Open AccessAn Empirical Analysis of the Impact of Fund Manager’s Personal Characteristics on Fund Performance in China’s Fund Market - Based on DEA Model and Threshold Panel Model
Author(s) -
Jialin Li,
Siying Li
Publication year - 2018
Publication title -
international journal of financial research
Language(s) - English
Resource type - Journals
eISSN - 1923-4031
pISSN - 1923-4023
DOI - 10.5430/ijfr.v9n2p216
Subject(s) - manager of managers fund , fund administration , business , target date fund , china , income fund , index fund , finance , panel data , investment fund , open end fund , accounting , economics , econometrics , institutional investor , political science , corporate governance , market liquidity , law
This paper chooses 11 personal characteristics of fund managers in China’s fund market and classifies them into four categories: physiological characteristics, educational background, professional experience and professional skills. Then, the paper uses DEA model and threshold panel model to study influences of fund managers’ personal characteristics on fund performance in China’s fund market. In this paper, the model of input-oriented DEA is used to calculate super efficiency DEA which measures fund performance. Empirical findings show that number of working days, years of being fund manager, number of funds held, master’s degree or doctorate degree, MBA degree, overseas study experience and the fund’s performance, has significant positive impact on fund performance, while age is negatively correlated with fund performance. In addition, the availability of professional skills such as CPA and CFA and the absence of major in business have no significant effect on fund performance.