This spreadsheet relates to the case Pedigree vs.

Grit: Predicting Mutual Fund Manager

Performance, Case #KEL396.

©2007 by the Kellogg School of Management, Northwestern University. This case was
prepared by Professor Péter Esö, Professor Peter Klibanoff, Professor Karl Schmedders, and
Graeme Hunter '04. Cases are developed solely as the basis for class discussion. Cases are
not intended to serve as endorsements, sources of primary data, or illustrations of effective
or ineffective management. To order copies or request permission to reproduce materials,
call 800-545-7685 (or 617-783-7600 outside the United States or Canada) or e-mail
custserv@hbsp.harvard.edu. No part of this publication may be reproduced, stored in a
retrieval system, used in a spreadsheet, or transmitted in any form or by any means—
electronic, mechanical, photocopying, recording, or otherwise—without the permission of
the Kellogg School of Management.
RET GRI SAT MBA AGE TEN
-0.07574 1 1269 0 36 1
5.538359 0 1152 1 49 1
-5.59826 1 1160 1 51 2
25.29515 0 1070 0 34 0
-4.28823 0 1095 1 49 0
-1.9606 1 950 0 38 2
-3.25932 1 1330 1 31 0
0.008885 0 1345 0 29 0
-0.715 0 1060 1 43 4
11.91617 0 1340 1 35 2
-1.21176 1 1141 0 29 1
-4.04327 0 1155 1 47 4
9.992036 0 1120 0 64 2
3.193048 1 917.4 1 30 3
1.057781 0 1355 1 45 6
-0.87617 1 1355 0 42 1
-3.91513 0 1105 1 40 1
-0.34368 1 1085 1 42 3
1.102513 0 950 1 51 2
-7.59635 0 952 1 32 5
0.106175 0 1100 1 36 6
-6.04005 1 1055 0 49 7
-4.86411 0 1120 1 40 4
-1.50708 0 1015 0 36 0
-1.37139 0 1348 1 30 0
30.98786 0 825 1 33 3
0.798106 1 1025 0 37 1
-3.85701 1 1060 0 37 1
17.90589 0 1000 1 31 0
4.64966 1 1235 0 48 2
-1.73674 1 917.4 1 34 0
-5.80478 1 1120 1 29 1
29.10678 0 1335 0 52 3
2.020657 1 1195 1 58 4
1.968768 0 1340 1 33 0
1.392956 1 1005 1 53 6
0.286982 0 1120 1 45 1
23.87467 1 970 1 35 1
4.249558 1 1120 0 64 0
12.9459 1 1235 0 49 3
0.644853 1 1170 1 48 5
11.88628 0 1070 0 67 25
8.890936 0 1120 1 49 0
-6.5594 0 1150 0 35 7
1.113713 1 1120 1 61 10
-6.40158 0 981 0 32 2
2.239296 0 1050 0 32 2
-4.95727 1 1122 0 30 0
1.100838 1 1085 1 48 1
-0.77674 0 910 0 38 1
-2.94072 1 1345 1 50 2
-0.4126 1 1195 1 55 1
-4.21747 0 1269 1 41 1
11.24699 0 1145 1 42 4
-10.5788 0 996.2 0 43 4
