Research On The Personal Characteristics Of Fund Managers And Their Dependence On Public Information

With the rapid development of China’s economy,the frequency of use of fund financial products has also increased.As a relatively new collective investment tool,securities investment fund has already become the key trend of many investors’ idle funds.As an important manager of stock open-end fund,fund managers with different personal backgrounds have different dependence on the public information in the stock market,and their investment behaviors such as the variety and number of securities can directly affect the profitability and risk of stock open-end fund.So how to select outstanding fund managers has become the focus of many investors.Based on this,this paper verifies the internal relationship between the personal characteristics of fund managers and their dependence on Public Information in the securities market(RPI,Reliance on Public Information)from a new perspective.Based on the study and summary of existing literature in this field,this paper selects several traditional evaluation indicators on the personal characteristics of fund managers,such as the gender of fund managers,educational background,science and engineering majors or financial majors,researcher background and overseas study background,etc.The fund manager’s dependence on public information(RPI)is taken as the key index of this paper.179 equity open-ended funds established before 2016 in China are taken as research samples.The average stock rating data of several third-party sell-side analysts in CSMAR is selected to replace the public information in the stock market,and the RPI regression model is established by combining the stock rating data with the heavy position shareholding ratio data of the stock open-end fund.On this basis,the personal characteristics of fund managers and their dependence on public information(RPI)modeling and regression analysis,through empirical test results to confirm our hypothesis,that is,the personal characteristics of fund managers and their dependence on public information is significantly related.This verification is helpful for investors to select fund managers that meet their requirements of robustness and profitability,and provides different levels of reference for fund managers to improve their personal ability and fund management companies to hire and shape fund managers better.