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No cryptocurrency experience required: managerial characteristics in cryptocurrency fund performance

Urquhart, A. ORCID: and Wang, P. (2022) No cryptocurrency experience required: managerial characteristics in cryptocurrency fund performance. Review of Corporate Finance, 3 (4). ISSN 2046-9136 (In Press)

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This paper investigates the determinants of cryptocurrency fund performance where we compile a unique dataset of cryptocurrency fund performance and characteristics of the funds and their managers. We document substantial differences in cryptocurrency fund manager ability in terms of monthly excess returns as well as risk-adjusted returns. In particular, we find that managers with a PhD and MBA tend to have significantly higher excess returns and higher risk-adjusted returns while PhD managers also are riskier. Further, our results also show that managers with previous hedge fund experience generate significantly higher appraisal ratios indicating their investment- picking ability obtained from their previous experiences. However we also find that cryptocurrency experience offers no explanatory power indicating that trading cryptocurrencies successfully does not require any specific knowledge. Overall, our findings are consistent with the conventional wis- dom that manager qualifications and experience play a significant role in fund performance.

Item Type:Article
Divisions:Henley Business School > ICMA Centre
ID Code:103950
Publisher:Oxford University Press

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