Abstract

http://ssrn.com/abstract=2344938
 


 



What a Difference a Ph.D. Makes: More than Three Little Letters


Ranadeb Chaudhuri


Indiana University - Kelley School of Business - Department of Finance

Zoran Ivkovich


Michigan State University, Department of Finance

Joshua Matthew Pollet


University of Illinois at Urbana-Champaign - Department of Finance

Charles Trzcinka


Indiana University - Kelley School of Business - Department of Finance

October 15, 2013


Abstract:     
Several hundred individuals who hold a Ph.D. in economics, finance, or others fields work for institutional money management companies. The gross performance of domestic equity investment products managed by individuals with a Ph.D. (Ph.D. products) is superior to the performance of non-Ph.D. products matched by objective, size, and past performance for one-year returns, Sharpe Ratios, alphas, information ratios, and the manipulation-proof measure MPPM. Fees for Ph.D. products are lower than those for non-Ph.D. products. Investment flows to Ph.D. products substantially exceed the flows to the matched non-Ph.D. products. Ph.D.s’ publications in leading economics and finance journals further enhance the performance gap.

Number of Pages in PDF File: 46

Keywords: Ph.D., institutional money management, publications

JEL Classification: G23, G14, J41

working papers series





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Date posted: October 25, 2013  

Suggested Citation

Chaudhuri, Ranadeb and Ivkovich, Zoran and Pollet, Joshua Matthew and Trzcinka, Charles, What a Difference a Ph.D. Makes: More than Three Little Letters (October 15, 2013). Available at SSRN: http://ssrn.com/abstract=2344938 or http://dx.doi.org/10.2139/ssrn.2344938

Contact Information

Ranadeb Chaudhuri (Contact Author)
Indiana University - Kelley School of Business - Department of Finance ( email )
1309 E. 10th St.
Bloomington, IN 47405
United States

Zoran Ivkovich
Michigan State University, Department of Finance ( email )
315 Eppley Center
East Lansing, MI 48824-1122
United States
Joshua Matthew Pollet
University of Illinois at Urbana-Champaign - Department of Finance ( email )
1206 South Sixth Street
Champaign, IL 61820
United States
(217) 344-4311 (Phone)
Charles Trzcinka
Indiana University - Kelley School of Business - Department of Finance ( email )
Kelley School of Business
1309 E. 10th St.
Bloomington, IN 47405
United States
812-855-9908 (Phone)
812-855-5875 (Fax)

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