The Demographics of Fund Turnover

48 Pages Posted: 23 Aug 2008 Last revised: 25 Mar 2009

See all articles by Susan Kerr Christoffersen

Susan Kerr Christoffersen

University of Toronto - Rotman School of Management; Copenhagen Business School

Sergei Sarkissian

McGill University; University of Edinburgh

Date Written: January 31, 2009


This article documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated among less experienced managers in financial centers, they do not outperform inexperienced managers located in smaller towns. Furthermore, managers in financial centers increase trading after good performance. This result is particularly strong for less experienced, more educated male fund managers investing in growth stocks and located in New York. Our results provide strong evidence that demographic factors influence fund manager trading behavior.

Keywords: Labor market, Mutual funds, Overconfident trading, Performance evaluation

JEL Classification: G23, J24

Suggested Citation

Christoffersen, Susan E. and Sarkissian, Sergei, The Demographics of Fund Turnover (January 31, 2009). Available at SSRN: or

Susan E. Christoffersen

University of Toronto - Rotman School of Management ( email )

105 St. George Street
Toronto, Ontario M5S 3E6 M5S1S4
416 946 5647 (Phone)
416 971 3048 (Fax)


Copenhagen Business School

Solbjerg Plads 3
Frederiksberg C, DK - 2000

Sergei Sarkissian (Contact Author)

McGill University ( email )

1001 Sherbrooke St. W
Montreal, Quebec H3A 1G5
514-398-4876 (Phone)
514-398-3876 (Fax)


University of Edinburgh

29 Buccleuch Pl.
Edinburgh, Scotland EH8 9JS
United Kingdom

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