A Study On The Persistence Of Fund Managers’ Investment Performance

The fund managers with the professional knowledge and experience,use the management assets, according to the scientific principle ofportfolio investment decision, avoid risk, seeking the fund’s assetsvalue-added continuously. The fund manager’s management and using thelevel of the fund’s asset determines the quality of the fund returns, So thispaper based on fund managers yield as the research object, examine thepersistence of our country’s fund manager’s investment performance. Thepersistence of fund managers’ performance means that if some fundmanagers had outstanding performance in the last period, they willperform well in the next period. On the other hand, the fund managerswhich performed badly in the last period will have bad performancepersistently in the future. If the fund managers’ investment performancecontinuity, the investors can choose the ’’blue-chip’’ fund managers,according to fund managers outstanding performance, on the contrary, theinvestors have not necessity to analysis the history of the fund managersperformance.This paper set from the fund manager’s investment decision-makingsystem, analyzed the influence factors of fund manager’s investmentdecisions in theory, demonstrated the persistence of investmentperformance advantage of researching fund managers. Based on the fundmanager’s investment performance’s the theory and index, empirical analysis fund manager’s investment performance persistence to ourcountry. In this paper, selects the unit net value of fund assets, using themethod of contingency table test relative consistency of the fundmanagers’ investment performance in our country, using the method ofcross-section regression testing absolute continuity of fund manager’sinvestment performance in our country, using the method of Kendall’scorrelation of coefficient and Spearman rank correlation coefficienttesting our country fund managers’ investment performance persistence.The article’s concludes at the same conclusion with most of our country’sresearchers, the fund managers’ investment performance is bigger in theshort-term volatility, haven’t persistence, but the volatility is becomingweakened in the long run. Finally, fund manager of investmentperformance is not sustainable for multidimensional analysis.