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題名 共同基金經理人學歷與基金經理人撤換之關聯
The Relationship Between Mutual Fund Manager Education and Manager Turnover
作者 黃丞智
Huang, Cheng-Chih
貢獻者 陳鴻毅
Chen, Hong-Yi
黃丞智
Huang, Cheng-Chih
關鍵詞 共同基金
基金經理人撤換
經理人教育程度
經理人任期
mutual funds
fund manager turnover
manager education level
manager tenure
日期 2024
上傳時間 5-Aug-2024 13:43:05 (UTC+8)
摘要 本研究主要在探討共同基金經理人的學歷對基金經理人撤換的影響。本研 究以基金經理人的教育程度及是否畢業於名校作為主要變數，透過羅吉斯回歸 探討學歷對於基金經理人撤換機率的影響。本研究發現，擁有MBA學歷或來自 常春藤名校的MBA學歷顯著降低了基金經理人被撤換的機率。本研究亦發現當 同樣績效表現較差的基金經理人，擁有常春藤名校MBA學歷的經理人能夠有保 護效果，被撤換的機率較低。此外，本研究亦發現，此保護效果會隨其任期減 弱。最後，本研究也針對基金經理人的任期長短與學歷的關聯進行探討，實證 結果顯示擁有MBA學歷，常春藤名校MBA學歷或是常春藤名校MA學歷的共同 基金經理人其任期較長。
This study primarily investigates whether the education level of mutual fund managers has an impact on their replacement. Specifically, this study uses the education level of mutual fund managers and whether they graduated from prestigious universities as the main variables to examine the impact of education levels on the probability of mutual fund manager replacement. This study finds that a manager with MBA degree or an MBA degree from an Ivy League school is less likely to be replaced. This study also finds that, among fund managers with similarly poor performance, those with an MBA degree from Ivy League schools have a protective effect, resulting in a lower probability of replacement. Additionally, this study finds that this protective effect diminishes following manager’s tenure. Finally, this study also explores the effect of manager’s education level on tenure. The empirical results show that a manager with an MBA degree, an MBA degree from an Ivy League school, or an MA degree from an Ivy League school have longer tenure.
參考文獻 Adams, J. C., Mansi, S. A., & Nishikawa, T. (2013). Public versus private ownership and fund manager turnover. Financial Management, 42(1), 127-154. Allison, P. D. (2010). Survival analysis using SAS: a practical guide. Sas Institute. Andreu, L., & Puetz, A. (2017). Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior? Journal of Business Research, 75, 138-146. Chevalier, J., & Ellison, G. (1999). Are some mutual fund managers better than others? Cross‐sectional patterns in behavior and performance. The Journal of Finance, 54(3), 875-899. Chevalier, J., & Ellison, G. (1999). Career concerns of mutual fund managers. The Quarterly Journal of Economics, 114(2), 389-432. Clare, A., Sherman, M., O'Sullivan, N., Gao, J., & Zhu, S. (2022). Manager characteristics: Predicting fund performance. International Review of Financial Analysis, 80, 102049. Golec, J. H. (1996). The effects of mutual fund managers' characteristics on their portfolio performance, risk and fees. Financial Services Review, 5(2), 133-147. Gottesman, A., & Morey, M. R. (2006). Does a better education make for better managers? An empirical examination of CEO educational quality and firm performance. An Empirical Examination of CEO Educational Quality and Firm Performance (April 21, 2006). Pace University Finance Research Paper, (2004/03). Gottesman, A. A., & Morey, M. R. (2006). Manager education and mutual fund performance. Journal of Empirical Finance, 13(2), 145-182. 23 Hu, F., Hall, A., & Harvey, C., 2000. Promotion or demotion? An empirical investigation of the determinants of top mutual fund manager change. Unpublished working paper, Duke University. Hu, P., Kale, J. R., Pagani, M., & Subramanian, A. (2011). Fund flows, performance, managerial career concerns, and risk taking. Management Science, 57(4), 628- 646. Kim, Y. U. (2011). Speed of CEO dismissal: An attribution-based model of when boards of director fire CEOs in response to performance downturn. Unpublished working paper, University of North Carolina Chapel Hill. Kostovetsky, L., & Warner, J. B. (2015). You’re fired! New evidence on portfolio manager turnover and performance. Journal of Financial and Quantitative Analysis, 50(4), 729-755. Khorana, A. (1996). Top management turnover an empirical investigation of mutual fund managers. Journal of Financial Economics, 40(3), 403-427. Khorana, A. (2001). Performance changes following top management turnover: Evidence from open-end mutual funds. Journal of Financial and Quantitative Analysis, 36(3), 371-393.
