Are You Smarter than a CFA’er?
25 Pages Posted: 22 Aug 2009 Last revised: 14 Jan 2010
Date Written: January 12, 2010
Abstract
Several studies have examined whether a manager having an MBA or CFA leads to superior portfolio performance. However, these studies have yielded mixed conclusions. A possible reason is that most have considered only MBA or CFA alone, and most have not controlled for managers’ style targets. We examine MBAs and CFAs together, controlling for market conditions and style targets. We find no unambiguous difference in return attributable to MBA, CFA or Experience; but more significantly (especially in light of recent events), CFAs reduce and MBAs increase portfolio risk.
Keywords: CFA, MBA, portfolio managment, portfolio risk
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
-
Risk, the Pricing of Capital Assets, and the Evaluation of Investment Portfolios
-
The Option Pricing Model and the Risk Factor of Stock
By Dan Galai and Ronald W. Masulis
-
Tests of Capital Market Theory and Implications of the Evidence
-
By Anwer S. Ahmed, Carolyn Takeda, ...
-
Optimal Utilization of Market Forecasts and the Evaluation of Investment Performance
-
A Comparison between the European and the U.S. Mutual Fund Industry
By Rogér Otten and Mark Schweitzer