Quotation Kranner, Stephan, Stoughton, Neal, Zechner, Josef. 2019. Lessons Learned From Student Managed Portfolios. Journal of Investment Management. 17 (1), 47-76.




We study asset management decisions of three competing student managed funds in Vienna Austria for a 10 year period. This real-world experience allows us to precisely test the tournament effect of fund management, the disposition effect and managerial team size. We find support for risk taking by the trailing funds in an annual tournament, and risk reductions by leading funds. The disposition effect usually observed in the case of retail investors is reversed. Finally, we find that smaller management teams outperform larger ones. Using a partly controlled setting, we relate the results to practice in the areas of institutional client evaluation of managers and the social and organizational structure of asset management companies.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Investment Management
WU-Journal-Rating new FIN-A, VW-D
Language English
Title Lessons Learned From Student Managed Portfolios
Volume 17
Number 1
Year 2019
Page from 47
Page to 76
Reviewed? Y
URL https://www.joim.com/lessons-learned-from-student-managed-portfolios/
DOI n.a.
Open Access N


Spängler IQAM Invest Research Center
Kranner, Stephan (Details)
Stoughton, Neal (Former researcher)
Zechner, Josef (Details)
Institute for Finance, Banking and Insurance IN (Details)
Research Institute for Capital Markets FI (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5305 Bank management (Details)
5307 Business and management economics (Details)
5358 Corporate finances (Details)
5361 Financial management (Details)
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