 Investment manager characteristics, strategy, top management changes and fund performanceAccounting and Finance, 2003, vol. 43, issue 3, 283-309 Abstract: The present study examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds, Australian share funds and Australian bond funds. For balanced mandates, performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. The present study examines the performance of top management and the impact on returns when turnover arises. The research documents that a significant number of active Australian equity managers earned superior risk‐adjusted returns in the period, however, active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk‐adjusted returns, systematic risk and investment expenses for balanced funds. Date: 2003 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:acctfi:v:43:y:2003:i:3:p:283-309 Ordering information: This journal article can be ordered from Access Statistics for this article Accounting and Finance is currently edited by Robert Faff More articles in Accounting and Finance from Accounting and Finance Association of Australia and New Zealand Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.