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dc.contributor.authorHwang, Chuan-Yangen
dc.contributor.authorTitman, Sheridanen
dc.contributor.authorWang, Yuxien
dc.identifier.citationHwang, 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/S0022109018000534en
dc.description.abstractMutual 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.en
dc.format.extent33 p.en
dc.relation.ispartofseriesJournal of Financial and Quantitative Analysisen
dc.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.en
dc.subjectIPO Allocationsen
dc.subjectRobustness Checken
dc.subjectDRNTU::Business::Operations managementen
dc.titleIs it who you know or what you know? Evidence from ipo allocations and mutual fund performanceen
dc.typeJournal Articleen
dc.contributor.schoolNanyang Business Schoolen
dc.description.versionPublished versionen
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