Active managers are skilled

Jonathan Berk, Jules H. van Binsbergen

Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large cross-sectional differences in skill persist for as long as ten years. Investors recognize this skill and reward it by investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive correlation exists between current compensation and future performance

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Year of publication:	June 9, 2015
Authors:	Berk, Jonathan B. ; Binsbergen, Jules H. van
Publisher:	[Stanford, CA] : [Stanford Graduate School of Business]
Subject:	Managerial Skill \| Mutual Fund Performance \| Investmentfonds \| Investment Fund \| Führungskräfte \| Managers \| Qualifikation \| Occupational qualification \| Kapitaleinkommen \| Capital income \| Management \| Portfolio-Management \| Portfolio selection \| Unternehmensperformance \| Firm performance \| Performance-Messung \| Performance measurement

Extent:	1 Online-Ressource
Series:	Stanford University Graduate School of Business research paper. - Rochester, NY : Social Science Electronic Publishing, ZDB-ID 2865911-9. - Vol. no. 15-37]
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Other identifiers:	10.2139/ssrn.261650 [DOI] 10.2139/ssrn.2616505 [DOI]
Classification:	G23 - Pension Funds; Other Private Financial Institutions ; G20 - Financial Institutions and Services. General ; G11 - Portfolio Choice ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011862190