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Measuring Managerial Skill in the Mutual Fund Industry / Jonathan B. Berk, Jules H. van Binsbergen.
- Format:
- Book
- Author/Creator:
- Berk, Jonathan B.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w18184.
- NBER working paper series no. w18184
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2012.
- Summary:
- Using the dollar-value a mutual fund manager adds as the measure of skill, we find that not only does skill exist (the average mutual fund manager adds about $2 million per year), but this skill is persistent, as far out as 10 years. We further document that investors recognize this skill and reward it by investing more capital with skilled managers. Higher skilled managers are paid more and there is a strong positive correlation between current managerial compensation and future performance.
- Notes:
- Print version record
- June 2012.
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