We study the speed with which investors learn about managers’ skills by examining how quickly investor and managers’ beliefs converge. After showing our measure proxies for the change in the dispersion of beliefs, we find that hedge fund investors learn as fast as suggested by Bayes’ rule. However, we find mutual fund investors learn more slowly than suggested by Bayes’ rule. Mutual fund investors’ slow learning is not due to the use of different performance measures, institutional frictions, or lack of sophistication, but could be due to a low payoff from learning. Our results indicate learning speed depends on financial participants’ incentives.

中文翻译：

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投资者学习的速度有多快？资产管理投资者和贝叶斯学习

我们通过检查投资者和管理者的信念融合的速度来研究投资者了解管理者技能的速度。在展示了我们对信念分散度变化的衡量指标后，我们发现对冲基金投资者的学习速度与贝叶斯法则所建议的一样快。然而，我们发现共同基金投资者的学习速度比贝叶斯法则建议的要慢。共同基金投资者学习缓慢并不是因为使用了不同的绩效指标、制度摩擦或缺乏经验，而是因为学习的回报率低。我们的结果表明学习速度取决于金融参与者的激励。