Abstract
Several hundred individuals holding a Ph.D. work for institutional money management companies. Gross performance of domestic equity investment products managed by Ph.D.s (Ph.D. products) is superior to the performance of non-Ph.D. products matched by objective, size, and past performance for several performance measures. Ph.D. product fees are lower than non-Ph.D. product fees. Investment flows to Ph.D. products substantially exceed the flows to the matched non-Ph.D. products. Ph.D.s outperform non-Ph.D.s both in pursuit of quantitative strategies and other strategies. Ph.D.s deliver particularly strong superior performance in bear and bull markets. Ph.D.s’ field of study and Ph.D. degree-granting institution ranking are related to performance. Ph.D.s’ publications in leading economics and finance journals further increase the performance gap.
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