TY  - JOUR
AU  - Chevalier,Judith
AU  - Ellison,Glenn
TI  - Are Some Mutual Funds Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5852
PY  - 1996
Y2  - December 1996
UR  - http://www.nber.org/papers/w5852
L1  - http://www.nber.org/papers/w5852.pdf
N1  - Author contact info:
Judith A. Chevalier
Yale School of Management
135 Prospect Street
New Haven, CT  06520
Tel: 203/432-3122
Fax: NA
E-Mail: judith.chevalier@yale.edu

Glenn Ellison
Department of Economics
Massachusetts Institute of Technology
50 Memorial Drive, E52-380A
Cambridge, MA 02142-1347
Tel: 617/253-8702
Fax: 617/253-1330
E-Mail: gellison@mit.edu
M2  - featured in NBER digest on 1997-08-01
AB  - In this paper we explore cross-sectional differences in the behavior and performance of mutual fund managers.  In our simplest regression of a fund's market excess return on characteristics of its manager we find that younger managers earn much higher returns than older managers and that managers who attended colleges with higher average SAT scores earn much higher returns than do managers from less selective institutions.  These differences appear to derive both from systematic differences in expense ratios and risk-taking behavior and from additional systematic differences in performance   managers from higher SAT schools have higher risk-adjusted excess returns.  Managers with the paper also presents a preliminary look at the labor market for mutual fund managers.  Our data suggest that managerial turnover is more performance sensitive for younger managers
ER  -