描述 碩士
國立政治大學
財務管理學系
111357023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357023
資料類型 thesis
dc.contributor.advisor 陳鴻毅zh_TW
dc.contributor.advisor Chen, Hong-Yien_US
dc.contributor.author (Authors) 黃丞智zh_TW
dc.contributor.author (Authors) Huang, Cheng-Chihen_US
dc.creator (作者) 黃丞智zh_TW
dc.creator (作者) Huang, Cheng-Chihen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:43:05 (UTC+8)-
dc.date.available 5-Aug-2024 13:43:05 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:43:05 (UTC+8)-
dc.identifier (Other Identifiers) G0111357023en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152725-
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) 111357023zh_TW
dc.description.abstract (摘要) 本研究主要在探討共同基金經理人的學歷對基金經理人撤換的影響。本研 究以基金經理人的教育程度及是否畢業於名校作為主要變數，透過羅吉斯回歸 探討學歷對於基金經理人撤換機率的影響。本研究發現，擁有MBA學歷或來自 常春藤名校的MBA學歷顯著降低了基金經理人被撤換的機率。本研究亦發現當 同樣績效表現較差的基金經理人，擁有常春藤名校MBA學歷的經理人能夠有保 護效果，被撤換的機率較低。此外，本研究亦發現，此保護效果會隨其任期減 弱。最後，本研究也針對基金經理人的任期長短與學歷的關聯進行探討，實證 結果顯示擁有MBA學歷，常春藤名校MBA學歷或是常春藤名校MA學歷的共同 基金經理人其任期較長。zh_TW
dc.description.abstract (摘要) This study primarily investigates whether the education level of mutual fund managers has an impact on their replacement. Specifically, this study uses the education level of mutual fund managers and whether they graduated from prestigious universities as the main variables to examine the impact of education levels on the probability of mutual fund manager replacement. This study finds that a manager with MBA degree or an MBA degree from an Ivy League school is less likely to be replaced. This study also finds that, among fund managers with similarly poor performance, those with an MBA degree from Ivy League schools have a protective effect, resulting in a lower probability of replacement. Additionally, this study finds that this protective effect diminishes following manager’s tenure. Finally, this study also explores the effect of manager’s education level on tenure. The empirical results show that a manager with an MBA degree, an MBA degree from an Ivy League school, or an MA degree from an Ivy League school have longer tenure.en_US
dc.description.tableofcontents Chapter 1 Introduction 1 Chapter 2 Literature Review 3 2.1 Fund Manager’s Education Level and Characteristics 3 2.2 Factors Influencing Mutual Fund Manager Replacement 5 2.3 Survival Analysis in Finance 6 2.4 Research Question Development 6 Chapter 3 Data and Methodology 9 3.1 Data 9 3.2 Summary Statistics 10 3.3 Methodology 12 Chapter 4 Empirical Results 16 4.1 The Impact of Education on Fund Manager Turnover 16 4.2 The Relation Between Education and Fund Manager Tenure 20 Chapter 5 Conclusion 21 5.1 Conclusion 21 5.2 Recommendations for Further Research 22 References 23zh_TW
dc.format.extent 768878 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357023en_US
dc.subject (關鍵詞) 共同基金zh_TW
dc.subject (關鍵詞) 基金經理人撤換zh_TW
dc.subject (關鍵詞) 經理人教育程度zh_TW
dc.subject (關鍵詞) 經理人任期zh_TW
dc.subject (關鍵詞) mutual fundsen_US
dc.subject (關鍵詞) fund manager turnoveren_US
dc.subject (關鍵詞) manager education levelen_US
dc.subject (關鍵詞) manager tenureen_US
dc.title (題名) 共同基金經理人學歷與基金經理人撤換之關聯zh_TW
dc.title (題名) The Relationship Between Mutual Fund Manager Education and Manager Turnoveren_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Adams, J. C., Mansi, S. A., & Nishikawa, T. (2013). Public versus private ownership and fund manager turnover. Financial Management, 42(1), 127-154. Allison, P. D. (2010). Survival analysis using SAS: a practical guide. Sas Institute. Andreu, L., & Puetz, A. (2017). Choosing two business degrees versus choosing one: What does it tell about mutual fund managers' investment behavior? Journal of Business Research, 75, 138-146. Chevalier, J., & Ellison, G. (1999). Are some mutual fund managers better than others? Cross‐sectional patterns in behavior and performance. The Journal of Finance, 54(3), 875-899. Chevalier, J., & Ellison, G. (1999). Career concerns of mutual fund managers. The Quarterly Journal of Economics, 114(2), 389-432. Clare, A., Sherman, M., O'Sullivan, N., Gao, J., & Zhu, S. (2022). Manager characteristics: Predicting fund performance. International Review of Financial Analysis, 80, 102049. Golec, J. H. (1996). The effects of mutual fund managers' characteristics on their portfolio performance, risk and fees. Financial Services Review, 5(2), 133-147. Gottesman, A., & Morey, M. R. (2006). Does a better education make for better managers? An empirical examination of CEO educational quality and firm performance. An Empirical Examination of CEO Educational Quality and Firm Performance (April 21, 2006). Pace University Finance Research Paper, (2004/03). Gottesman, A. A., & Morey, M. R. (2006). Manager education and mutual fund performance. Journal of Empirical Finance, 13(2), 145-182. 23 Hu, F., Hall, A., & Harvey, C., 2000. Promotion or demotion? An empirical investigation of the determinants of top mutual fund manager change. Unpublished working paper, Duke University. Hu, P., Kale, J. R., Pagani, M., & Subramanian, A. (2011). Fund flows, performance, managerial career concerns, and risk taking. Management Science, 57(4), 628- 646. Kim, Y. U. (2011). Speed of CEO dismissal: An attribution-based model of when boards of director fire CEOs in response to performance downturn. Unpublished working paper, University of North Carolina Chapel Hill. Kostovetsky, L., & Warner, J. B. (2015). You’re fired! New evidence on portfolio manager turnover and performance. Journal of Financial and Quantitative Analysis, 50(4), 729-755. Khorana, A. (1996). Top management turnover an empirical investigation of mutual fund managers. Journal of Financial Economics, 40(3), 403-427. Khorana, A. (2001). Performance changes following top management turnover: Evidence from open-end mutual funds. Journal of Financial and Quantitative Analysis, 36(3), 371-393.zh_TW