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An Empirical Study Of Mutual Fund Managers Characteristics
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Book Synopsis An Empirical Study of Mutual Fund Manager's Characteristics by : Tung Kenny Chow
Download or read book An Empirical Study of Mutual Fund Manager's Characteristics written by Tung Kenny Chow and published by . This book was released on 2007 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: To promote market efficiency, analysts must first study the causes of inefficiency. Because some mutual fund managers exhibit consistently superior performance, this paper uses the characteristics of funds and its managers to explain the cause of superior performance. Although differences in manager characteristics can cause different systematic behavioural patterns, the data is not readily available to the public, and more investigation is required. By examining manager characteristics in relation to their funds, the results of this paper suggest that investors should purchase those funds with low expense and that are managed by managers from high-SAT schools.
Book Synopsis An Empirical Study on Fund Managers' Characteristics, Stock Holding Characteristics and Double-Adjusted Returns of Equity Funds: Evidence from the Equity Mutual Funds in Taiwan by : 解偉成
Download or read book An Empirical Study on Fund Managers' Characteristics, Stock Holding Characteristics and Double-Adjusted Returns of Equity Funds: Evidence from the Equity Mutual Funds in Taiwan written by 解偉成 and published by . This book was released on 2019 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Do Firm Characteristics Influence Mutual Fund Performance? An Empirical Study for European Mutual Funds by : Frank de Jong
Download or read book Do Firm Characteristics Influence Mutual Fund Performance? An Empirical Study for European Mutual Funds written by Frank de Jong and published by . This book was released on 2017 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European-domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public companies. The degree of focus, the volume of assets under management, and the number of funds offered by a fund management firm also have a positive impact on fund performance. In addition to these four firm characteristics, we find that non-European and U.K. fund managers had better-performing funds.
Book Synopsis An Empirical Study of SOE Corporate Governance Attributes for Emerging Markets by : Giang Hoang
Download or read book An Empirical Study of SOE Corporate Governance Attributes for Emerging Markets written by Giang Hoang and published by Springer Nature. This book was released on 2023-04-29 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.
Book Synopsis Mutual Fund Performance and Managers' Characteristics by : Majid Abbasi
Download or read book Mutual Fund Performance and Managers' Characteristics written by Majid Abbasi and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual Fund is one of the most important mechanisms for indirect investment in financial markets, which provides better conditions in terms of risk and return, especially for amateur investors. This research examined the effects of mutual fund managers' characteristics on the performance of Iranian mutual funds. The research was carried out on all Iranian mutual funds during 2007 to 2011. Generalized Lease Square (GLS) was employed to examine these effects. The results show that fund manager's Age, MBA, Gender, and Tenure significantly influence fund performance.
Book Synopsis The 19th International Conference on Industrial Engineering and Engineering Management by : Ershi Qi
Download or read book The 19th International Conference on Industrial Engineering and Engineering Management written by Ershi Qi and published by Springer Science & Business Media. This book was released on 2013-06-03 with total page 1388 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Conference on Industrial Engineering and Engineering Management is sponsored by the Chinese Industrial Engineering Institution, CMES, which is the only national-level academic society for Industrial Engineering. The conference is held annually as the major event in this arena. Being the largest and the most authoritative international academic conference held in China, it provides an academic platform for experts and entrepreneurs in the areas of international industrial engineering and management to exchange their research findings. Many experts in various fields from China and around the world gather together at the conference to review, exchange, summarize and promote their achievements in the fields of industrial engineering and engineering management. For example, some experts pay special attention to the current state of the application of related techniques in China as well as their future prospects, such as green product design, quality control and management, supply chain and logistics management to address the need for, amongst other things low-carbon, energy-saving and emission-reduction. They also offer opinions on the outlook for the development of related techniques. The proceedings offers impressive methods and concrete applications for experts from colleges and universities, research institutions and enterprises who are engaged in theoretical research into industrial engineering and engineering management and its applications. As all the papers are of great value from both an academic and a practical point of view, they also provide research data for international scholars who are investigating Chinese style enterprises and engineering management.
