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Picking Winners? Investment Consultants' Recommendations of Fund Managers

Tim Jenkinson

出版	SSRN, 2014
URL	http://books.google.com.hk/books?id=t-ENzwEACAAJ&hl=&source=gbs_api

註釋

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 very 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.