Abstract

http://ssrn.com/abstract=2147181
 


 



A Study of Analyst-Run Mutual Funds: The Abilities and Roles of Buy-Side Analysts


Gjergji Cici


College of William and Mary - Mason School of Business

Claire M. Rosenfeld


College of William and Mary - Finance

April 28, 2014


Abstract:     
We analyze mutual funds managed by buy-side analysts from fourteen fund families to study the abilities and role of buy-side analysts. Buy-side analysts exhibit investment abilities by realizing positive risk-adjusted returns. Analysts’ strong investment abilities positively impact the performance of funds from the same family. Although some managers benefit from closely following their buy-side analysts’ ideas, research generated by buy-side analysts is generally being underutilized by affiliated managers, whose funds underperform funds managed by in-house analysts. The underutilization is consistent with entrenched managers choosing to forgo some of the analysts’ ideas due to career considerations.

Number of Pages in PDF File: 47

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

JEL Classification: G10, G20, G23, G29

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Date posted: September 16, 2012 ; Last revised: April 29, 2014

Suggested Citation

Cici, Gjergji and Rosenfeld, Claire M., A Study of Analyst-Run Mutual Funds: The Abilities and Roles of Buy-Side Analysts (April 28, 2014). 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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