A Study On The Effect Of Fund Managers’ Gender Difference In Fund Operation

Compared to other vehicles types of investment, fund is aninnovative investment tool, and it has been more and more widelyrecognized and accepted by the public investors, so fund managers beganto be concerned about. In fact, fund managers are fund investmentdecision-makers and direct controllers. No doubt, their abilities areimportant factors of fund performance managed. So it is very necessary toconcern about fund managers and increase the study of the various factorsthat can reflect the ability of fund managers. Thus this paper choose tostart from the gender differences, and study whether there are significantdifferences in the investment performance of fund managers of differentgender under conditions and characteristics of the existing Chinesemarket and whether fund managers’ gender differences will be the extentto which the impact of fund operation. Also through the research of thisarticle, I hope that I can provide truly meaningful reference andsuggestion for the majority of ordinary investors when choosing topurchase which fund, that is, the choice of what sex fund managers tomake investment to obtain the larger income.This paper first qualitative analysis the influence of gender, thenplugs the gender factor into the fund investment, and confirms the impactof gender in fund operation by multiple regression model. This articlemainly gets the following conclusions:(1) The income of the Fund managed by female fund managers is relatively low, but most notsignificant, of which only the market risk-adjusted rate of return-Jensena significantly lower than men;(2) Female fund managers face relativelyhigher risk, the concentration of ownership is lower than men, industryconcentration is higher than men, but this difference was not significant,turnover rate of female fund managers is higher than the male in the bullmarket and lower than the male in a bear market;(3) Stock picking abilityof the male fund managers is relatively better, but almost male and femalefund managers do not have the timing ability;(4) Fund performance offemale fund managers has a long-term continuing, and fund performanceof female fund managers has a long-term continuing in the stable marketand in the bull market, while fund performance of female fund managersis more persistent in the bear market. Finally, combining the results ofempirical research and related causes, this paper proposed relatedsuggestion to investors and fund management companies.