The Relationship Between Fund Manager Features And Ability Of Timing And Stock Choosing

In today's rapid development in our country stock market,active management of the stock funds also more and more big,the size of the fund manager's stock selection,timing ability gradually become a widely concerned topic.On the research of stock selection and timing ability,most scholars put them together.With the development of portfolio theory,capital asset pricing model was used by many scholars for performance analysis of the net value of fund yields.Treynor and Mazuy first based on this model of fund managers' stock selection ability analysis,and try to use quadratic term structure and separation of plus or minus a timing factor.But only the market factor model for fund net value yields explained hardly.As his next three factor model is put forward,the domestic and foreign scholars have started to use the three factor model of fund managers,stock selection ability to study,so although increased factor makes the model more perfect,but it does not distinguish between fund stock selection ability and timing ability.And fund stock selection,timing ability depends largely on the fund manager,stock selection ability.This article will separate study of this kind of ability,and assumes that the fund manager of fund net value obtained yields in addition to book value is derived from the market factor,market factor,than factor,momentum factor,company profit ability factor and factor investment opportunities outside but also from their own ability,and their ability to measure according to its own characteristics,the characteristics of fund managers have undergraduate degree,master,doctor,has an MBA in cultural knowledge,has the CFA certificate,economics,finance,science,engineering,accounting,has experienced analysts,researchers in experience,fund manager assistant experience,and other aspects of sex,a famous university.Academic study of these features are mainly concentrated in the aspect of cultural knowledge,the study of MBA and the CFA is very broad,Gottesman and Morey think MBA school will have a significant impact on fund performance,but performance also didn't say to pick stocks here or timing ability.This paper introduces the characteristic factor and its combination with experience of fund stock selection,the influence of the timing ability.In the stock selection ability,this article will dependent variable net value of fund returns is decomposed into its investment in stock returns.Because fund managers stock selection ability is good or bad according to the performance of its holdings is better than that of each factor to judge,source using shapley value method to the stock selection ability attribution analysis,concludes that stock selection ability of characteristics have important influence on its portfolio,and significance of these three factors are also high.In timing ability,first by fund managers in bull market and bear market in investing in the stock of money proportion changes the size of the preliminary judging its timing ability,it is concluded that the financial,science,technology,fund managers can increase in a bull market,bear market reduce the proportion of stock investments;Travel through the net value of fund yields excess yields of holdings by CFA,analysts and fund managers,assistant timing ability is stronger,the other financial and accounting of fund managers also have strong ability of timing,but not significant.Finally,according to the characteristics of fund managers in six factors in the model group discussions.In terms of comprehensive ability,this article assumes that the combination of the strong stronger and the weak weaker.Through the study found that comprehensive ability is not strictly with the stock selection ability and timing ability enhancement and enhancement,and stock selection,timing ability has the opposite effect.Stock selection and timing ability in the average fund manager strongest comprehensive ability.