The Journal of Finance, Volume 71, Issue5, October 2016, Pages 2333—2370

選擇赢家？來自投資顧問推薦的基金經理

作者：Tim Jenkinson (University of Oxford; CEPR), Howard Jones (University of Oxford), Jose Vicente Martinez (University of Connecticut)

摘要：在選擇基金經理時，投資顧問會給機構投資者提供一些建議。基于美國積極管理的股票型基金，我們分析了驅使顧問推薦的因素、顧問的推薦對資金流和被推薦基金表現的影響。研究表明投資顧問的推薦在很大程度上被“軟因素”而非基金過去的表現所驅使，同時他們的推薦對于基金資金流有顯著的影響。然而，沒有任何證據表明投資顧問的推薦可以增加基金價值，這就意味着投資顧問鼓勵和引導的尋找赢者這一行為是徒勞的。

Picking Winners? Investment Consultants' Recommendations of Fund Managers

Tim Jenkinson (University of Oxford; CEPR), Howard Jones (University of Oxford), Jose Vicente Martinez (University of Connecticut)

ABSTRACT

Investment consultants advise institutional investors on their choice of fund manager. Focusing on U.S. actively managed equity funds, we analyze the factors that drive consultants' recommendations, what impact these recommendations have on flows, and how well the recommended funds perform. We find that investment consultants' recommendations of funds are driven largely by soft factors, rather than the funds' past performance, and that their recommendations have a significant effect on fund flows. However, we find no evidence that these recommendations add value, suggesting that the search for winners, encouraged and guided by investment consultants, is fruitless.

原文鍊接：http://onlinelibrary.wiley.com/doi/10.1111/jofi.12289/full

翻譯：秦秀婷