We examine the effect of the Efficient Market Hypothesis (EMH) on the investment behavior of mutual fund managers. We show that managers who are more likely to be exposed to the ideas of EMH throughout their higher education are more “passive” than their unexposed peers: they are more likely to manage index funds, and when managing active funds, they hold portfolios with larger numbers of stocks and deviate less from their investment benchmarks. Exposed managers, however, take more systematic risks. Although academic exposure to the EMH does not result in better performance, it helps professional investors generate capital inflows.

中文翻译：

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高效的市场经理

我们研究了有效市场假说 (EMH) 对共同基金经理投资行为的影响。我们表明，在整个高等教育过程中更有可能接触到 EMH 理念的经理人比未接触过 EMH 的同行更“被动”：他们更有可能管理指数基金，并且在管理主动型基金时，他们持有更大的投资组合股票数量和偏离其投资基准的程度较小。然而，暴露的管理人员承担更多的系统性风险。尽管对 EMH 的学术接触不会带来更好的表现，但它有助于专业投资者产生资本流入。