The Influence of Individual Characteristics of Fund Managers on Fund Management Performance: A Study Under Different Market Conditions in Shanghai, China

Zhao Xiang
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Zhao Xiang: Asia Metropolitan University, Malaysia.

International Journal of Science and Business, 2022, vol. 6, issue 1, 1-15

Abstract: This paper firstly compares domestic and international research and results related to fund performance evaluation and fund performance influencing factors, and secondly selects open-end equity funds that remain callable and continue to operate during the period from June 1, 2014 to December 31, 2020 as the research object, screens 134 eligible funds, and adds two new explanatory variables: the length of time fund managers manage existing funds, the number of funds managed by the fund manager at the same time. The selected data are monthly panel data, which are more informative than the previous annual point-in-time data. The five indicators of fund managers of these funds: gender, education, length of time in the profession of fund manager (years in the profession), length of time managing existing funds, and number of funds under management are used as explanatory variables, the number of years of fund establishment, the size of the fund itself, the number of funds owned by the fund company, and the overall size of the fund company are used as control variables, and the Sharpe index of the fund is used as the explanatory variable, in bull market, bear market, shock, and trade war periods were modeled separately with random effects and explained for comparison. The effect of educational background variable on fund performance reflects that good fund managers need to effectively combine theory with practical investment experience. Fund management companies should pay attention to the development of female fund managers and provide more employment opportunities for female fund managers, while focusing on building fund manager teams and establishing effective incentive mechanisms.

Keywords: Fundmanagers; individual characteristics; fund performance; behavioral finance (search for similar items in EconPapers)
Date: 2022
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