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Research On The Performance Of Private Equity Funds And The Timing Ability Of Stock Selection

Posted on:2020-10-09Degree:MasterType:Thesis
Country:ChinaCandidate:F XuFull Text:PDF
GTID:2427330590980962Subject:Financial markets and investment
Abstract/Summary:PDF Full Text Request
In recent years,China's economy has developed rapidly,and the income level of residents has gradually increased,correspondingly generating huge demand for high-end wealth management services.The rise of the private equity industry has met the need for higher return on investment for high-income groups.In the fund industry,there is a saying that “the fund is the fund manager” and the fund manager plays an important role in the daily management of the fund.The ability of fund managers is reflected in all aspects.Investors and fund companies pay more attention to the investment ability of fund managers.However,the investment ability of fund managers is difficult to quantify.Investors and fund companies are more concerned about the individual characteristics of fund managers in selecting fund managers.In addition,scholars have empirically studied the literature on the investment ability of private equity managers.Therefore,researching the investment ability of private fund managers can not only make up for the shortcomings of the empirical research literature,but also guide investors and fund companies to choose the appropriate fund managers.This paper mainly starts from the fifth chapter and the sixth chapter.The fifth chapter empirically studies the relationship between the individual characteristics of private fund managers and fund performance.The sixth chapter empirically studies the fund managers' stock selection and timing ability..Different from previous scholars' research,this paper not only studies the professional background of fund managers,but also studies other individual characteristics such as education and gender,and deeply studies the stock selection and timing ability of fund managers with different professional backgrounds,genders and educations.Happening.In addition,this paper uses binary logistic regression to continue to study the impact of individual characteristics of fund managers on fund managers' stock selection and timing.Finally,based on the empirical results and the existing problems of private fund managers,this paper puts forward relevant suggestions from the perspectives of investors,private equity managers,private equity firms and securities regulatory authorities.Through regression analysis,the paper draws the following conclusions.Compared with female private fund managers,male fund managers manage funds with better performance;The private equity fund manager as a whole presents a certain positive stock selection ability and a certain reverse timing ability;Fund managers with private placement,brokerage,and public fundraising backgrounds show certain positive stock selection ability and certain reverse timing ability.Fund managers with private professional backgrounds show certain reverse stock selection ability and certain Positive timing ability;Male fund managers show certain positive stock picking ability and certain reverse timing ability,while women are opposite;Undergraduate fund managers have certain positive stock selection and timing ability.Fund managers with master's degree or above have certain positive stock selection ability and certain reverse timing ability;The ability of the private equity manager to select shares has nothing to do with the individual characteristics of the fund manager,in terms of the timing ability of the fund manager,the civil background fund manager has stronger timing ability,and the low-education fund manager has stronger timing ability.
Keywords/Search Tags:Private equity manager, Individual characteristics, Stock picking and timing ability, Binary logistic regression
PDF Full Text Request
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