An Empirical Analysis of the Impact of Fund Manager's Personal Characteristics on Fund Performance

• 作者: Lingze Meng
• 来源期刊: 经济管理学刊:中英文版
• 学科: 经济
• 关键词: FUND MANAGER Characteristics FUND Performance PANEL Data THRESHOLD PANEL
• 年，卷（期）: 2019,（2）
• 页码范围: 126-143
• 页数: 18页
• 分类号: F42

摘要

A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund ma