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Performance Isn't Everything: Personal Characteristics and Career Outcomes of Mutual Fund Managers

79 Pages Posted: 7 Sep 2017 Last revised: 11 Oct 2017

Brad M. Barber

University of California, Davis

Anna Scherbina

University of California, Davis - Graduate School of Management

Bernd Schlusche

Board of Governors of the Federal Reserve System

Date Written: October 9, 2017

Abstract

We investigate the determinants of mutual fund manager career outcomes. We find that, although career outcomes are largely determined by past performance, measured by returns and fund flows, personal attributes also factor in. All else equal, female managers are less likely to be promoted and have shorter tenures than male fund managers. This finding applies to a greater extent to women who co-manage funds with other managers, which suggests that working in teams negatively affects women's careers when compared to men's. Moreover, we show that, all else equal, younger managers, U.S.-educated managers, and managers who attended elite schools experience better career outcomes than otherwise similar managers.

Keywords: Women in Finance, Diversity, Career Advancement, Mutual Fund Industry, Mutual Fund Managers, Mutual Fund Manager Performance

JEL Classification: G11, G14, G23

Suggested Citation

Barber, Brad M. and Scherbina, Anna and Schlusche, Bernd, Performance Isn't Everything: Personal Characteristics and Career Outcomes of Mutual Fund Managers (October 9, 2017). Available at SSRN: https://ssrn.com/abstract=3032207 or http://dx.doi.org/10.2139/ssrn.3032207

Brad M. Barber

University of California, Davis ( email )

Graduate School of Management
One Shields Avenue
Davis, CA 95616
United States
530-752-0512 (Phone)
530-752-2924 (Fax)

Anna D. Scherbina (Contact Author)

University of California, Davis - Graduate School of Management ( email )

One Shields Avenue
Davis, CA 95616
United States
(530) 754-8076 (Phone)
(530) 752-2924 (Fax)

Bernd Schlusche

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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