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首页> 外文期刊>Journal of financial economics >What a difference a (birth) month makes: The relative age effect and fund manager performance
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What a difference a (birth) month makes: The relative age effect and fund manager performance

机译：一个（出生）月有什么不同：相对年龄效应和基金经理的业绩

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摘要

Many US states have a single cutoff date for school entry, meaning that some children are older than others when they begin kindergarten. We show that this variation in birth months is associated with differences in adult labor market outcomes in the mutual fund industry. Relatively older managers (i.e., those born just after the cutoff) make better stock selections, and their funds outperform their younger peers' funds by 0.48% per annum. This difference is linked to increased confidence. Survey respondents judge relatively older managers as appearing more confident in photographs, and these managers display more confident behavior: making larger bets, window dressing their holdings less, and securing more fund flows conditional on performance. (C) 2018 Elsevier B.V. All rights reserved.
机译：美国许多州只有一个入学截止日期，这意味着有些孩子上幼儿园时比其他孩子大。我们表明，出生月份的这种变化与共同基金行业中成人劳动力市场成果的差异有关。相对而言，年龄较大的经理人（即刚过关门后出生的经理人）选择的股票更好，他们的资金每年要比年轻的同行的资金高出0.48％。这种差异与提高信心有关。受访者认为年龄相对较大的经理人对照片表现出更大的信心，而这些经理人则表现出更加自信的行为：下更大的赌注，减少所持资产的橱窗装饰，以及确保更多以业绩为条件的资金流量。 （C）2018 Elsevier B.V.保留所有权利。

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