Research On The Impact Of Fund Manager Gender On Fixed Income + Fund Performance

Since the promulgation of the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" in May 2018,the commitment to capital preservation in wealth management has been broken,and the market and investors have paid more attention to the balance between the returns and risks of wealth management products.Since the outbreak of the epidemic in 2020,fixed income + funds have increasingly been favored by moderate and low-risk stable investors.The relationship between the gender of fund managers and fund performance is a long-term focus of academics and the industry.Therefore,this paper focuses on the relationship between the gender of fund managers of fixed income + funds and the corresponding performance,especially whether the more stable style of female fund managers plays a positive role in such products.This paper reviews the relevant literature on fund manager gender and fund performance,fund performance evaluation and performance attribution,and puts forward research hypotheses based on bond multi factor model.The paper further selects the quarterly data of 170 fixed income + funds of hybrid bond secondary funds and partial debt hybrid funds from July 1st,2018 to December 31 st,2021 for empirical testing.The excess return of the risk rate is used as a measure of the performance return of the fund manager.A multiple mixed regression model was selected to test the relationship between fund manager gender and fund performance.Empirically,female fund managers have higher performance returns than male fund managers.On average,female fund managers achieved an excess return of 40.82 basis points over males during the sample period,which was significant at the 1% level.The empirical results control factors such as funds,fund companies,and fund managers’ personal characteristics.Further,from the four aspects of credit risk,interest rate risk,term risk and liquidity risk,test the gender of fund managers to obtain higher fixed income + fund performance through the risk management capability mechanism.Empirical evidence shows that female fund managers are particularly prominent in the ability to control credit risk and liquidity risk,while the ability to control interest rate risk and term risk is more prominent.Through the sample of fixed income + fund,the paper provides good contribution results for the relationship between gender and performance of fund managers,with a little marginal contribution,and also provides some suggestions for market investors to invest in funds.