The demographics of fund turnover

Susan Christoffersen () and Sergei Sarkissian

Journal of Financial Intermediation, 2011, vol. 20, issue 3, 414-440

Abstract: This article documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated among less experienced managers in financial centers, they do not outperform inexperienced managers located in smaller towns. Furthermore, managers in financial centers increase trading after good performance. This result is particularly strong for inexperienced, more educated male fund managers investing in growth stocks and located in New York. Our results provide strong evidence that demographic factors influence fund manager trading behavior.

Keywords: Labor; market; Mutual; funds; Overconfident; trading; Performance; evaluation (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (9)

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Working Paper: The demographics of fund turnover (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinin:v:20:y:2011:i:3:p:414-440

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