Research on the Effects of Fund Performance on Fund Manager Turnover
- 1 Department of Industrial Engineering, School of Economics and Management, Xidian University, Xi’ an, China
- 2 Department of Industrial Engineering, School of Economics and Management, Xidian University, Xi’ an, China
Abstract
We take the equity funds and hybrid funds in china as a sample, base on fund performance in the second half of the year 2009, and make an empirical analysis on the effects of fund performance, interaction between fund performance and the character of fund manager on his turnover in 2010 year by method of Logistic Regression Analysis using SPSS17.0. We find that fund return rate and excess return rate have a significant negative impact on fund manager turnover, while risk-adjusted fund performance and the capability of market-timing and stock-selection have no significant effect on fund manager turnover. For some characters of fund manager, such as fund manager age and securities working time will mitigate the negative relationship between the fund performance and the fund manager turnover.
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