A study of the relationship between mutual fund managerial team and mutual fund performance.

• Main Authors: Chia-Ling Hung, 洪嘉苓
• Other Authors: 陳安琳
• Format: Others
• Language: zh-TW
• Published: 2000
• Online Access: http://ndltd.ncl.edu.tw/handle/57884041130153830156

碩士 === 國立中山大學 === 企業管理學系研究所 === 88 === Recently, the market of mutual fund is getting larger and larger; and the need of determining which fund to buy is more important as well. In this study, we want to find out the relationship between mutual fund managerial team and mutual fund performance. We examine the performance of 64 mutual funds over the 3 year period 1997 through 1999 using Fama and French’s 3-factor model. Then we test the persistence of mutual fund performance and whether a mutual fund manager have market timing ability. Results show that a fund’s performance is significantly impacted by its manager’s number, fund age, turnover, expense, and mutual fund company’s age. All else equal, investors can expect better performance from funds with few manager numbers, low fees, low buy turnovers, high sale turnovers, and younger mutual fund companys. On average, mutual fund managers do not have market timing ability, and mutual funds exist performance fersistence over the 3 year period.