Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/81288
Title: Is it who you know or what you know? Evidence from ipo allocations and mutual fund performance
Authors: Hwang, Chuan-Yang
Titman, Sheridan
Wang, Yuxi
Keywords: IPO Allocations
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DRNTU::Business::Operations management
Issue Date: 2018
Source: Hwang, C.-Y., Titman, S., & Wang, Y. (2018). Is It Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund Performance. Journal of Financial and Quantitative Analysis, 53(06), 2491-2523. doi:10.1017/S0022109018000534
Series/Report no.: Journal of Financial and Quantitative Analysis
Abstract: Mutual fund managers with degrees from elite universities tend to outperform their counterparts from less elite universities. We show that the better performance of elite graduates is generated from their better connections with underwriters that facilitate allocations to underpriced initial public offerings (IPOs). Indeed, we find that the funds outperform only in months when they are connected to underwriters issuing IPOs. A strategy of buying mutual funds in months when they are connected to underwriters scheduled to issue IPOs generates significant abnormal returns, as high as 4.08% per annum in hot markets.
URI: https://hdl.handle.net/10356/81288
http://hdl.handle.net/10220/47458
ISSN: 0022-1090
DOI: 10.1017/S0022109018000534
Rights: © 2018 Michael G. Foster School of Business, University of Washington. All rights reserved. This paper was published in Journal of Financial and Quantitative Analysis and is made available with permission of Michael G. Foster School of Business, University of Washington.
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Journal Articles

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