Book Synopsis The Effects of Mutual Fund Managers' Characteristics on Their Portfolio Performance, Risk and Fees by : Joseph H. Golec
Download or read book The Effects of Mutual Fund Managers' Characteristics on Their Portfolio Performance, Risk and Fees written by Joseph H. Golec and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to test whether a mutual fund managers' characteristics helps to explain fund performance, risk, and fees. The statistical tests consider performance, risk, and fees simultaneously to avoid biased results produced by earlier studies that ignore simultaneity. Results show that a fund's performance, risk, and fees are significantly impacted by its manager's characteristics. All else equal, investors can expect better risk-adjusted performance from younger managers with MBA degrees who have longer tenure at their funds. Also, funds with low fees and more diversified portfolios perform better. The most significant predictor of performance is the length of time a manager has managed his or her fund (tenure). Funds that keep administrative expenses low also perform relatively well but large management fees do not necessarily imply poorer performance. Apparently, a large management fee signals superior investment skill which leads to better performance.
Book Synopsis The Investment Performance of U. S. Equity Pension Fund Managers by : T. Daniel Coggin
Download or read book The Investment Performance of U. S. Equity Pension Fund Managers written by T. Daniel Coggin and published by Forgotten Books. This book was released on 2018-02-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Investment Performance of U. S. Equity Pension Fund Managers: An Empirical Investigation There are differences in the portfolio characteristics and investment styles among the Earnings Growth, market-oriented, price-driven, and Small Capitalization managers. It is therefore useful to examine performance measures for each investment style separately. Table 11 presents mean values of the performance measures for each style of manager. It also provides the aggregated rank of each group. These ranks do not vary between the models for a given benchmark. However, they do vary somewhat across benchmarks for a given model. The period 1983-1990 was a period in which the overall stock market was up substantially. For the eight years, the Russell 3000 grew at an annualized rate of and the s&p 500 grew at a 15 60% rate. For the majority of this period (up until the end of 1988) the value investment style was favored by the market relative to other investment styles. Our analog of this style is the price-driven index which grew at an annualized rate of This compares to the growth investment style (represented by the Earnings Growth index) which grew at a rate, and the Small Capitalization style (represented by the Russell 2000 index) which grew at a rate. In Table II we see that, using the broad stock market indices as benchmarks, a negative mean selectivity value is consistently observed for the growth and small capitalization managers. This is consistent with the preference of the stock market for the period. However, if we look at the Style Index as a benchmark, we see that these managers (as well all other styles) have positive selectivity values. Thus, while we observe a positive mean selectivity value across All Managers for each benchmark, it does appear to make a difference which benchmark portfolio is used (and, perhaps, which time period) when we move to the level of investment style. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis A Review of Behavioural and Management Effects in Mutual Fund Performance by : Keith Cuthbertson
Download or read book A Review of Behavioural and Management Effects in Mutual Fund Performance written by Keith Cuthbertson and published by . This book was released on 2016 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys and critically evaluates the literature on the role of management effects and fund characteristics in mutual fund performance. First, a brief overview of performance measures is provided. Second, empirical findings on the predictive power of fund characteristics in explaining future returns are discussed. Third, the paper reviews the literature on fund manager behavioural biases and the impact these have on risk taking and returns. Finally, the impact of organizational structure, governance and strategy on both fund risk taking and future performance is examined. While a number of surveys on mutual fund performance are available, these have not focused on the role of manager behavioural biases, manager characteristics and fund management strategic behavior on fund performance and risk taking. This review is an attempt to fill this gap. Empirical results indicate that finding successful funds ex-ante is extremely difficult, if not impossible. In contrast, there is strong evidence that poor performance persists for many of the prior “loser fractile” portfolios of funds. A number of manager behavioural biases are prevalent in the mutual fund industry and they generally detract from returns.
