| Summary: | 碩士 === 亞洲大學 === 財務金融學系碩士班 === 101 === In this study, we investigated whether fund manager changes raised the concerns of investors and led to fund flow changes or, to a greater extent, portfolio management and performance changes. Based on samples of domestic equity mutual funds managed between 1994 and 2011, the following empirical results were obtained: for clients who were managed over long periods in months, the announcement of a fund manager change led to significant abnormal increases in fund flow; after using a rigorous factor model to estimate the performance of a fund, the results showed that when the management period in months increased, the performance of the fund was significantly better after manager changes than before manager changes; the stock holding risks decreased following the announcement of a manager change; the expense ratio before the manager change was significantly higher than the expense ratio after the manager change, and the difference increased as the management period in months increased; and the turnover rate of the fund was higher before the manager change than after the manager change. The results of multiple regression analysis showed that the frequency of fund manager changes had a significant negative effect on the abnormal performance of a fund throughout the announcement period. In other words, high numbers of manager changes decreased the performance of funds.
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