Experience Is Wealth: Does Work Experience in Other Professions Matter to Mutual Fund Managers’ Portfolio Decisions?

Yangyang Chen, Jun Huang, Ting Li, Jeffrey Pittman, Department of Accountancy, City University of Hong Kong, Hong Kong, Institute of Accounting and Finance, Shanghai University of Finance and Economics, Faculty of Business Administration, Memorial University, Pamplin College of Business, Virginia Tech

Journal of Accounting, Auditing & Finance

Published online on October 09, 2025

Abstract

Journal of Accounting, Auditing & Finance, Ahead of Print.
We document that, among stocks held in mutual fund portfolios, fund managers tend to invest more heavily in firms for which they have prior professional experience in the form of working for sell-side analysts, audit firms, and underwriters in capacities ...