Author :group of authors Publisher :Czech Institute of Academic Education z.s. ISBN 13 :8090579159 Total Pages :360 pages Book Rating :4.0/5 (95 download)
Book Synopsis Proceedings of IAC-MEM 2015 in Vienna by : group of authors
Download or read book Proceedings of IAC-MEM 2015 in Vienna written by group of authors and published by Czech Institute of Academic Education z.s.. This book was released on 2015-11-09 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proceedings - International Academic Conference on Management, Economics and Marketing in Vienna 2015
Book Synopsis How Useful Is the Information Ratio to Evaluate the Performance of Portfolio Managers? by : Christoph Schneider
Download or read book How Useful Is the Information Ratio to Evaluate the Performance of Portfolio Managers? written by Christoph Schneider and published by Diplomica Verlag. This book was released on 2010 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea of comparing the performance of different risky investments, for example investment funds, on a quantitative basis dates back to the beginnings of the asset management industry and has been an important field of research in finance since then. Performance measures serve as valuable quantitative evidence for the portfolio manager's performance as well as for the evaluation of investment decisions ex post. Based on the idea of the capital asset pricing model proposed by Treynor, Sharpe and Lintner, Treynor developed the first quantitative performance measure intended to rate mutual funds, the Treynor Ratio. Since then, a large number of performance measures with very different characteristics have been developed. In addition to their power of rating investments ex post, their ability to predict future performance has been thoroughly analyzed by Grinblatt & Titman, Brown & Goetzmann, Carhart and others. Besides academia, the driving force behind the development of more sophisticated performance measures has always been the investors. This is understandable, as "the truly poor managers are afraid, the unlucky managers will be unjustly condemned, and the new managers have no track record. Only the skilled (or lucky) managers are enthusiastic." By combining and applying the results of previous research to a new sample of nearly 10,000 mutual funds that invest in different countries and asset classes, this thesis clarifies its central research question: Is the Information Ratio a useful and reliable performance measure? In order to answer this central question, it has been split up into the following sub-parts: What are the characteristics of a useful and reliable performance measure? What actually is "good" performance? Is the "good" performance a result of luck or of skilled decisions and does it persist over time? How does the Information Ratio compare to other performance measures, and what are its strengths and weaknesses? This empirical study aims at answeri
Book Synopsis What Does It Mean to Be in a Team? Evidence from U.S. Mutual Fund Managers by : Diamond Wang
Download or read book What Does It Mean to Be in a Team? Evidence from U.S. Mutual Fund Managers written by Diamond Wang and published by . This book was released on 2016 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, team management has replaced single management to become the dominant management structure in the U.S. mutual fund industry. However, empirical studies on the impacts of team management show mixed results. Using accurate fund manager information from actively-managed equity mutual funds, this paper reexamines the effect of team management on fund outcomes after controlling for fund and managerial characteristics, as well as unobservable managerial heterogeneities that have shown to play an important role in determining fund performance. I find no evidence that fund performance differs between team- and single-managed funds. However, when a manager joins a large team, the manager on average receives less fund flow compared to when this manager manages a fund individually. The sensitivity of fund flow to fund performance for a manager is also lower when in a team compared to being single.
Book Synopsis Portfolio Theory and Management by : H. Kent Baker
Download or read book Portfolio Theory and Management written by H. Kent Baker and published by Oxford University Press. This book was released on 2013-01-07 with total page 798 pages. Available in PDF, EPUB and Kindle. Book excerpt: Portfolio management is an ongoing process of constructing portfolios that balances an investor's objectives with the portfolio manager's expectations about the future. This dynamic process provides the payoff for investors. Portfolio management evaluates individual assets or investments by their contribution to the risk and return of an investor's portfolio rather than in isolation. This is called the portfolio perspective. Thus, by constructing a diversified portfolio, a portfolio manager can reduce risk for a given level of expected return, compared to investing in an individual asset or security. According to modern portfolio theory (MPT), investors who do not follow a portfolio perspective bear risk that is not rewarded with greater expected return. Portfolio diversification works best when financial markets are operating normally compared to periods of market turmoil such as the 2007-2008 financial crisis. During periods of turmoil, correlations tend to increase thus reducing the benefits of diversification. Portfolio management today emerges as a dynamic process, which continues to evolve at a rapid pace. The purpose of Portfolio Theory and Management is to take readers from the foundations of portfolio management with the contributions of financial pioneers up to the latest trends emerging within the context of special topics. The book includes discussions of portfolio theory and management both before and after the 2007-2008 financial crisis. This volume provides a critical reflection of what worked and what did not work viewed from the perspective of the recent financial crisis. Further, the book is not restricted to the U.S. market but takes a more global focus by highlighting cross-country differences and practices. This 30-chapter book consists of seven sections. These chapters are: (1) portfolio theory and asset pricing, (2) the investment policy statement and fiduciary duties, (3) asset allocation and portfolio construction, (4) risk management, (V) portfolio execution, monitoring, and rebalancing, (6) evaluating and reporting portfolio performance, and (7) special topics.
