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Fund manager characteristics and performance

Fund manager characteristics and performance This study establishes a multitier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: comprehensive performance; return and risk; and timing skill and picking ability. Using performance decomposition, our evidence indicates that various characteristics take distinct channels to influence return, risk and fund manager abilities, which in turn affect comprehensive performance. In particular, having a degree of Master of Business Administration or a Chartered Financial Analyst qualification is significantly associated with a fund manager's better stock-picking ability, higher excess returns and better comprehensive performance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Investment Analysts Journal Taylor & Francis

Fund manager characteristics and performance

Fang, Yi; Wang, Haiping
Investment Analysts Journal , Volume 44 (1): 15 – Jan 2, 2015
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Publisher
Taylor & Francis
Copyright
© 2015 Investment Analysts Society of South Africa
ISSN
2077-0227
eISSN
1029-3523
DOI
10.1080/10293523.2015.994453
Publisher site
See Article on Publisher Site

Abstract

This study establishes a multitier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: comprehensive performance; return and risk; and timing skill and picking ability. Using performance decomposition, our evidence indicates that various characteristics take distinct channels to influence return, risk and fund manager abilities, which in turn affect comprehensive performance. In particular, having a degree of Master of Business Administration or a Chartered Financial Analyst qualification is significantly associated with a fund manager's better stock-picking ability, higher excess returns and better comprehensive performance.

Journal

Investment Analysts Journal – Taylor & Francis

Published: Jan 2, 2015

Keywords: excess return; fund manager characteristics; market timing skill; mutual fund performance; Sharpe ratio; stock-picking ability; total risk

References

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  • Boys will be boys: gender, overconfidence, and common stock investment
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  • Mutual fund performance
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