| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10685 |
| 来源ID | Working Paper 10685 |
| Can Mutual Fund Managers Pick Stocks? Evidence from the Trades Prior to Earnings Announcements | |
| Malcolm Baker; Lubomir Litov; Jessica A. Wachter; Jeffrey Wurgler | |
| 发表日期 | 2004-08-22 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We test whether fund managers have stock-picking skill by comparing their holdings and trades prior to earnings announcements with the returns realized at those events. This approach largely avoids the joint-hypothesis problem with long-horizon studies of fund performance. Consistent with skilled trading, we find that, on average, stocks that funds buy earn significantly higher returns at subsequent earnings announcements than stocks that they sell. Funds display persistence in our event return-based metrics, and those that do well tend to have a growth objective, large size, high turnover, and use incentive fees to motivate managers. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w10685 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568289 |
| 推荐引用方式 GB/T 7714 | Malcolm Baker,Lubomir Litov,Jessica A. Wachter,et al. Can Mutual Fund Managers Pick Stocks? Evidence from the Trades Prior to Earnings Announcements. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10685.pdf（164KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
