75673 20220525082803.0 doi 10.1016/j.najef.2017.09.006 sideral 101751 ART-2017-101751 eng Alda, Mercedes Universidad de Zaragoza (orcid)0000-0002-2525-9049 Learning about individual managers' performance in UK pension funds: The importance of specialization 2017 Access copy available to the general public Unrestricted This study examines the performance of managers over time, as well as its persistence, taking into account both manager characteristics and market conditions. Applying parametric and non-parametric methodologies, we examine a sample of UK equity pension fund managers. Our results help to understand the importance of manager assignments in the industry and reveal the importance and benefits of management specialization. We find certain manager performance persistence, revealing that some managers are better than others and possess superior investment skills. Additionally, we find that managers achieve better results when they run a single fund or one investment-objective funds, which allows managers to focus on specific tasks. Nonetheless, manager performance varies with market conditions and highlights managers’ different skills. Specialist managers perform better in bullish markets, and generalists perform better in bearish periods. info:eu-repo/grantAgreement/ES/DGA/268-219/1 info:eu-repo/grantAgreement/ES/MINECO/ECO2013-45568-R info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 1.098 2017 ECONOMICS 182 / 353 = 0.516 2017 Q3 T2 BUSINESS, FINANCE 58 / 98 = 0.592 2017 Q3 T2 0.634 2017 Finance 2017 Q2 Economics and Econometrics 2017 Q2 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Andreu Sánchez, Laura Universidad de Zaragoza (orcid)0000-0003-3661-5448 Sarto Marzal, José Luis Universidad de Zaragoza (orcid)0000-0001-6078-0465 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 42 (2017), 654-667 NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE 1062-9408 309194 http://zaguan.unizar.es/record/75673/files/texto_completo.pdf Postprint 48112 http://zaguan.unizar.es/record/75673/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:75673 articulos driver 2022-05-25-08:24:25 ARTICLE