Markus Ibert

In Search of the True Greenium (with Marc Eskildsen, Theis Ingerslev Jensen, and Lasse Heje Pedersen)

Are Subjective Expectations Formed as in Rational Expectations Models of Active Management? (with Magnus Dahlquist and Felix Wilke) (Revise and Resubmit at Management Science)

Peer-reviewed publications

Equity Return Expectations and Portfolios: Evidence from Large Asset Managers (with Magnus Dahlquist, accepted at the Review of Financial Studies), Best paper award in asset pricing at SFS Cavalcade 2023

Equity return expectations of large asset managers are countercyclical (high when the price-earnings is low and low when the price-earnings ratio is high), and reflected in the asset allocation funds these managers manage.

What Do Mutual Fund Managers' Private Portfolios Tell Us About Their Skills? (Journal of Financial Intermediation, Volume 53,  January 2023), Media coverage: Svenska Dagbladet, DWN, Ola Bengtsson prize and WFA Cubist Systematic Strategies Award

Mutual fund managers who personally invest in their funds outperform those who do not, consistent with a model in which managers are certain about their own ability but investors are not. 

Are Mutual Fund Managers Paid for Investment Skill? (with Ron Kaniel, Stijn Van Nieuwerburgh, and Roine Vestman, Review of Financial Studies, Volume 31, Issue 2, Pages 715-722, February 2018), Media coverage: Reuters, VoxEU, Harvard Law School Forum, Financial Post, Bloomberg

Fund manager pay increases with fund revenue and fund family profits, but only weakly with fund performance.