19.08987 0 1330 1 33 1
4.956142 1 1160 1 50 1
-5.19006 1 952 0 59 29
-2.12355 0 1025 0 48 5
1.504198 0 1165 1 49 18
5.433259 0 985 0 38 0
6.502877 0 1265 0 61 0
0.780227 1 1008 0 34 0
-6.06428 1 1370 1 44 0
-2.79503 1 1160 1 52 3
-7.23141 0 1220 1 44 0
-7.62802 0 1015 0 38 2
5.869505 0 1195 1 38 3
5.939673 0 1041 1 47 5
-13.36 1 960 1 57 24
-32.3649 1 952 0 76 23
35.97373 0 1070 0 34 2
-0.78599 0 1045 1 44 2
-0.60289 1 1225 1 56 9
4.539904 0 1150 0 30 5
8.185894 0 1370 1 46 1
21.39737 0 1355 0 56 0
1.319906 1 1120 1 58 7
1.415823 1 1025 0 42 6
-1.95693 1 1045 1 30 0
-1.41162 1 1330 1 37 5
3.751911 1 1300 1 49 5
-4.22336 0 1340 0 66 6
-0.48971 0 1152 1 52 2
-4.6661 1 1290 1 52 6
0.279652 1 1230 1 40 4
-3.85377 0 1025 1 45 4
2.003931 1 1300 1 36 2
-0.71433 0 1170 0 27 0
-3.67181 0 1080 1 31 4
-19.3207 0 1025 0 39 4
-3.13449 1 1375 1 31 0
-7.92086 0 950 1 54 3
6.523442 0 917.7 1 28 0
4.107218 0 1170 1 29 1
2.893433 0 1265 1 64 0
7.724804 0 1340 0 54 0
3.961703 1 1230 1 44 7
2.901404 0 1105 1 41 2
-1.09172 1 1300 1 48 4
8.64803 0 960 1 36 1
-6.58206 1 1290 1 45 5
5.443642 0 1269 1 43 10
-1.1766 0 1290 1 43 3
-5.04119 1 1375 1 39 4
6.819795 0 1370 1 30 1
2.738659 1 1330 1 34 2
9.60684 0 1150 0 34 9
1.206504 0 985 0 39 1
-3.62285 0 1072 1 47 5
-4.24364 0 1080 1 31 1
-12.1143 1 1055 0 46 6
1.17891 1 1120 1 36 6
10.58072 0 1310 1 30 0
-19.1556 0 1072 1 46 4
-7.16509 1 1375 1 35 0
-9.81804 1 952 0 75 9
-10.9462 0 1230 1 46 2
-8.6202 0 1070 0 60 9
7.038101 0 1120 0 33 0
0.702691 0 1170 1 28 0
34.71305 0 1160 1 47 0
4.065109 0 1330 1 34 2
-8.22729 0 950 1 54 1
-0.81406 0 1015 1 62 31
-1.83839 1 1150 1 32 3
-2.42259 1 831 1 53 3
-1.80727 0 1152 1 52 4
-2.40226 1 1120 1 30 0
3.578165 0 1269 1 42 4
-5.67563 1 996.2 0 46 7
2.084595 0 1080 1 30 3
-16.583 0 937.3 0 35 1
4.66372 1 1290 0 67 11
5.223562 0 994 1 56 10
-12.3931 1 1340 0 60 13
-1.45294 0 1269 1 49 1
-7.87435 1 1375 1 35 0
-12.1984 1 1060 0 38 2
-2.89606 0 1025 0 49 6
-3.13824 1 1370 1 43 2
1.518223 0 1080 1 28 1
3.6122 1 1355 0 44 3
2.51396 1 970 1 33 0
0.063367 0 1055 0 43 3
-5.27339 0 1370 0 60 0
-6.91648 0 1170 0 48 4
-8.75921 0 1072 1 46 0
-8.16853 1 1152 1 48 1
 6.84975 1 1330 1 37 0
-0.70938 0 1055 0 47 0
-8.64772 0 1170 1 49 6
