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首页> 外文期刊>Journal of Business Research >Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior?
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Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior?

机译：选择两个商业学位而不是选择一个：共同基金经理的投资行为如何？

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摘要

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare the investment risk and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that managers with both degrees take fewer risks, follow less extreme investment styles, and achieve less extreme performance outcomes. Our results are consistent with the explanation that managers with a certain personal attitude that makes them take fewer risks and invest more conventionally choose to gain both qualifications. We rule out several alternative explanations: our results are not driven by the respective contents of the MBA and the CFA program, by the manager's skill, or by the fund family's investment policy. (C) 2017 Elsevier Inc. All rights reserved.
机译：我们分析了第二个商业学位揭示了共同基金经理的投资行为。具体来说，我们将具有CFA资格和MBA学位的管理者的投资风险和风格与只有其中一项资格的管理者进行比较。我们证明，拥有这两个学位的经理人承担的风险更少，遵循的极端投资风格更少，而实现的极端绩效结果更少。我们的结果与以下解释一致：经理具有某种个人态度，使他们承担更少的风险，并且按常规进行投资时选择同时获得这两种资格。我们排除了几种其他解释：我们的结果不受MBA和CFA计划的相应内容，经理的技能或基金家族的投资政策的驱动。 （C）2017 Elsevier Inc.保留所有权利。

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