不同职业路径下基金经理变更对基金业绩的影响

经济理论与经济管理

不同职业路径下基金经理变更对基金业绩的影响

张娜1,杨佳佳2,田澍3#br#

1 复旦大学管理学院； 2 上海垒裕金融信息服务有限公司； 3 亚洲开发银行。

出版日期:2018-08-16 发布日期:2018-08-21
基金资助:
本文得到上海市浦江人才计划（14PJC015）、自然科学基金青年基金项目（71502038）的资助。

THE IMPACT OF FUND MANAGER CHANGES ON THE PERFORMANCE OF MUTUAL FUNDS FROM DIFFERENT CAREER PATH#br#

ZHANG Na1 ,YANG Jiajia2 ,TIAN Shu3

1 School of Management, Fudan University; 2 Shanghai Leiyu Company; 3 Asian Development Bank

Online:2018-08-16 Published:2018-08-21

摘要/Abstract

摘要：

本文对2003—2013年基金经理更换事件采用事件分析和面板数据回归进行研究。研究发现基金经理更换后基金业绩得到显著提升，此结论在牛市更显著。当基金历史业绩较好时更换基金经理对业绩没有影响；而当历史业绩较差时更换基金经理则会显著提升业绩。从职业发展路径来看，基金管理经验能有效提升基金经理的投资能力；之前具备资管经验的继任基金经理能够显著提高业绩；并且管理经验来自同一基金公司的继任基金经理更能改善业绩。

关键词: 职业路径 , 基金经理变更 , 基金业绩

Abstract:

This paper analyzes all mutual fund manager changes during 2003 to 2013 in China by using events study method and panel regressions We find that manager changes can improve the fund performance in the medium term, and this result is robust in both stock market boom and recession situations There is a significantly positive effect of manager changes on fund performance when the historical fund performance is below the market When the historical fund performance is above the market, there is no significant effect of manager changes on fund performance Regarding the manager career path, this study suggests that previous fund managing experience can improve managers ability New managers with previous fund managing experience are able to improve fund performance significantly while those without previous experience cant Last, the previous fund managing experience from the same mutual fund company can bring the improvement quicker than outside fund managing experience

Key words:

career path , mutual fund manager changes , performance

张娜1,杨佳佳2,田澍3. 不同职业路径下基金经理变更对基金业绩的影响[J]. 经济理论与经济管理.

ZHANG Na1,YANG Jiajia2,TIAN Shu3. THE IMPACT OF FUND MANAGER CHANGES ON THE PERFORMANCE OF MUTUAL FUNDS FROM DIFFERENT CAREER PATH#br#[J]. Economic Theory and Business Management.