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題名 基金經理人學歷與資歷對基金績效之影響
The Effect of Fund Manager’s Education and Experience on Fund Performance
作者 黃麒軒
Huang, Chi-Syuan
貢獻者 陳鴻毅
Chen, Hong-Yi
黃麒軒
Huang, Chi-Syuan
關鍵詞 共同基金
基金績效
基金經理人學歷
基金經理人資歷
Mutual fund
Fund performance
Fund manager’s education
Fund manager’s experience
日期 2024
上傳時間 5-Aug-2024 13:42:54 (UTC+8)
摘要 本研究主要探討基金經理人學歷和資歷對於基金績效之影響，也探討基金經理人學歷與資歷如何影響他們的交易風格、管理費用以及資金流入的情況。實證結果顯示，基金經理人的學歷與資歷對其交易風格和收取的管理費用有顯著的影響。此外，具有較高資歷或持有常春藤聯盟MBA學位的基金經理人，其管理的基金績效通常較其他背景的經理人更為優異，但投資者卻未將資金流入至這些經理人所管理的基金中。
This study primarily investigates the effect of manager’s education and experience on fund performance. Additionally, we examine how these characteristics influence managers’ trading style, fund flow, and management fees. Our findings indicate that manager’s education and experience are related to their trading style and management fee. Although managers with longer experience in the fund industry or an MBA degree from Ivy League institutions demonstrate a positive relationship with fund performance, we find that investors do not allocate their capital to the funds managed by these managers.
參考文獻 Agarwal, V., Ma, L., & Mullally, K. (2023). Managerial multitasking in the mutual fund industry. Financial Analysts Journal, 79(2), 65-75. Carhart, M. (1997). On persistence in mutual fund performance. The Journal of Finance, 52(1), 57-82. Chen, J., Hong, H., Huang, M., & Kubik, J. (2004). Does fund size erode mutual fund performance? The role of liquidity and organization. American Economic Review, 94(5), 1276-1302. Chen, J., Xie, L., & Zhou, S. (2020). Managerial multi-tasking, team diversity, and mutual fund performance. Journal of Corporate Finance, 65, 101766. Chevalier, J., & Ellison, G. (1999a). Are some mutual fund managers better than others? Cross‐sectional patterns in behavior and performance. The Journal of Finance, 54(3), 875-899. Clare, A., Sherman, M., O’Sullivan, N., Gao, J., & Zhu, S. (2022). Manager characteristics: Predicting fund performance. International Review of Financial Analysis, 80, 102049. Costa, B., Jakob, K., & Porter, G. (2006). Mutual fund performance and changing market trends 1990-2001: Does manager experience matter? Journal of Investing, 15(2), 79-86. Cuthbertson, K., Nitzsche, D., & O’Sullivan, N. (2010). Mutual fund performance: Measurement and Evidence 1. Financial Markets, Institutions & Instruments, 19(2), 95-187. Domingues, C., Moutinho, V., Santomil, P., & González, L. (2023). Does team size and tenure matter for European pension funds? Applied Economics, 1-12. Gottesman, A., & Morey, M. (2006). Manager education and mutual fund performance. Journal of Empirical Finance, 13(2), 145-182. Hu, J., Yu, H., & Wang, Y. (2012). Manager attributes and fund performance: evidence from Taiwan. Journal of Applied Finance and Banking, 2(4), 85-101. King, T., Srivastav, A., & Williams, J. (2016). What's in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287-308. Porter, G., & Trifts, J. (2012). The best mutual fund managers: testing the impact of experience using a survivorship bias free dataset. Journal of Applied Finance (Formerly Financial Practice and Education), 22(1). 104-117. Saidu, S. (2019). CEO characteristics and firm performance: focus on origin, education and ownership. Journal of Global Entrepreneurship Research, 9(29), 1-15. Sharpe, W. (1966). Mutual fund performance. The Journal of Business, 39(1), 119-138. Switzer, L., & Huang, Y. (2007). How does human capital affect the performance of small and mid‐cap mutual funds? Journal of Intellectual Capital, 8(4), 666-681. Wermers, R. (2003). Is money really ‘smart’? New evidence on the relation between mutual fund flows, manager behavior, and performance persistence. Unpublished working paper. University of Maryland.
