Does educational diversity of managers matter for the performance of team‐managed funds?. (22nd February 2017)

• Record Type: Journal Article
• Authors: Tan, Eric K. M.; Sen, Anindya
• Editors: Smith, Tom
• Is Part Of: Accounting and finance. Volume 59(2019)Supplement 1
• Page Start: 801
• Page End: 830
• Publication Date: 2017-02-22
• Subjects: Fund manager -- Education -- Diversity -- Team‐managed -- Performance; Accounting -- Periodicals; Finance -- Periodicals; 657.05
• DOI: 10.1111/acfi.12265
• Languages: English
• ISSNs: 0810-5391

Abstract

Abstract: We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.