Abstract

http://ssrn.com/abstract=2147181
 


 



The Investment Abilities of Mutual Fund Buy-Side Analysts


Gjergji Cici


College of William and Mary - Mason School of Business

Claire M. Rosenfeld


College of William and Mary - Finance

September 15, 2012


Abstract:     
We investigate the abilities of buy-side analysts by analyzing nontraditional mutual funds that are exclusively managed by in-house analysts rather than traditional portfolio managers. Analysts exhibit stronger general and job-specific investment abilities than traditional managers from within and outside the fund family. Using holdings of analyst-run funds as a proxy for the analysts’ best ideas, we document that more-skilled portfolio managers rely on analysts’ ideas from the same family to a lesser extent than less-skilled managers. We find that analysts’ abilities matter in that they are positively related to the future performance of other funds within the same family.

Number of Pages in PDF File: 43

Keywords: Mutual Funds, Portfolio Managers, Buy-Side Analysts, Performance Evaluation, Asset Management

JEL Classification: G10, G20, G23, G29

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Date posted: September 16, 2012 ; Last revised: October 9, 2012

Suggested Citation

Cici, Gjergji and Rosenfeld, Claire M., The Investment Abilities of Mutual Fund Buy-Side Analysts (September 15, 2012). Available at SSRN: http://ssrn.com/abstract=2147181 or http://dx.doi.org/10.2139/ssrn.2147181

Contact Information

Gjergji Cici (Contact Author)
College of William and Mary - Mason School of Business ( email )
P.O. Box 8795
Williamsburg, VA 23187-8795
United States
757-221-1826 (Phone)
Claire M. Rosenfeld
College of William and Mary - Finance ( email )
VA
United States
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