Anmerkungen:
In: Journal of Financial Perspectives, Vol. 3, No. 2, 2015
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 1, 2015 erstellt
Beschreibung:
In the extensive debate about investment professionals' ability to add value, there has been scant evidence on the role played by industry expertise. To shed light on this issue, we study own-industry investing. Specifically, we analyze how well individual mutual funds as well as mutual fund companies, banks and insurance companies invest in the shares of listed companies in the mutual fund, banking and insurance industries, respectively. We find little evidence that such inherent industry knowledge enhances these institutions' ability either to time the investment in their industry as a whole or to select individual stocks within it