Impact of Fund Managers Changes on Polish Equity Funds Performance

Asyngier Roman () and Miziołek Tomasz ()
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Asyngier Roman: Maria Curie-Sklodowska University in Lublin Faculty of Economics Department of Financial Markets 5 Maria Curie-Sklodowska Square, 20-031 Lublin, Poland
Miziołek Tomasz: University of Lodz Faculty of Economics and Sociology Department of Finance and International Investment P.O.W. 3/5, 90-255 Łódź, Poland

Folia Oeconomica Stetinensia, 2017, vol. 17, issue 1, 97-108

Abstract: Purpose - the aim of the article was an analysis of the returns of universal Polish equity investment funds before and after the change of portfolio managers. The article deals with the following research problem: how the replacement of investment fund managers impacts the results of Polish equity funds. Methodology - the research methodology which used the indexes of relative strength allows determining the abnormal returns of funds in relation to the WIG Index before and after the change of managers. Findings - the analyses showed negative abnormal returns before changing managers and ambiguous tendencies after the change of managers. Originality - this kind of study has not been conducted for the Polish capital market so far.

Keywords: investment funds; portfolio management; relative strength (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:foeste:v:17:y:2017:i:1:p:97-108:n:8

DOI: 10.1515/foli-2017-0008

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