Well this one definitely originated with a SSHRC research grant to the University of No Shit Sherlock:
Promarket - poor fund managers outperform rich ones. Quote:
Mutual funds managers who come from poor families outperform managers from rich families. Specifically, the former deliver a higher alpha for their investors. This is the main finding of a recent paper by Oleg Chuprinin from the University of New South Wales and Denis Sosyura from the University of Michigan, “Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds.” Chuprinin and Sosyura argue that, because they face higher barriers to entry, managers coming from poor families are more skilled.
In practical terms, Chuprinin and Sosyura found that, based on a four-factor alpha, fund managers in the bottom quintile of the sample outperform fund managers in the top quintile by 2.16 percent annualized (at a significance level of 1 percent).
Seems pretty obvious. Bourgeois brats of the kleptocratic oligarchy tend to be fucking stupid and clueless, because they have never needed any fucking brains to succeed. Stupidity is basically selected for in their ignorant world. Conversely, if you're a poor kid you must be awfully smart to make it as far as Wall Street.
So you'd think the smart poor kids get promoted more, right? Well:
Chuprinin and Sosyura also found that the chances of promotion of managers from rich families are less performance-dependent than those of managers from a more modest background.
Which is typical, really.