0.732144 0 1041 1 49 4
0.507101 0 1041 1 49 7
-2.65928 1 1370 1 62 6
15.31691 0 1050 0 29 1
2.252185 1 1120 1 44 0
-0.86918 0 1060 1 35 1
-0.4456 0 1000 1 36 5
-2.20371 0 1235 0 52 0
-3.37353 1 1152 1 28 0
9.539613 0 1016 1 49 1
13.62955 1 1060 0 39 3
-1.07904 0 1370 1 48 7
-0.86687 0 1060 1 40 1
-4.64799 1 1120 1 59 8
1.923927 1 1075 1 30 0
10.60901 0 1269 1 45 1
3.036301 1 1030 0 44 15
9.642177 0 1330 0 46 2
-6.96575 1 912 0 43 3
-4.02911 0 845 1 32 1
-4.01822 1 1009 1 52 0
-9.36818 1 1055 0 51 9
-1.65297 1 1005 1 51 4
-1.51106 1 1095 1 32 0
28.09929 0 1070 0 34 0
9.127262 0 1074 1 35 0
1.22916 0 987.4 0 38 6
3.99822 0 1009 1 31 0
3.950998 1 1375 1 37 2
3.646407 1 1420 0 32 0
-4.23471 0 1025 0 50 7
-2.1977 0 985 1 47 1
-0.15746 1 970 0 60 22
-3.51638 1 952 0 77 11
-5.89178 1 1125 1 35 6
0.700513 0 1120 0 48 0
2.898273 0 996.2 0 35 0
-1.65909 1 1122 0 31 1
-14.4109 0 1050 0 30 2
2.022165 0 1250 1 50 2
5.228953 0 1269 1 46 13
-15.7571 0 1050 0 30 0
2.911659 0 950 1 55 4
-1.32401 1 1160 1 53 4
-1.76907 1 1370 1 46 5
-0.38588 0 1269 1 49 0
-3.36053 0 1025 0 31 4
0.104719 0 1120 1 56 18
-6.31025 0 1165 1 48 17
-8.23786 0 1335 1 55 8
-14.9474 0 1080 0 67 17
-3.87713 1 917.4 1 32 5
-1.84594 1 1152 1 30 2
-2.09511 0 1077 1 48 2
15.05535 0 1235 0 50 0
-0.81287 0 1226 1 43 0
-3.33508 0 1160 1 50 0
8.78136 1 950 0 52 9
1.504993 1 967.2 0 44 1
1.268557 0 987.4 0 41 9
-7.32703 0 1348 1 32 2
2.609629 1 1150 1 29 0
-5.26921 0 1145 0 43 8
-0.49526 0 1150 0 31 6
7.897699 1 1050 0 54 4
7.348035 0 1230 1 45 7
0.770466 0 1170 0 44 3
-1.90419 0 1290 0 32 3
-1.85222 1 1120 1 61 2
-4.22625 0 1190 1 64 1
4.655805 0 1355 0 29 1
9.355365 0 1155 1 49 6
2.073444 1 1120 1 60 3
16.35531 0 1050 0 33 3
-33.1574 1 952 0 79 13
-2.26413 0 1120 1 62 24
1.584259 1 1281 1 27 0
6.185117 0 1120 1 45 1
27.37175 1 1340 0 63 16
-7.01798 0 950 1 52 1
-9.05433 0 1335 1 56 0
-1.84806 1 1330 1 33 2
8.984235 0 1072 1 47 1
-3.34978 0 1095 1 43 1
-9.66407 0 1340 1 43 6
-2.67996 1 1035 1 43 2
5.521029 1 1345 1 48 0
-7.37175 0 1170 1 45 2
-3.64904 0 910 0 37 0
30.2078 0 1335 0 52 0
-0.54717 1 994 0 49 6
-34.4222 0 1070 0 45 5
-7.86545 0 1025 0 52 9
0.958915 0 1170 1 29 1
-0.17159 0 1025 1 50 9
1.824729 0 1170 1 30 0
-14.7513 0 1025 0 37 2
