Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds

Review of Financial Studies, Forthcoming

72 Pages Posted: 22 Feb 2016 Last revised: 23 Feb 2018

See all articles by Oleg Chuprinin

Oleg Chuprinin

UNSW; Financial Research Network (FIRN)

Denis Sosyura

Arizona State University

Multiple version iconThere are 2 versions of this paper

Date Written: December 20, 2017


Using data from individual Census records on the wealth of managers’ parents, we find that mutual fund managers from poor families outperform managers from rich families. We argue that managers born poor face higher entry barriers into asset management. Consistent with this view, managers born poor are promoted only if they outperform while those born rich are more likely to be promoted for reasons unrelated to performance. Overall, we establish a first link between fund managers’ family descent and their ability to create value.

Keywords: mutual fund managers, family background, wealth

JEL Classification: D14, G11, G23

Suggested Citation

Chuprinin, Oleg and Sosyura, Denis, Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds (December 20, 2017). Review of Financial Studies, Forthcoming, Available at SSRN: or

Oleg Chuprinin (Contact Author)

UNSW ( email )

Room 349, UNSW Business School
High St
UNSW Sydney, NSW 2052
406674419 (Phone)

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane

Denis Sosyura

Arizona State University ( email )

Tempe, AZ 85287-3706
United States


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