Is it who you know or what you know? Evidence from ipo allocations and mutual fund performance

• Main Authors: Hwang, Chuan-Yang, Titman, Sheridan, Wang, Yuxi
• Other Authors: Nanyang Business School
• Format: Article
• Language: English
• Published: 2019
• Subjects: IPO Allocations; Robustness Check; DRNTU::Business::Operations management
• Online Access: https://hdl.handle.net/10356/81288; http://hdl.handle.net/10220/47458
• Institution: Nanyang Technological University

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...