000069449 001__ 69449
000069449 005__ 20190709135504.0
000069449 0247_ $$2doi$$a10.1080/1351847X.2016.1239585
000069449 0248_ $$2sideral$$a101171
000069449 037__ $$aART-2018-101171
000069449 041__ $$aeng
000069449 100__ $$0(orcid)0000-0002-2525-9049$$aAlda García, Mercedes$$uUniversidad de Zaragoza
000069449 245__ $$aPension fund manager skills over the economic cycle: the (non-)specialization cost.
000069449 260__ $$c2018
000069449 5060_ $$aAccess copy available to the general public$$fUnrestricted
000069449 5203_ $$aWe study whether pension fund managers, as professionals of important social and financial products, are able to add value for their clients and adapt to economic changes. To this end, we analyze the performance and skills (market timing and stock picking) over the economic cycle from both pension fund and manager perspectives. This double analysis allows examining whether skills reside in managers and/or funds and control for manager substitutions. Despite the long-term nature of pension funds, we find that both fund and manager skills vary with market conditions, showing better evidence of stock-picking in booms, and of market timing in recessions. Nonetheless, top (bottom) funds and managers exhibit both (incorrect) skills in booms and in recessions. Some of the top (bottom) funds and managers are the best (worst) in both abilities in the same periods, but not in different periods, showing that not all managers have the ability to adapt to market conditions. Additionally, managers with limited skills tend to specialize because diversification requires multi-task skills and the non-specialization of these managers usually results in incorrect skills.
000069449 536__ $$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2015-SOC-01
000069449 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/
000069449 590__ $$a1.124$$b2018
000069449 591__ $$aBUSINESS, FINANCE$$b71 / 103 = 0.689$$c2018$$dQ3$$eT3
000069449 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion
000069449 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000069449 773__ $$g24, 1 (2018), 36-58$$pEur. j. financ.$$tEUROPEAN JOURNAL OF FINANCE$$x1351-847X
000069449 8564_ $$s502640$$uhttp://zaguan.unizar.es/record/69449/files/texto_completo.pdf$$yPostprint
000069449 8564_ $$s65883$$uhttp://zaguan.unizar.es/record/69449/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint
000069449 909CO $$ooai:zaguan.unizar.es:69449$$particulos$$pdriver
000069449 951__ $$a2019-07-09-11:47:44
000069449 980__ $$aARTICLE