Determinants of returns and decisions of fund managers: Survey evidence from four Turkish banks

Omar Masood and Hosein Piranfar
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Hosein Piranfar: Business School (UEL), Docklands Campus, 4-6 University Way

Journal of Asset Management, 2010, vol. 11, issue 1, No 4, 43-54

Abstract: Abstract The article is based on data collected by the authors in 2007. Using these data, we estimate models for the determinants of Turkish fund managers’ return on investment and the degree of personal judgement used in investment decisions. This data set is relatively rare and valuable for understanding the collective behaviour of fund managers. Employing truncated regression, we find that one factor is positively correlated to return on investment. Other factors are either insignificant or negatively correlated. In addition, we find that some fund managers are systematically better than others. This finding is consistent with Chevalier and Ellison's (1999) results for the United States, and is consonant with their rationalisation that managers operate in a nearly, rather than fully, efficient market. Using ordered probit models, we find that experience does influence a manager's judgement, but not strongly enough to impact the returns to investment.

Keywords: Turkish fund managers; returns; education; judgement; truncated regression and ordered choice models (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:assmgt:v:11:y:2010:i:1:d:10.1057_jam.2009.25

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DOI: 10.1057/jam.2009.25

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