|
|
An Empirical Examination on the Relationship Between Fund Characteristics, Managerial Attributes and Fund Performance |
ZENG De-Ming, ZHA Qi, GONG Hong |
Hunan University, Changsha, China |
|
|
Abstract This paper provides a comprehensive examination of fund performance by analysing the effect of fund-specific characteristics and managerial attributes through a multiple factors fixed-effects model. The result presents that among the 22 factors, the performance, unit net asset and devaluation rate of last year have significant and positive impact on fund performance and the working experience of fund managers and P/B influence performance negatively. Furthermore, fund age and turnover rate also have negative impact on fund performance. Finally, the fund performance exhibits significant persistence during the evaluation period.
|
Received: 23 September 2005
|
|
|
|
|
|
|