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DISPLACED BY BIG DATA: EVIDENCE FROM ACTIVE FUND MANAGERS



56 Pages Posted: 2 Aug 2023

See all articles by Maxime Bonelli


MAXIME BONELLI

London Business School - Department of Finance


THIERRY FOUCAULT

HEC Paris - Finance Department

Date Written: August 1, 2023


ABSTRACT

Big data allows active asset managers to find new trading signals but doing so
requires new skills. Thus, it can reduce the ability of asset managers lacking
these skills to produce superior returns. Consistent with this possibility, we
find that the release of satellite imagery data tracking firms’ parking lots
reduces active mutual funds’ stock picking abilities in stocks covered by this
data. This decline is stronger for funds that are more likely to rely on
traditional sources of expertise (e.g., specialized industry knowledge) to
generate their signals, leading them to divest from covered stocks. These
results suggest that big data has the potential to displace high-skill workers
in finance.



Keywords: Big data, active mutual funds, stock-picking skill, quantitative
investment

JEL Classification: G11, G14, G23

Suggested Citation: Suggested Citation

Bonelli, Maxime and Foucault, Thierry, Displaced by Big Data: Evidence from
Active Fund Managers (August 1, 2023). Available at SSRN:
https://ssrn.com/abstract=4527672 or http://dx.doi.org/10.2139/ssrn.4527672


MAXIME BONELLI (CONTACT AUTHOR)

LONDON BUSINESS SCHOOL - DEPARTMENT OF FINANCE ( EMAIL )

Sussex Place
Regent's Park
London NW1 4SA
United Kingdom



THIERRY FOUCAULT

HEC PARIS - FINANCE DEPARTMENT ( EMAIL )

1 rue de la Liberation
Jouy-en-Josas Cedex, 78351
France
(33)139679569 (Phone)
(33)139677085 (Fax)


HOME PAGE: http://thierryfoucault.com/


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