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Fund manager skill : selling matters more!
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Tosun, Onur Kemal, Jin, Liang, Taffler, Richard and Eshraghi, Arman (2022) Fund manager skill : selling matters more! Review of Quantitative Finance and Accounting, 59 . pp. 969-994. doi:10.1007/s11156-022-01065-9 ISSN 0924-865X.
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WRAP-Fund-manager-skill-selling-matters-more-Taffler-22.pdf - Published Version - Requires a PDF viewer. Available under License Creative Commons Attribution 4.0. Download (743Kb) | Preview |
Official URL: http://dx.doi.org/10.1007/s11156-022-01065-9
Abstract
We examine whether mutual fund managers have differential skill in the buy and sell domains. Although they have characteristic-timing ability in aggregate, we show they exhibit asymmetric ability when buying and selling. Our key finding is that fund managers with superior selling ability are significantly better at buying stocks and, as a result, earn significantly higher aggregate returns. However, fund managers who buy stocks successfully do not necessarily have parallel selling skills, leading to lower returns overall. Thus, we provide strong evidence that selling skill is the key determinant of overall mutual fund timing performance.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Mutual funds, Mutual funds -- Management, Investments, Sales management , Financial risk management , Finance -- Decision making | ||||||||
| Journal or Publication Title: | Review of Quantitative Finance and Accounting | ||||||||
| Publisher: | Springer New York LLC | ||||||||
| ISSN: | 0924-865X | ||||||||
| Official Date: | October 2022 | ||||||||
| Dates: |
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| Volume: | 59 | ||||||||
| Number of Pages: | 26 | ||||||||
| Page Range: | pp. 969-994 | ||||||||
| DOI: | 10.1007/s11156-022-01065-9 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||||
| Date of first compliant deposit: | 13 July 2022 | ||||||||
| Date of first compliant Open Access: | 13 July 2022 |
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