17 records from EconBiz based on author Name

1. Finding your calling: Matching skills with jobs in the mutual fund industry

Cici, Gjergji; Hendriock, Mario; Kempf, Alexander;
2022
Type: Working Paper;
Availability:

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2. Finding your calling : matching skills with jobs in the mutual fund industry

abstract

To best utilize labor, companies need to match employees’ skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. After fund managers are matched, they improve their risk-adjusted performance significantly. Fund companies use this information to maximize company value by reallocating existing and directing new capital to their matched managers and by collecting higher fees from the matched managers’ funds. In addition, they make the expertise of matched managers available to the other managers of the fund company.

Cici, Gjergji; Hendriock, Mario; Kempf, Alexander;
2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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3. Finding your calling : Matching skills with jobs in the mutual fund industry

abstract

To best utilize labor, companies need to match their employees’ skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. After fund managers are matched, they operate at a higher level of productivity and deliver higher performance. Fund families use this information to maximize family value by reallocating existing and directing new capital to their matched managers, collecting higher fees from their funds, and spreading the expertise of their matched managers to other managers in the family

Cici, Gjergji; Hendriock, Mario; Kempf, Alexander;
2021
Availability: Link Link

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4. Forecasting Earnings with Predicted, Conditional Probability Density Functions

abstract

This study provides empirical evidence for the efficacy of deriving firms' earnings forecasts from predictions of the complete, conditional probability density function (pdf). Relative to cross-sectional earnings forecasts based on OLS regressions, improvements of accuracy, bias and measures for the validity as an expectation's proxy amount to approximately two fifths, when conditional pdfs are obtained via quantile regressions. In turn, another fifth is gained substituting quantile regressions by artificial neural networks. Cross-sectional analyses are consistent with improvements deriving from taking into consideration pdfs of firms which are particular peculiar. Furthermore, also recent point estimation methods fall behind the pdf-based approach

Hendriock, Mario;
2021
Availability: Link Link
Citations: 1 (based on OpenCitations) Cited By

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5. The impact of labor mobility restrictions on managerial actions : Evidence from the mutual fund industry

Cici, Gjergji; Hendriock, Mario; Kempf, Alexander;
2021
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 3 (based on OpenCitations) Cited By

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6. #MeToo meets the mutual fund industry : productivity effects of sexual harassment

Cici, Gjergji; Hendriock, Mario; Jaspersen, Stefan; Kempf, Alexander;
2021
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 3 (based on OpenCitations) Cited By

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7. Implied cost of capital and mutual fund performance

Hendriock, Mario;
2020
Type: Working Paper;
Availability:

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8. Implied Cost of Capital and Mutual Fund Performance

abstract

Which trading strategies differentiate skilled mutual fund managers from their unsuccessful peers? This study provides evidence for a positive association between holdings' implied cost of capital (ICC) and future fund performance. Consistent with large transaction costs of ICC-based investments impeding their exploitation, family-level trading efficiency positively correlates with fund-level ICC. A negative association between ICCs and mid-year risk shifting corroborates the notion of fund managers decisively choosing and relying on high-ICC strategies. Institutional investors able to identify funds with high ICCs direct their investments accordingly, whereas flows of retail funds are unaffected, consistent with limited investor attention and financial literacy

Hendriock, Mario;
2020
Availability: Link Link

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9. Implied cost of capital and mutual fund performance

abstract

This study provides evidence for a positive association between mutual fund holdings’implied cost of capital (ICC) and future performance. Consistent with large transactioncosts of ICC-based investments impeding their exploitation and employing a ICC-basedstrategy reflecting skill, family-level trading efficiency and manager-level SAT scorepositively correlate with fund-level ICC. A negative association between ICC and mid-year risk shifting corroborates the notion of fund managers decisively choosing andrelying on high-ICC strategies. Institutional investors able to identify funds with highICC direct their investments accordingly, whereas flows of retail funds are unaffected,consistent with limited investor attention and financial literacy.

Hendriock, Mario;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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10. Finding your calling : skill matching in the mutual fund industry

abstract

To optimally utilize their labor, fund families need to match their portfolio managers' skills with the job requirements of different funds. Fund families make it possible for their managers to try out different funds in a learning-by-trying fashion until they find their best match. After they have reached their best match, managers operate at higher productivity levels, which then fund families utilize at a larger asset base. Moreover, fund families hire in accordance with their capability to make the match discovery possible. Managers exhibit a higher degree of conviction after their match discovery, both in their fund and personal portfolios.

Cici, Gjergji; Hendriock, Mario; Kempf, Alexander;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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