Are Two Business Degrees Better Than One? Evidence from Mutual Fund Managers' Education
University of Zaragoza - Faculty of Business and Economics
University of Cologne - Department of Finance; University of Cologne - Centre for Financial Research (CFR)
March 14, 2012
We analyze what a second business degree reveals about the investment behavior of professional investors. Specifically, we compare performance, risk, and style of equity mutual fund managers having a CFA designation and an MBA degree to managers with only one of these qualifications. We document that the performance between these groups does not significantly differ. However, managers with both degrees show less extreme and more persistent performance. Furthermore, consistent with the performance results, managers who gather both degrees also show less extreme and more stable risk levels and investment styles.
Number of Pages in PDF File: 38
Keywords: Education, Investment behavior, Professional investors, Mutual funds
JEL Classification: G23working papers series
Date posted: March 15, 2012 ; Last revised: March 28, 2012
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