What a difference a (birth) month makes: The relative age effect and fund manager performance
Abstract
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...
Paper Details
Title
What a difference a (birth) month makes: The relative age effect and fund manager performance
Published Date
Apr 1, 2019
Volume
132
Issue
1
Pages
200 - 221
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