditions and style targets. We find that the CFAs do add value, but even more significantly (especially in light of events in recent months) – CFAs reduce and MBAs increase Tracking Error.
Keywords: CFA, MBA, portfolio managment Working Paper SeriesDate posted: August 22, 2009 ; Last revised: August 22, 2009Suggested CitationContact Information
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