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Cognitive Skills and Economic Preferences in the Fund Industry*
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- Farago, Adam, 1984 (author)
- Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Department of Economics
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- Holmen, Martin, 1976 (author)
- Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Department of Economics
- Holzmeister, F. (author)
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- Razen, M. (author)
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- (creator_code:org_t)
- 2021-12-14
- 2022
- English.
- In: Economic Journal. - : Oxford University Press (OUP). - 0013-0133 .- 1468-0297. ; 132:645, s. 1737-1764
- Journal article (peer-reviewed)
Abstract
Subject headings
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- We investigate the impact of cognitive skills and economic preferences on fund managers' professional decisions by running a battery of experiments with them. First, we find that fund managers' risk tolerance positively correlates with fund risk when accounting for fund benchmark, fund category and other controls. Second, we show that fund managers' ambiguity tolerance positively correlates with the funds' tracking error from the benchmark. Finally, we report that cognitive skills do not explain fund performance in terms of excess returns. However, we do find that fund managers with high cognitive reflection abilities compose funds at lower risk.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
Keyword
- progressive matrices
- performance
- reflection
- managers
- behavior
- culture
- markets
- trader
- mind
- Business & Economics
Publication and Content Type
- ref (subject category)
- art (subject category)
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- SOCIAL SCIENCES
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- University of Gothenburg
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