3.503572 1 1335 1 58 0
-25.3115 1 952 0 75 22
10.05367 1 1055 0 54 12
-6.12712 0 1290 1 35 6
-1.39411 1 1345 1 49 1
2.027943 0 1105 1 41 2
4.753919 0 1370 0 73 12
-11.5265 0 998 1 47 7
1.505312 0 996.2 1 48 3
-1.64366 0 1335 1 54 7
-3.76324 0 1072 0 39 5
3.786182 0 952 1 43 3
-1.74328 0 1120 1 36 0
-1.94632 1 1281 1 47 0
3.848086 1 1085 1 44 5
-16.264 1 1120 1 57 0
-7.57599 0 1340 1 44 0
-6.16401 1 1370 0 44 8
0.619289 0 1375 0 48 3
-2.02271 0 987.4 0 44 12
1.40312 1 1045 1 31 1
12.35795 0 1040 0 47 3
1.272009 1 1300 1 35 1
-4.68836 0 897.2 0 34 0
-7.05281 0 1070 0 37 3
-4.4464 1 1195 1 59 5
7.876471 1 952 0 56 26
-12.2875 0 1120 1 39 0
-2.11263 1 1152 1 50 3
-12.2728 0 998 1 45 5
-9.89989 0 940 1 46 6
6.074226 1 960 1 35 0
17.10553 0 1220 1 47 5
1.675275 0 1045 1 45 3
-5.79979 0 967.2 1 33 2
3.344366 0 1235 1 30 1
-0.69615 1 1290 0 46 3
-6.21857 1 930 0 38 3
5.557787 0 1235 1 33 4
-2.13123 1 1370 0 46 1
-13.127 1 1285 1 60 6
-6.23232 0 1332 1 47 11
2.54083 0 1055 0 43 2
-3.03647 0 1335 1 46 7
-2.34479 0 1085 1 30 0
-7.03062 0 1235 1 31 2
-5.06216 0 1310 0 46 1
-3.62654 1 1330 1 35 3
-14.145 1 1085 1 48 2
-4.96733 0 1070 0 57 6
-4.72114 0 1120 0 55 4
-10.7274 0 1340 1 35 1
7.226878 0 1345 1 47 0
2.211064 1 1150 1 47 6
8.046576 0 1216 1 32 0
-10.0965 0 970 1 46 3
-7.18977 1 970 1 36 3
-6.0145 1 1050 0 55 5
2.028938 0 1370 1 46 5
-5.91981 0 1050 0 35 7
3.72879 0 1145 0 44 9
-4.49699 1 985 1 49 3
-8.50246 1 970 1 49 10
-0.81513 0 1335 1 49 0
5.842222 0 1095 1 51 2
5.025474 1 1060 0 41 5
12.28491 0 1215 1 49 9
-10.3414 0 1250 1 49 1
3.576398 0 996.2 0 35 3
13.44414 0 1265 1 48 0
-0.35493 0 1170 1 33 5
-4.11641 1 1070 0 37 2
-2.07522 0 1095 1 43 0
-2.55991 1 1355 0 56 0
-3.27837 0 1370 0 61 1
5.035065 0 1265 1 65 1
19.17706 0 1070 0 58 7
4.460809 0 1269 1 44 2
-1.83609 1 1120 1 60 1
-0.81541 0 1072 0 44 10
-9.28805 1 970 1 43 1
-3.08621 0 1150 1 46 1
4.728511 0 855 1 33 1
11.09179 0 940 1 42 2
2.609648 0 1170 1 30 0
-3.19224 1 985 1 31 3
-2.26251 1 1170 1 49 2
7.581073 0 1235 1 34 5
-1.60446 0 1025 0 49 2
-5.71068 0 1055 0 45 4
3.783607 0 1330 0 45 1
-9.93494 1 1310 0 46 0
0.817335 0 1370 1 62 0
-3.75918 0 1269 0 45 3
7.08597 0 1235 0 48 0
8.795595 0 1100 1 34 4
2.483922 0 1216 1 36 4
