The Predictability of Managerial Heterogeneities in Mutual Funds
The Predictability of Managerial Heterogeneities in Mutual Funds
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DOI：
10.2139/ssrn.2459777
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发表时间：
2014-03
期刊：
影响因子：
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通讯作者：
Jun Huang;Yan Wang
中科院分区：
文献类型：
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作者：
Jun Huang;Yan Wang
type=“main”>本文以中国证券投资基金为样本，实证研究了管理异质性对基金绩效的影响。我们发现，具有较高的经理人固定效应的基金比那些具有较低的经理人固定效应的基金每年高出2%。我们还注意到，在聘用固定效应较高的基金经理后，基金业绩会有所改善。研究结果与管理者固定效应与管理者天赋能力相关的观点一致。最后，我们发现投资者对管理属性的关注超出了传统的业绩指标，为文献中凸流量-业绩敏感性的合理解释提供了支持证据。
type="main"> Using a sample of Chinese mutual funds, we empirically assess how managerial heterogeneity affects mutual fund performance. We find that funds with higher manager fixed effects outperform those with lower manager fixed effects by 2% per year. We also note that fund performance improves after managers with higher fixed effects are hired. The results are consistent with the notion that manager fixed effects are associated with managerial innate ability. Finally, we find that investors pay attention to managerial attributes beyond the traditional performance measures, providing supporting evidence for the rational explanation of convex flow-performance sensitivity in the literature.