Journal of Empirical Finance 36 (2016) 8–29

對分析師主導型共同基金的研究：買方分析師的角色與能力

作者：Gjergji Cici, Claire Rosenfeld（Mason School of Business, College of William & Mary）

摘要： 我們通過對14家基金公司中由買方分析師管理的基金的分析，評估買方分析師的角色與能力。買方分析師通過實現正的風險調整後收益，以及卓越的風險權衡能力來展現投資能力。對同一家基金公司的基金而言，分析師的能力對基金收益的影響為正。盡管有些基金經理從密切關注他們的買方分析師的分析中獲益，這些分析師的研究依然沒有獲得充分的利用。一些終身基金經理出于職業生涯的考慮，選擇放棄分析師的一些想法，從而導緻了對分析師研究的利用不足。

關鍵詞：共同基金，買方分析師，業績評估，職業生涯影響

A study of analyst-run mutual funds: The abilities and roles of buy-side analysts

Gjergji Cici, Claire Rosenfeld (Mason School of Business, College of William & Mary)

ABSTRACT: We assess the abilities and the role of buy-side analysts within mutual fund families by analyzing mutual funds managed by buy-side analysts from fourteen fund families. Buy-side analysts exhibit investment abilities by realizing positive style- and risk-adjusted returns and generating superior risk-return tradeoffs. Analysts' skills have a positive impact on the performance of funds from the same family. Although some managers benefit from closely following their buy-side analysts' ideas, research generated by these analysts is generally being underutilized by affiliated managers. The underutilization is consistent with longertenured managers choosing to forgo some of the analysts' ideas due to career considerations.

Keywords: Mutual funds, Buy-side analysts, Performance evaluation, Career effects

原文鍊接：

http://www.sciencedirect.com/science/article/pii/S0927539815001346

翻譯：羅丹