Fund Manager Gender On Fund Performance And Investment Style

With the constant development of China's capital market and raising awareness of people about money, open-end funds, especially equity open-end funds attract more and more attention. In the operation and investment process, fund managers play a particularly crucial role as one of the soul of the fund. They and the research team behind them have unique advantages on collecting and analyzing information about listed companies and securities market. Some people think that selecting funds is to select fund managers. There are also some foreign researchers pointed out that gender differences exist in investment behavior, sex is the third factor that determines the investment style, and its influence on the style is greater than education background.In this article, I have chosen a unique perspective of fund managers' gender to study Chinese fund market. I want to find out in China's current market conditions and market characteristics, whether significant differences exist in funds'investment style and performance between genders, to which extent gender factor affect the performance of the fund, and whether fund managers'genders should be considered when choosing funds.I have selected a series of classic indices and models about fund performance evaluation. I select open-end stock funds in Chinese market, which have only one fund manager and show no manager adjustments at least in one whole natural year from 2003 to 2009. Then I calculate their annual indices respectively and make panel data regression.By comparison of these indicators and by analysis of regression models, I found that female fund managers are more younger; not significantly different from male managers in investment style; their ability of selecting stock is slightly worse than male managers, but the difference is not significant; the risk-adjusted return, Jensen a is significantly worse compared to male; the systemic risk is significantly higher than male.This passage has several innovations. First, in China, there are few people currently engaged in systematic research on gender differences of fund managers. The only researches mostly compare simple means between genders, and did not using any regression model to test the significance of the difference. Second, the exist articles chose only one or two kinds of indices, while this passage systematically select several various types of indicators about investment style, investment return, investment risk and investment capacity. Third, maybe because of data limitations, the exist research on fund managers'human capital make cross-section data analysis using only one year or two years data, and the reliability and stability of conclusion is not enough. This article chose seven years of data from 2003 to 2009, makes panel data analysis, thus better reflecting the market conditions under different periods.