TY - JOUR
T1 - Do fixed income mutual fund managers have managerial skills?
AU - Du, Ding
AU - Huang, Zhaodan
AU - Blanchfield, Peter J.
N1 - Copyright:
Copyright 2009 Elsevier B.V., All rights reserved.
PY - 2009/5
Y1 - 2009/5
N2 - Motivated by Berk and Green [Berk, J., & Green, R. (2004). Mutual fund flows and performance in rational markets. Journal of Political Economy, 112, 1269-1295] and Chevalier and Ellison [Chevalier, J., & Ellison, G. (1999). Career concerns of mutual fund managers. Quarterly Journal of Economics, 114, 389-432] who show theoretically that performance persistence may be short-lived, we complement Bollen and Busse [Bollen, N., & Busse, J. A. (2004). Short-term persistence in mutual fund performance. Review of Financial Studies, 18, 569-597] and examine performance persistence in high-quality corporate-bond mutual funds over short horizons. Empirically, we find supporting evidence of performance persistence over shorter horizons. Our empirical tests also suggest that the performance persistence we document may be at least partly due to managerial skills.
AB - Motivated by Berk and Green [Berk, J., & Green, R. (2004). Mutual fund flows and performance in rational markets. Journal of Political Economy, 112, 1269-1295] and Chevalier and Ellison [Chevalier, J., & Ellison, G. (1999). Career concerns of mutual fund managers. Quarterly Journal of Economics, 114, 389-432] who show theoretically that performance persistence may be short-lived, we complement Bollen and Busse [Bollen, N., & Busse, J. A. (2004). Short-term persistence in mutual fund performance. Review of Financial Studies, 18, 569-597] and examine performance persistence in high-quality corporate-bond mutual funds over short horizons. Empirically, we find supporting evidence of performance persistence over shorter horizons. Our empirical tests also suggest that the performance persistence we document may be at least partly due to managerial skills.
KW - Corporate bond
KW - Managerial skills
KW - Mutual fund performance
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U2 - 10.1016/j.qref.2008.02.005
DO - 10.1016/j.qref.2008.02.005
M3 - Article
AN - SCOPUS:64649094462
SN - 1062-9769
VL - 49
SP - 378
EP - 397
JO - Quarterly Review of Economics and Finance
JF - Quarterly Review of Economics and Finance
IS - 2
ER -