Abstract
This paper chooses 11 personal characteristics of fund managers in China’s fund market and classifies them into four categories: physiological characteristics, educational background, professional experience and professional skills. Then, the paper uses DEA model and threshold panel model to study influences of fund managers’ personal characteristics on fund performance in China’s fund market. In this paper, the model of input-oriented DEA is used to calculate super efficiency DEA which measures fund performance. Empirical findings show that number of working days, years of being fund manager, number of funds held, master’s degree or doctorate degree, MBA degree, overseas study experience and the fund’s performance, has significant positive impact on fund performance, while age is negatively correlated with fund performance. In addition, the availability of professional skills such as CPA and CFA and the absence of major in business have no significant effect on fund performance.
Highlights
Compared with the securities investment funds market that has been in existence for more than a century, the development of China’s securities investment fund industry shows its characteristics of a late start and a rapid development
This paper focuses on two issues: what kind of impact would personal characteristics of fund managers, such as gender, age and other factors have on fund performance and through which path to affect fund performance would have a more significant impact
A total of 14.86% of the funds are managed by fund managers with MBA degree, well below the 58.1% of US fund managers reported by Gottesman et al (2006)
Summary
Compared with the securities investment funds market that has been in existence for more than a century, the development of China’s securities investment fund industry shows its characteristics of a late start and a rapid development. Whether personal characteristics of fund managers affect their business ability and investment behaviors and affect fund performance through their business ability, investment style and risk appetite is one of the focuses of the securities investment fund industry. In the context of such a complicated and high-risk financial market, people in the fund industry need to choose a suitable fund manager group carefully to lead a stable development. Based on this background, this paper focuses on two issues: what kind of impact would personal characteristics of fund managers, such as gender, age and other factors have on fund performance and through which path to affect fund performance would have a more significant impact
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