| Summary: | 碩士 === 大葉大學 === 管理學院碩士在職專班 === 103 === The public have various ways of making financial investments and mutual funds are one such popular approach. The majority like to use mutual funds because the fund manager can employ his professional research team to collect useful information to select a target and make capital gains. However, fund managers are frequently replaced. Therefore, this study aims to explore the influence of fund manager replacement in terms of fund performance, risks and turnover ratio.
The study adopted the t-test and multiple regression methods and collected Taiwanese open-ended equity funds data from 2011 to 2013. The findings confirm that mutual fund performance is worse but the risks and turnover ratio are lower in those situations where mutual fund managers are frequently replaced. Therefore, replacement of mutual fund managers is not the best way to improve fund performance. The study suggests that future research could explore other key factors which might improve mutual fund performance.
Key words: Fund Manager, Manager’s Replacement, T-Test, Multiple Regression
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