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Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior?
Institution:1. Accounting and Finance Department, University of Zaragoza, Gran Via 2, 50005 Zaragoza, Spain;2. Department of Finance and Centre for Financial Research (CFR), University of Cologne, Albertus-Magnus-Platz, 50923 Cologne, Germany;1. School of International Economics and Trade, Nanjing University of Finance and Economics, Nanjing, China;2. SHU-UTS SILC Business School, Shanghai University, 99 Shangda Road, Shanghai, China;1. Campus Saint-Jean, University of Alberta, 8406, Rue Marie-Anne-Gaboury (91 Street), Edmonton, AB T6C 4G9, Canada;2. Glendon College, York University, 2275 Bayview Avenue, Toronto, YH 330, Canada;1. University of Valladolid, Spain;2. Complutense University of Madrid, Spain;3. Champagne School of Management, Troyes, France;4. IRG, Université Paris Est, Créteil, France;5. Linköping University, Sweden
Abstract:We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare the investment risk and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that managers with both degrees take fewer risks, follow less extreme investment styles, and achieve less extreme performance outcomes. Our results are consistent with the explanation that managers with a certain personal attitude that makes them take fewer risks and invest more conventionally choose to gain both qualifications. We rule out several alternative explanations: our results are not driven by the respective contents of the MBA and the CFA program, by the manager's skill, or by the fund family's investment policy.
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