The Performance of Overconfident Fund Managers

Edward H. Chow, Hsiao-Mei Lin, Yo-Min Lin and Yin-Che Weng

Emerging Markets Finance and Trade, 2011, vol. 47, issue 2, 21-30

Abstract: Using data for 193 equity funds in Taiwan, we examine whether fund managers behave overconfidently. We show that the higher the fund performance, the more that trading occurs in the next period. In addition, such trading may hurt subsequent performance, although the evidence is marginal. Our findings suggest that managers of equity funds in Taiwan are overconfident.

Keywords: equity fund; overconfidence; vector autoregression (search for similar items in EconPapers)
Date: 2011
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