Does Past Performance Matter in Investment Manager Selection?

Cornell, Bradford; Hsu, Jason; Nanigian, David

doi:10.3905/jpm.2017.43.4.033

Cited by 18 publications

(8 citation statements)

References 25 publications

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“…A central feature of this attention has been a focus on the quality of institutional governance to promote investor protection and improve stock market performance. However, this attention has tended to focus on the firm level (Power, Lonie and Lonie, 1991, Wang 2008, Cornell, Hsu and Nanigian, 2017, which has led to questions being raised as to the relevance of the quality of governance (accountability, level of corruption and government effectiveness) in conditions of economic globalisation. The global financial crisis has further fuelled debate about whether the quality of governance plays a key role in influencing the international financial system.…”

Section: Governance Investor Protection and Accounting For Crimementioning

confidence: 99%

Accounting control, governance and anti-corruption initiatives in public sector organisations

Paterson

Miller

2019

The British Accounting Review

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This special issue focuses on the interactions between accounting, public sector organisations and the socio-economic and political environments in which they operate, with a specific focus on the critical analysis of policy and practice in the fight against corruption. The aim of the special issue is to disseminate knowledge to enable a more sustainable, accountable and less corrupt public sector, regardless of where it is located in the world. It presents the work of a global community of scholars engaged in research projects on policies and strategies related to accountability, transparency, auditing, regulatory disclosure, governance, investor protection and anti-corruption initiatives in public sector organisations. The papers presented here address many different angles of corruption and aspects of the way in which it is reported using a broad range of methodologies, theoretical frameworks and research locations. Collectively, these papers demonstrate that more attention needs be given to investigating the human cost associated with illegal activity that leads to human suffering, inequality, and lifetime costs. They further emphasise that we have much to learn about regulatory disclosure and jurisprudential practice in the fight against fraud and corruption.

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Section: Governance Investor Protection and Accounting For Crimementioning

confidence: 99%

Accounting control, governance and anti-corruption initiatives in public sector organisations

Paterson

Miller

2019

The British Accounting Review

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“…The ability of active mutual fund managers to create value for their clients after fees has been hotly debated in the academic literature for the last half century (Jensen, 1968). The preponderance of evidence suggests that after taking into account management fees (Gruber, 1996) and systemic risk exposure (Carhart, 1997; Cornell et al, 2017; Daniel et al, 1997), most actively managed mutual funds post negative performance relative to both standard benchmarks and modern risk‐adjusted performance models.…”

Section: Introductionmentioning

confidence: 99%

Active share: A blessing and a curse

Cline

Gilstrap

2021

J of Financial Research

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We examine the implications of active mutual fund management across manager skill levels. We find that funds in the highest active share quintile outperform funds in the lowest active share quintile on a risk‐adjusted basis. When sorted on both active share and capture ratio, only managers with high skill and high active share experience positive future performance. Funds with high active share and low skill experience negative future risk‐adjusted returns, and these funds underperform all funds with low active share. We conclude that only funds with both high active management and high manager skill are preferable to index funds.

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“…It is, of course, equally important that the selected person is well managed to ensure her or his continual engagement and productivity (Cornell, Hsu, & Nanigian, 2017;Goyal & Wahal, 2008;Harlow & Brown, 2006;Harrison, 2016;Porter & Trifts, 2014). This review paper will examine the scattered literature on the individual characteristics of successful IMs by focusing on the interface of psychology and finance-an area now dominated by the work of Behavioural Economists.…”

Section: Introductionmentioning

confidence: 99%

Recruiting, selecting, retaining, and monitoring successful investment managers: A review of a scattered literature

Furnham

2020

Fin Plan Rev

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This article attempts a comprehensive and multi-disciplinary review of a scattered literature on the characteristics of successful investment managers. It considers nonpeer reviewed papers and reports written by organizations and human resource experts but also empirical papers from those in disciplines such as business studies, economics, finance, psychology, and psychiatry. It focuses on three issues: Ability, personality, and motivation. Most of the studies have concentrated on motivation and various themes are apparent suggesting that it is possible to profile successful investment managers.

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Does Past Performance Matter in Investment Manager Selection?

Cited by 18 publications

References 25 publications

Accounting control, governance and anti-corruption initiatives in public sector organisations

Accounting control, governance and anti-corruption initiatives in public sector organisations

Active share: A blessing and a curse

Recruiting, selecting, retaining, and monitoring successful investment managers: A review of a scattered literature

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