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Do CFA Charterholders Make Better Hedge Fund Managers?

In: Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes

Author

Listed:
  • Yao Zheng
  • Eric Osmer

Abstract

In this chapter, we investigate whether hedge fund managers possessing advanced professional education, as represented by the CFA@ designation, have better managerial ability and fund performance compared to managers lacking such education. We define managerial ability in terms of market, volatility, and liquidity timing ability. In general, we find that CFA designated managers have better volatility and liquidity timing ability and earn better risk-adjusted returns than non-CFA managers. We also find that the CFA designation does not contribute to the fund flow–performance relation. The rise of high frequency and algorithmic trading may partially explain these findings.

Suggested Citation

  • Yao Zheng & Eric Osmer, 2024. "Do CFA Charterholders Make Better Hedge Fund Managers?," World Scientific Book Chapters, in: Cheng Few Lee & Alice C Lee & John C Lee (ed.), Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes, chapter 80, pages 2541-2564, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811269943_0080
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    More about this item

    Keywords

    Financial Accounting; Financial Auditing; Mutual Funds; Hedge Funds; Asset Pricing; Options; Portfolio Analysis; Risk Management; Investment Analysis; Momentum Analysis; Behavior Analysis; Futures; Index Futures; CDCs; Financial Econometrics; Statistics; Financial Derivatives; Financial Accounting;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G1 - Financial Economics - - General Financial Markets
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • G3 - Financial Economics - - Corporate Finance and Governance

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