Fund Characteristics, Fund Managers Feature and Fund Performance

• Main Authors: Wen-Chuan Chang, 張文銓
• Other Authors: Chun-An Li
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/59699511122278446505

碩士 === 國立雲林科技大學 === 企業管理系碩士班 === 101 === This research aims to investigate two fund characteristics, fund types and the size of Net Asset Value, and to examine what kind of fund managers’ features are relevant to a better fund performance. The fund managers’ features are as follows: sex, the highest educational attainment, foreign or domestic academic degree certificates, the experience in fund operation, the educational attained from public/private collages, universities of science and technology, or related departments, and the management in the number of fund operation. Following Charhart (1997), I use the Four-Factor Model to evaluate the risk-adjusted return, and the research result indicates that: 1.Fund managers’ features mainly in male, the educational attained from universities of science and technology, domestic academic degree certificates, and less experienced, the performance of the risk-adjusted return is poor. 2.Mid-small sized fund managers with female sex and experienced fund managers are with better fund performance. 3.In spite of the fund managers’ features, the fund performance of small size domestic Net Asset Value in the mutual fund is poor. 4.All in all, the result is statistically insignificant or statistically significant but negative, which implies that the investment is efficient in the domestic stock mutual funds market.