THE REVIEW OF FINANCIAL STUDIES? VOL. 31, NO.1? OCTOBER 2018

家庭出身是管理质量的信号：来自共同基金的证据

作者：Oleg Chuprinin (University of New South Wales)

Denis Sosyura (Arizona State University)

摘要：我们利用人口普查记录中有关基金经理父母的财富数据，发现来自贫困家庭的共同基金经理的业绩表现优于来自富裕家庭的经理。我们认为，出身贫困的经理人面临着更高的资产管理准入门槛。与这种观点相一致的是，贫困的经理人只有在表现优异的情况下才会晋升，而出身富裕的人则更有可能因与业绩表现无关的原因而晋升。总体而言，我们第一次建立了基金经理家庭与其创造价值能力之间的联系。

关键词：共同基金经理，家庭背景，财富

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

Oleg Chuprinin (University of New South Wales), Denis Sosyura (Arizona State University)

ABSTRACT

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

原文链接：https://papers.ssrn.com/sol3/papers.cfm?abstract_id="2735946

翻译：吕越