{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,29]],"date-time":"2025-12-29T19:01:36Z","timestamp":1767034896423,"version":"3.41.2"},"reference-count":35,"publisher":"Emerald","issue":"4","license":[{"start":{"date-parts":[[2015,11,16]],"date-time":"2015-11-16T00:00:00Z","timestamp":1447632000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2015,11,16]]},"abstract":"\n Purpose<\/jats:title>\n \u2013 This paper aims to explore whether individual intellectual capital of a fund manager allows mutual fund to outperform market. <\/jats:p>\n <\/jats:sec>\n \n Design\/methodology\/approach<\/jats:title>\n \u2013 The sample includes 85 Russian equity funds for the period of 2013. First, Jensen\u2019s alpha for each fund has been calculated, and then cross-sectional regression analysis has been used. While only a part of fund managers publish biographic sketches, the authors use the Heckman procedure to control for self-selection issues. <\/jats:p>\n <\/jats:sec>\n \n Findings<\/jats:title>\n \u2013 The results support the idea that the individual characteristics indicate the possibility to earn abnormal alpha. Managers with economic education and with Moscow education perform better than others. Relationship between both fund performance measures and manager\u2019s experience has inverted U-shape. Jensen\u2019s alpha reaches its highest level at the point of 9 years, whereas beta \u2013 at 10 years of manager\u2019s experience. <\/jats:p>\n <\/jats:sec>\n \n Research limitations\/implications<\/jats:title>\n \u2013 Investigation can be improved by including more variables that influence the disclosure of managers\u2019 personal information, for example, by conducting surveys. Additionally, cross-sectional data restrict the analysis. <\/jats:p>\n <\/jats:sec>\n \n Practical implications<\/jats:title>\n \u2013 The discovered characteristics of managers\u2019 intellectual capital can be used as additional screening tool for the investor who is deciding on mutual fund choice in Russia. While individual intellectual capital is observable and more persistent in time in comparison with the past fund performance, such tool allows better decision-making. <\/jats:p>\n <\/jats:sec>\n \n Originality\/value<\/jats:title>\n \u2013 This is the first paper that explores which characteristics of Russian fund managers are connected with higher abnormal return (measured by Jensen\u2019s alpha) and risk (beta) of mutual funds.<\/jats:p>\n <\/jats:sec>","DOI":"10.1108\/mbe-11-2014-0039","type":"journal-article","created":{"date-parts":[[2015,11,13]],"date-time":"2015-11-13T05:31:10Z","timestamp":1447392670000},"page":"57-71","source":"Crossref","is-referenced-by-count":13,"title":["Look for people, not for alpha: mutual funds success and managers intellectual capital"],"prefix":"10.1108","volume":"19","author":[{"given":"Iuliia","family":"Naidenova","sequence":"first","affiliation":[]},{"given":"Petr","family":"Parshakov","sequence":"additional","affiliation":[]},{"given":"Marina","family":"Zavertiaeva","sequence":"additional","affiliation":[]},{"given":"Eduardo","family":"Tom\u00e9","sequence":"additional","affiliation":[]}],"member":"140","reference":[{"key":"key2020122001103870100_b1","doi-asserted-by":"crossref","unstructured":"Barber, B.M.\n and \n Odean, T.\n (2000), \u201cTrading is hazardous to your wealth: the common stock investment performance of individual investors\u201d, \n Journal of Finance\n , Vol. 55 No. 2, pp. 773-806.","DOI":"10.1111\/0022-1082.00226"},{"key":"key2020122001103870100_b2","doi-asserted-by":"crossref","unstructured":"Barber, B.M.\n and \n Odean, T.\n (2001), \u201cBoys will be boys: Gender, overconfidence, and common stock investment\u201d, \n Quarterly Journal of Economics\n , Vol. 116 No. 1, pp. 261-292, MIT Press.","DOI":"10.1162\/003355301556400"},{"key":"key2020122001103870100_b3","unstructured":"Bonfour, A.\n and \n Edvinsson, L.\n (2005), \n Intellectual Capital for Communities\n , Butterwurht-Heineman, Elsevier, Oxford."},{"key":"key2020122001103870100_b4","doi-asserted-by":"crossref","unstructured":"Bontis, N.\n (1998), \u201cIntellectual capital: an exploratory study that develops measures and models\u201d, \n Management Decision\n , Vol. 36 No. 2, pp. 63-76.","DOI":"10.1108\/00251749810204142"},{"key":"key2020122001103870100_b5","unstructured":"Cabrita, M.\n and \n Vaz, J.\n (2008), \u201cCreating value from intellectual capital \u2013 an approach based on the specification of models\u201d, \n Portuguese Journal of Management Studies\n , Vol. 13 No. 2, pp. 221-235."},{"key":"key2020122001103870100_b6","doi-asserted-by":"crossref","unstructured":"Carhart, M.M.\n (1997), \u201cOn persistence in mutual fund performance\u201d, \n The Journal of Finance\n , Vol. 52 No. 1, pp. 57-82.","DOI":"10.1111\/j.1540-6261.1997.tb03808.x"},{"key":"key2020122001103870100_b7","doi-asserted-by":"crossref","unstructured":"Chevalier, J.\n and \n Ellison, G.\n (1999), \u201cAre some mutual fund managers better than others? 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