描述 碩士
國立政治大學
財務管理學系
111357022
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357022
資料類型 thesis
dc.contributor.advisor 陳鴻毅zh_TW
dc.contributor.advisor Chen, Hong-Yien_US
dc.contributor.author (Authors) 黃麒軒zh_TW
dc.contributor.author (Authors) Huang, Chi-Syuanen_US
dc.creator (作者) 黃麒軒zh_TW
dc.creator (作者) Huang, Chi-Syuanen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:42:54 (UTC+8)-
dc.date.available 5-Aug-2024 13:42:54 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:42:54 (UTC+8)-
dc.identifier (Other Identifiers) G0111357022en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152724-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 111357022zh_TW
dc.description.abstract (摘要) 本研究主要探討基金經理人學歷和資歷對於基金績效之影響，也探討基金經理人學歷與資歷如何影響他們的交易風格、管理費用以及資金流入的情況。實證結果顯示，基金經理人的學歷與資歷對其交易風格和收取的管理費用有顯著的影響。此外，具有較高資歷或持有常春藤聯盟MBA學位的基金經理人，其管理的基金績效通常較其他背景的經理人更為優異，但投資者卻未將資金流入至這些經理人所管理的基金中。zh_TW
dc.description.abstract (摘要) This study primarily investigates the effect of manager’s education and experience on fund performance. Additionally, we examine how these characteristics influence managers’ trading style, fund flow, and management fees. Our findings indicate that manager’s education and experience are related to their trading style and management fee. Although managers with longer experience in the fund industry or an MBA degree from Ivy League institutions demonstrate a positive relationship with fund performance, we find that investors do not allocate their capital to the funds managed by these managers.en_US
dc.description.tableofcontents Chapter 1 Introduction 1 Chapter 2 Literature Review 5 2.1 Related Literature 5 2.2 Research Questions Development 7 Chapter 3 Data and Methodology 9 3.1 Data and Variables 9 3.2 Summary Statistics 10 3.3 Methodology 11 Chapter 4 Empirical Results 15 4.1 Manager’s Trading Style and Raw Return 15 4.2 Risk-adjusted Performance 18 4.3 Fund Flow and Management Fee 20 Chapter 5 Conclusion and Future Work 23 References 25 Appendix 27zh_TW
dc.format.extent 1090433 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357022en_US
dc.subject (關鍵詞) 共同基金zh_TW
dc.subject (關鍵詞) 基金績效zh_TW
dc.subject (關鍵詞) 基金經理人學歷zh_TW
dc.subject (關鍵詞) 基金經理人資歷zh_TW
dc.subject (關鍵詞) Mutual funden_US
dc.subject (關鍵詞) Fund performanceen_US
dc.subject (關鍵詞) Fund manager’s educationen_US
dc.subject (關鍵詞) Fund manager’s experienceen_US
dc.title (題名) 基金經理人學歷與資歷對基金績效之影響zh_TW
dc.title (題名) The Effect of Fund Manager’s Education and Experience on Fund Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Agarwal, V., Ma, L., & Mullally, K. (2023). Managerial multitasking in the mutual fund industry. Financial Analysts Journal, 79(2), 65-75. Carhart, M. (1997). On persistence in mutual fund performance. The Journal of Finance, 52(1), 57-82. Chen, J., Hong, H., Huang, M., & Kubik, J. (2004). Does fund size erode mutual fund performance? The role of liquidity and organization. American Economic Review, 94(5), 1276-1302. Chen, J., Xie, L., & Zhou, S. (2020). Managerial multi-tasking, team diversity, and mutual fund performance. Journal of Corporate Finance, 65, 101766. Chevalier, J., & Ellison, G. (1999a). Are some mutual fund managers better than others? Cross‐sectional patterns in behavior and performance. The Journal of Finance, 54(3), 875-899. Clare, A., Sherman, M., O’Sullivan, N., Gao, J., & Zhu, S. (2022). Manager characteristics: Predicting fund performance. International Review of Financial Analysis, 80, 102049. Costa, B., Jakob, K., & Porter, G. (2006). Mutual fund performance and changing market trends 1990-2001: Does manager experience matter? Journal of Investing, 15(2), 79-86. Cuthbertson, K., Nitzsche, D., & O’Sullivan, N. (2010). Mutual fund performance: Measurement and Evidence 1. Financial Markets, Institutions & Instruments, 19(2), 95-187. Domingues, C., Moutinho, V., Santomil, P., & González, L. (2023). Does team size and tenure matter for European pension funds? Applied Economics, 1-12. Gottesman, A., & Morey, M. (2006). Manager education and mutual fund performance. Journal of Empirical Finance, 13(2), 145-182. Hu, J., Yu, H., & Wang, Y. (2012). Manager attributes and fund performance: evidence from Taiwan. Journal of Applied Finance and Banking, 2(4), 85-101. King, T., Srivastav, A., & Williams, J. (2016). What's in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287-308. Porter, G., & Trifts, J. (2012). The best mutual fund managers: testing the impact of experience using a survivorship bias free dataset. Journal of Applied Finance (Formerly Financial Practice and Education), 22(1). 104-117. Saidu, S. (2019). CEO characteristics and firm performance: focus on origin, education and ownership. Journal of Global Entrepreneurship Research, 9(29), 1-15. Sharpe, W. (1966). Mutual fund performance. The Journal of Business, 39(1), 119-138. Switzer, L., & Huang, Y. (2007). How does human capital affect the performance of small and mid‐cap mutual funds? Journal of Intellectual Capital, 8(4), 666-681. Wermers, R. (2003). Is money really ‘smart’? New evidence on the relation between mutual fund flows, manager behavior, and performance persistence. Unpublished working paper. University of Maryland.zh_TW