Book Synopsis Following the Stars by : Thomas E. Miller
Download or read book Following the Stars written by Thomas E. Miller and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many people invest in mutual funds that are managed professionally. Some of these managers emerge as stars who excel at enhancing the funds' performance. What happens to the performance of these funds if these star managers leave them? How do the specific characteristics of a departing star portfolio manager influence that fund's future performance? Can the stars perform as well when they manage their new fund at their next employer? These are the questions that we set out to answer in this paper. Based on a comprehensive study of star mutual fund portfolio managers across all asset classes from 1985 - 2019, we made a number of interesting findings. While we did not find that a star portfolio manager's departure had any significance for the funds' future performance, we did determine that stars manage their funds with less risk at their new employer, especially if they have ownership in that new firm. We also found that there are a number of variables that are significant in predicting a fund's future performance that have practical importance and application. For example, a firm's age, the fund's age, and how many portfolios a star portfolio manager is responsible for all have implications. Our findings support and add to agency theory by validating it using a large empirical dataset. We also extend the research on human capital theory and the knowledge-based view of the firm.
Book Synopsis Performance of Mutual Funds by : G. Gregoriou
Download or read book Performance of Mutual Funds written by G. Gregoriou and published by Springer. This book was released on 2015-12-04 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book responds to a growing demand for mutual funds. This timely collection of original papers focuses on changes of international investment in Europe, the US and New Zealand. Using a fresh approach, innovative techniques and various models this book assesses performance and provides an understanding of mutual funds on an international level.
Book Synopsis Management structure for the mutual fund industry. Performance indicators and investment behavior of a team's decision-making process by : Yunus Cagdas
Download or read book Management structure for the mutual fund industry. Performance indicators and investment behavior of a team's decision-making process written by Yunus Cagdas and published by GRIN Verlag. This book was released on 2022-01-31 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academic Paper from the year 2021 in the subject Business economics - Investment and Finance, grade: 2,0, University of Hohenheim (Institut für Financial Management), language: English, abstract: The aim of this study is to identify differences in investment behavior - and in particular the special case of a team's decision-making process - as well as possible performance indicators. The research results to be presented should be used as guidance in selecting an appropriate management structure for the mutual fund industry. Before addressing the differing investment behaviors of the two management structures, the special dynamics that can operate within a team in decision making have to be examined. For this said purpose, the relevant literature provides some conflicting theories on decision making. When looking at the proportion of team-managed and single-managed mutual funds, it is observed that team funds have increased at the cost of single-managed funds. Thus, from 1992 to 2015, within all mutual funds, team-managed funds increased from 12% to 57%, while single-managed funds decreased from 88% to 43%. A similar development can be seen in the change of the management structure of a fund in Figure 1: A total of 553 mutual funds, which were previously managed individually, switched to a team fund, whereas only 317 funds changed from a team-managed fund to an single-managed fund. A crossover in the proportion of teams after the global financial crisis in 2008, in times when risk reduction by diversification began to gain in importance, is clearly observable. Thus, it should be in the interest of mutual funds to possess sufficient management diversity to reach an adequate niveau of diversification. As argued by Tom Stevenson, the investment director of Fidelity International, besides gender diversity, diversity in cognition, education and mindset represent a great strength. Research on the mutual fund industry indicates some differences in the investment behavior between team-managed and single-managed mutual funds. Especially concerning teams, different theories of decision making can be found, resulting in different investment styles and performance levels.
Book Synopsis A Study On Investors Awareness And Preference Of Mutual Funds With Special Reference To It Employees by : J Madhavi
Download or read book A Study On Investors Awareness And Preference Of Mutual Funds With Special Reference To It Employees written by J Madhavi and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
