Fund Manager Characteristics and Performance

Yi Fang and Haiping Wang

MPRA Paper from University Library of Munich, Germany

Abstract: This study establishes a multi-tier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: 1) comprehensive performance, 2) return and risk, and 3) 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.

Keywords: Fund manager characteristics; mutual fund performance; Sharpe ratio; excess return; total risk; market timing skill; stock picking ability (search for similar items in EconPapers)
JEL-codes: G10 G23 (search for similar items in EconPapers)
Date: 2014-09-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Working Paper: Fund Manager Characteristics and Performance (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:60013

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