Can mutual fund managers pick stocks? evidence from the trades prior to earnings announcements / Malcolm Baker ... [et al.].
| Other author | Baker, Malcolm (Malcolm P.) |
| Other author | National Bureau of Economic Research. |
| Format | Electronic |
| Publication Info | Cambridge, MA : National Bureau of Economic Research, |
| Supplemental Content | Full text available from NBER Working Papers |
| Subjects |
| Series | NBER working paper series ; working paper 10685 Working paper series (National Bureau of Economic Research : Online) ; working paper no. 10685. UNAUTHORIZED |
| Summary | "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"--National Bureau of Economic Research web site. |
| General note | Title from PDF file as viewed on 1/10/2005. |
| Bibliography note | Includes bibliographical references. |
| Access restriction | Available only to authorized users. |
| Other forms | Also available in print. |
| Technical details | Mode of access: World Wide Web |
| Genre/form | Electronic books. |
| LCCN | 2005615282 |
Availability
| Library | Location | Call Number | Status | Item Actions |
|---|---|---|---|---|
| Electronic Resources | Access Content Online | ✔ Available |