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• 2 years - 163 posts - Latest - RSS
• Thread: 430 Goods vs 95 No Goods

1. Economist
   db17
   

   What a difference a (birth) month makes: The relative age effect and fund manager performance

   John (Jianqiu) Bai. Ma Linlin. Kevin A.Mullally. David H.Solomon.

   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.

   Shame on referees.
   Shame on the Tenure Committee who gave such authors / would give such authors tenure.
   Shame on JFE.

   2 years ago # QUOTE 44 Volod 4 Vlad !

2. Economist
   3822
   

   lol this must be a troll

   2 years ago # QUOTE 9 Volod 1 Vlad !

3. Economist
   120b
   

   The absolute state of fenance

   2 years ago # QUOTE 25 Volod 0 Vlad !

4. Economist
   832f
   

   I like this paper.

   -Josh

   2 years ago # QUOTE 7 Volod 1 Vlad !

5. Economist
   db17
   

   https://www.sciencedirect.com/science/article/pii/S0304405X18302794

   2 years ago # QUOTE 0 Volod 0 Vlad !

6. Economist
   db17
   

   lol this must be a troll

   https://www.sciencedirect.com/science/article/pii/S0304405X18302794

   Not a joke. This is the world we are living in.

   2 years ago # QUOTE 9 Volod 0 Vlad !

7. Economist
   c5a3
   

   Northeastern is Chinatown?

   2 years ago # QUOTE 4 Volod 1 Vlad !

8. Economist
   1ac5
   

   I bereve we has only revealed the tip of the iceberg here.

   -CL

   2 years ago # QUOTE 1 Volod 0 Vlad !

9. Economist
   7840
   

   spurious correlation?

   2 years ago # QUOTE 1 Volod 0 Vlad !

10. Economist
    e6c5
    

    The absolute state of fenance

    Sometimes I felt I was trying too hard to do a good economics paper. Then I look at my colleagues at business or those who doing Finance getting away with these types of papers.

    Heck, I taught my 2nd year metrics students that correlation is not causation and you need to be very careful with interpretation.

    And here we go with the top 3 journal in Finance people are claiming older people appear more confident. F** up.

    2 years ago # QUOTE 12 Volod 4 Vlad !

11. Economist
    c5a3
    

    #jfeisalotteryjournal

    The absolute state of fenance

    Sometimes I felt I was trying too hard to do a good economics paper. Then I look at my colleagues at business or those who doing Finance getting away with these types of papers.
    Heck, I taught my 2nd year metrics students that correlation is not causation and you need to be very careful with interpretation.
    And here we go with the top 3 journal in Finance people are claiming older people appear more confident. F** up.

    2 years ago # QUOTE 6 Volod 0 Vlad !

12. Economist
    3822
    

    Finance profs getting tenure with JFEs at my b-school, aint worth shiet

    2 years ago # QUOTE 8 Volod 0 Vlad !

13. Economist
    a114
    

    Survey respondents judge relatively older managers as appearing more confident in photographs

    So these are mutual fund managers right? Presumably in their 40s - 60s or so? And you're telling me that "survey respondents" can tell who is older by a few months just from photographs?

    2 years ago # QUOTE 2 Volod 10 Vlad !

14. Economist
    db17
    

    We should hold a 3-minutes' silence for the demise of JFE. This is same JFE which got Fama McBeth's method in its inaugural issue. This is the same JFE that got Jensen and McKling in its third volume. And many more influential papers untill early 2000’s.

    Now it's worth a toilet paper. No wait, a real toilet paper is cheaper and more useful. #R.I.P. JFE.

    2 years ago # QUOTE 13 Volod 1 Vlad !

15. Economist
    a114
    

    And let's not even get into the part of how 0.48% PER ANNUM is an economically meaningful number. The funny part is they probably p-hacked to death to get this minuscule result.

    2 years ago # QUOTE 12 Volod 1 Vlad !

16. Economist
    247e
    

    0.48% per annum! This is HUGE economic significance. This paper should belong to the Hall of Shame

    2 years ago # QUOTE 8 Volod 1 Vlad !

17. Economist
    84d5
    

    Probably the closest we will get to a mutual fund manager d-size paper.

    2 years ago # QUOTE 10 Volod 0 Vlad !

18. Economist
    1f3e
    

    It was the best one could get from the hundreds of alternative models and tweaking data...

    0.48% per annum! This is HUGE economic significance. This paper should belong to the Hall of Shame

    2 years ago # QUOTE 1 Volod 0 Vlad !

19. Economist
    1ac5
    

    Survey respondents judge relatively older managers as appearing more confident in photographs

    So these are mutual fund managers right? Presumably in their 40s - 60s or so? And you're telling me that "survey respondents" can tell who is older by a few months just from photographs?

    No. It is that those that appear more confident happen to be older.

    2 years ago # QUOTE 3 Volod 0 Vlad !

20. Economist
    a114
    

    Survey respondents judge relatively older managers as appearing more confident in photographs

    So these are mutual fund managers right? Presumably in their 40s - 60s or so? And you're telling me that "survey respondents" can tell who is older by a few months just from photographs?

    No. It is that those that appear more confident happen to be older.

    Thank you Bai et al. for the correspondence.

    2 years ago # QUOTE 0 Volod 0 Vlad !

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