Manager Characteristics And Fund Performances

With the development and popularization of the Securities Investment Fund in China,the research on the fund is more mature and diverse,but most of the researches concentrated in assessing the performance of the Fund.Researches based on the fund manager's perspective are relatively few.In fact,fund managers have the absolute control right,they decide the fund's investment strategy,so they play a vital role in fund performance.This is why strengthen the fund manager's attention can more reflect fund manager's ability in various aspects.It is very meaningful to researches on managers' personal characteristic.Based on the research results of the relativity between the fund managers' personal characteristics and the fund performance,the paper makes an empirical study on the data of the 2015 China fund market with the drastic fluctuation of the multivariate linear regression analysis.By introducing the investment style variables reflecting the fund manager's behavioral factors,the author explores the mechanism of the fund manager's personal characteristics to the fund performance,and analyzes the correlation between the individual characteristics and the fund performance in different market quotes by separating the bull and bear market samples.The results show that the individual characteristics of the fund managers and the impact on the performance of the Fund show a lot of differences in different market quotes,in the bull market,in addition to the age and the ability of the stock election is positively correlated,overseas backgrounds will give the fund managers a small degree of adverse impact,other characteristics of most of the performance indicators have no significant impact on the use of personal characteristics as indicator to choose the Fund product reference is weak;in bear market,most of the indicators are effective,age and the ability to select the negative correlation of stock,PhD qualifications are positive to promote the ability of the stock selection,the measurement of experience of two indicators and the fund performance has a significant positive correlation,the researcher-born fund manager is superior to the selection of the stock,but the risk adjusted earnings Indicator SHARP Index has no significant impact;in particular,both in the bull market and in the bear market,the fund manager's gender has no significant impact on the fund's performance.