UNIVERSITY OF PIRAEUS
The Department of Banking and Financial Management announces the upcoming seminar with
Prof. Rafael Zambrana, Nova School of Business and Economics
“A Tale of Two Types: Generalists vs. Specialists in Asset Management”
Seminar Organizers: Assist. Prof. Michail Anthropelos, Prof. George Skiadopoulos
Abstract: Motivated by the observation that some managers run funds within a single asset class –specialists– while others run funds across several asset classes –generalists– we study whether there is an optimal way to allocate managers as specialists or generalists. We find that management companies earn higher returns when they appoint managers: (1) with selectivity skill as specialists; (2) with timing ability as generalists. Consistent with an optimal deployment of human resources, specialists with timing ability are more likely to be reassigned as generalists.
Rafael Zambrana is Assistant Professor of finance at Nova School of Business and Economics. He has a Ph.D. in Finance from Carlos III University in Madrid and a Master in Business Economics and Quantitative Methods from the same institution. His research interests include investments, institutional investors, and mutual funds. His work has been published in academic journals including the Journal of Financial Economics and has been presented at global academic conferences, such as the Annual Meetings of the American Finance Association and the Annual Meetings of the Financial Intermediation Research Society. Before his graduate studies, he worked as a hedge fund accountant at State Street. More information could be found on his personal website at https://sites.google.com/site/zambranagalacho/home.