10.98096 1 970 1 50 11
-0.74371 1 940 0 47 3
5.288422 0 1216 1 33 1
7.228971 1 1009 0 45 2
-20.5569 1 1055 0 42 2
-8.45474 0 1065 0 60 0
-9.62045 0 1015 1 63 32
4.694259 1 1300 1 50 6
5.38142 1 1141 0 28 0
-3.42477 1 1160 1 54 0
-25.7921 1 970 1 46 7
-13.2029 0 1070 0 65 23
-1.35913 0 1070 0 60 3
5.566731 0 1040 0 34 0
-0.913 0 1025 0 48 1
-14.7295 1 1085 1 48 1
9.183817 1 1055 0 53 11
1.411807 1 1222 1 48 0
6.722238 1 1080 0 56 6
-11.5241 0 1105 1 39 0
6.662088 0 1015 0 37 1
-0.10405 1 1375 1 38 3
2.707116 1 1120 1 60 2
-7.45142 0 1235 0 53 1
-7.48798 1 1370 1 48 7
-21.9466 0 1070 0 44 4
-7.48057 1 1132 1 40 0
6.247686 1 1269 1 38 1
-8.76563 0 1170 1 37 5
1.783735 0 1345 1 48 1
-7.13916 1 1290 0 71 15
1.476026 0 996.2 0 45 6
1.578012 0 1370 1 39 0
1.053806 1 1290 1 44 1
2.365537 1 1095 1 37 3
3.812282 1 1170 1 50 7
2.350707 0 1348 1 33 3
-3.70303 1 1120 1 62 1
-6.84799 1 1290 1 41 1
-5.21438 0 1265 1 33 0
-6.36708 1 970 0 59 21
4.743709 0 1265 0 42 5
-7.27274 0 1045 0 44 7
5.283265 0 1235 1 29 0
17.87716 0 1145 1 38 0
2.115128 0 1330 1 33 1
-2.24877 0 1355 1 32 1
-7.36358 0 1217 0 49 2
-2.61035 1 831 1 51 2
-1.81423 1 1055 0 41 1
-4.2693 0 1095 1 44 1
-0.42284 1 1030 0 56 1
-7.11598 1 1120 1 35 5
3.112085 1 1290 1 40 0
-3.03736 0 1330 1 35 3
-1.61123 0 1375 0 50 5
2.076068 0 1269 0 46 4
6.564608 0 1370 1 43 2
6.764838 0 1290 1 29 0
-0.98825 1 1120 0 66 2
-4.81525 0 1330 1 33 1
-0.51595 0 1330 1 34 2
7.448004 1 970 1 42 0
7.476953 0 1015 1 32 0
-8.93444 1 996.2 1 42 2
12.016 0 1330 1 51 17
0.497573 0 1160 1 52 2
-8.61114 1 1170 1 47 4
2.407399 0 1120 1 46 2
3.731585 0 1269 1 48 0
-2.42648 1 1065 1 34 0
-1.39617 0 1152 1 51 1
1.924513 1 1235 0 33 1
6.335957 0 950 1 51 0
-14.9628 1 1085 1 39 0
-15.8919 1 1060 0 38 5
1.559314 0 1151 0 51 1
5.654672 1 950 0 48 5
-7.25945 0 1120 0 49 1
-0.60149 0 897.2 0 37 3
5.087203 0 1120 0 57 6
-4.7642 1 1075 1 31 1
-10.8328 0 1215 1 44 0
3.184511 0 1165 1 46 15
-5.74924 1 1370 1 61 5
7.120151 1 996.2 0 54 5
0.904396 0 1245 0 49 3
-10.8657 0 1055 1 35 0
4.204629 1 985 1 32 4
6.527893 0 1070 0 33 1
-3.52287 1 1125 1 34 5
-3.41009 0 1015 1 66 35
-5.58808 0 994 0 31 2
-4.75185 0 1165 1 47 16
2.211745 0 920 1 55 2
-6.95968 0 1100 1 35 5
0.638686 0 1355 1 41 2
