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Author : Leng Ling
Release : 2008
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Two Essays on Managerial Behaviors in the Mutual Fund Industry by : Leng Ling
Download or read book Two Essays on Managerial Behaviors in the Mutual Fund Industry written by Leng Ling. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jongwan Bae
Release : 2014
Genre :
Kind : eBook
Book Rating : 599/5 ( reviews)
Book Synopsis Two Essays on the Behavior of Mutual Fund Managers by : Jongwan Bae
Download or read book Two Essays on the Behavior of Mutual Fund Managers written by Jongwan Bae. This book was released on 2014. Available in PDF, EPUB and Kindle. Book excerpt: I conduct two studies that investigate the behavioral characteristics of mutual fund managers. First study, The Performance of Mutual Funds on Private Information, looks at the dimension of investment skills of fund managers. The investment skills of mutual fund managers can be assessed by their ability to generate private information. In this study, by investigating the simultaneous actions of fund managers and corporate managers, we estimate how much the actions of fund managers can be attributed to private information. Using the information of insiders' transactions as a proxy for the managers' private information, our performance measure, PS (Private Shares), captures variations in skills among fund managers, suggesting that the funds with higher PS outperform the funds with lower PS. The finding that PS is positively related to future fund performance is consistent with our conjecture that fund managers who actively trade on private information have better managerial skills than the ones that do not trade on private information. In the second study, Impact of Religious Belief on Asset Management Industry, we investigate the effects of religion on the investing behavior of fund managers. We propose a measure of corporate social responsibility propensity (CSRP) by fund managers that captures the level of a manager's tendency to invest in firms that engage in socially responsible activities. Grounded in the basis of ethics and morality, religious belief is shown to have a positive impact on a fund manager's investment in firms with good corporate social responsibility (CSR) performance. The positive association between religiosity and CSRP is particularly strong in the sample of non-institutional funds. On the performance aspect, we find that funds in the highly religious region with a higher propensity to invest in socially responsible firms tend to exhibit future performance deterioration. Our results suggest that local religiosity has a significant impact on the investing behavior of fund managers.
Author : Ao Wang
Release : 2021
Genre : Mutual funds
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Two Essays on Mutual Fund Managerial Skills and Performance by : Ao Wang
Download or read book Two Essays on Mutual Fund Managerial Skills and Performance written by Ao Wang. This book was released on 2021. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays that study mutual fund managerial skills and performance.Understanding whether mutual funds have skills is important as it could help investors make investment decision. My fist essay studies whether and how fund size affects managers' risk-taking behavior in the setting of fund mergers. I test the relation between fund size and risk-shifting. The main findings are as follows. First, acquiring fund managers' risk-taking declines as size increases resulting from mergers. The decline in risk-taking remains significant after controlling for fund characteristics, diversification effect, and portfolio's systematic risk exposure that can be correlated with managers' investment choices. Second, liquidity is a driving factor for the negative impact of size on managers' risk-taking. Third, I decompose fund size into two components based on either liquidity or risk-taking and examine which component(s) correlate with fund performance. I document that risk-taking is, beyond liquidity, another underlying mechanism for decreasing returns to scale.In the second essay, I study the timing ability of mutual funds in different sentiment periods. I first use DGTW (1997) style timing measure (CT) to examine if mutual funds perform better in high sentiment periods when stock mispricing is enlarged, providing more trading opportunities for mutual funds. Results show that mutual funds have better style timing ability in high sentiment than in low sentiment. The result is robust when I use alternative sentiment measures and different model specifications. Moreover, the style timing ability in high sentiment periods is more pronounced for less expensive funds with lower turnover and active shares. Then I investigate the source of this timing ability using 9 well-known stock return anomalies. I construct an anomaly timing measure (AT) using each of the 9 individual anomalies as well as the composite anomaly. AT is developed to detect whether fund managers could successfully time a certain anomaly. I find that mutual funds have better anomaly timing ability in composite anomaly and 4 contrarian anomalies which are investment-to-assets, asset growth, composite equity issue and net operating assets. Furthermore, I provide evidence that mutual funds with better timing abilities could outperform overall.
Author : Gjergji Cici
Release : 2004
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Essays on the Trading Behavior of Mutual Fund Managers by : Gjergji Cici
Download or read book Essays on the Trading Behavior of Mutual Fund Managers written by Gjergji Cici. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yunus Cagdas
Release : 2022-01-31
Genre : Business & Economics
Kind : eBook
Book Rating : 310/5 ( reviews)
Book Synopsis Management structure for the mutual fund industry. Performance indicators and investment behavior of a team's decision-making process by : Yunus Cagdas
Download or read book Management structure for the mutual fund industry. Performance indicators and investment behavior of a team's decision-making process written by Yunus Cagdas. This book was released on 2022-01-31. Available in PDF, EPUB and Kindle. Book excerpt: Academic Paper from the year 2021 in the subject Business economics - Investment and Finance, grade: 2,0, University of Hohenheim (Institut für Financial Management), language: English, abstract: The aim of this study is to identify differences in investment behavior - and in particular the special case of a team's decision-making process - as well as possible performance indicators. The research results to be presented should be used as guidance in selecting an appropriate management structure for the mutual fund industry. Before addressing the differing investment behaviors of the two management structures, the special dynamics that can operate within a team in decision making have to be examined. For this said purpose, the relevant literature provides some conflicting theories on decision making. When looking at the proportion of team-managed and single-managed mutual funds, it is observed that team funds have increased at the cost of single-managed funds. Thus, from 1992 to 2015, within all mutual funds, team-managed funds increased from 12% to 57%, while single-managed funds decreased from 88% to 43%. A similar development can be seen in the change of the management structure of a fund in Figure 1: A total of 553 mutual funds, which were previously managed individually, switched to a team fund, whereas only 317 funds changed from a team-managed fund to an single-managed fund. A crossover in the proportion of teams after the global financial crisis in 2008, in times when risk reduction by diversification began to gain in importance, is clearly observable. Thus, it should be in the interest of mutual funds to possess sufficient management diversity to reach an adequate niveau of diversification. As argued by Tom Stevenson, the investment director of Fidelity International, besides gender diversity, diversity in cognition, education and mindset represent a great strength. Research on the mutual fund industry indicates some differences in the investment behavior between team-managed and single-managed mutual funds. Especially concerning teams, different theories of decision making can be found, resulting in different investment styles and performance levels.