-9.64863 0 1290 1 41 1
0.935207 0 1330 1 50 16
-3.50175 1 1030 1 33 1
-4.15822 0 1025 0 42 7
-3.08622 0 1335 1 43 4
-5.32948 1 1330 0 30 0
-4.79301 1 1375 1 40 5
-3.05688 0 996.2 0 42 3
-8.34794 0 1045 0 42 5
4.362994 0 1269 0 43 1
-15.8928 0 1332 1 50 14
2.523234 0 1120 1 44 0
-4.86936 0 1141 0 29 0
9.991005 0 1370 1 45 4
-15.0198 0 1145 0 44 2
-1.44827 0 996.2 0 34 2
0.372747 0 1170 1 31 1
-1.2735 0 1041 1 44 2
-1.50803 0 996.2 1 51 6
-1.00674 1 1125 1 34 3
-0.01283 1 1050 1 41 0
0.32348 0 1095 0 47 0
-14.8125 0 1230 1 49 3
10.66629 1 1145 0 46 4
-9.08625 0 1269 1 48 6
2.488446 1 1235 0 47 1
-2.59336 1 1170 1 49 6
-1.65637 1 1370 1 42 1
5.613965 0 1145 1 41 3
-0.02664 1 1330 0 31 1
4.854467 1 1050 1 44 3
4.334566 0 1170 1 36 4
2.508716 0 1258 0 40 1
-10.2654 0 1145 0 47 5
-9.61025 0 1335 1 56 0
3.056446 0 1120 1 40 1
11.11078 0 1332 1 48 12
28.24939 0 1355 1 44 5
7.937366 0 994 1 58 12
-6.85059 0 1070 0 37 3
-13.9995 1 1055 0 44 4
-7.21545 0 1269 0 47 4
-4.17312 1 1060 0 37 1
15.81125 0 1070 0 58 1
-4.07158 0 1008 0 52 3
-12.4634 1 1230 1 42 5
10.72411 0 1330 0 46 2
2.773782 0 967.2 1 32 1
-1.22981 1 1235 1 41 1
-8.03463 1 985 1 48 2
11.24514 1 996.2 0 42 3
-10.4805 1 1290 0 66 10
-0.11571 1 939.4 1 47 3
-5.66502 0 1225 1 51 1
-1.12773 1 970 1 47 8
-0.80992 1 1375 1 47 0
2.901168 0 1050 0 47 0
-9.04063 0 1075 1 31 1
-6.85545 1 1080 0 55 0
4.487893 1 1016 1 43 4
-2.19075 1 950 0 51 8
0.288526 0 975 0 37 1
-15.1089 0 1215 1 45 5
-0.71448 0 1030 1 52 3
-1.54683 0 1269 0 44 1
4.865782 0 1150 0 29 4
-7.16078 0 912 0 40 0
-10.7924 1 1030 0 39 10
-1.9475 1 1330 1 32 1
9.804084 1 970 1 35 2
3.572525 0 1310 0 32 0
-2.01878 1 1216 1 45 1
-7.15913 0 917.7 1 29 1
-2.45758 0 1009 0 43 9
-1.35157 1 1370 0 46 2
29.07932 0 952 1 31 4
4.088949 1 1095 1 41 7
-5.84298 1 1085 1 47 0
3.255278 0 978 0 33 0
8.11587 0 1250 0 53 0
1.920991 1 1281 1 27 0
-2.7225 0 855 1 35 3
-7.99974 0 1332 1 45 0
-24.0311 1 930 0 36 1
6.942119 0 1170 0 51 7
-2.59492 0 1074 1 49 5
-13.5615 1 1060 0 36 0
-2.94061 1 1100 1 24 0
2.092962 1 1055 0 48 6
-0.45026 1 985 1 32 1
-0.51936 0 1310 0 46 3
-12.5893 0 1095 1 41 0
11.3165 1 1060 0 35 2
6.034648 0 1230 1 41 3
3.319943 0 825 1 35 0
8.049253 0 1120 1 49 4
-0.28461 0 825 1 36 1