Munich Personal RePEc Archive

Fund Manager Characteristics and Performance

Fang, Yi and Wang, Haiping (2014): Fund Manager Characteristics and Performance. Forthcoming in: Investment Analysts Journal

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Abstract

This study establishes a multi-tier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: 1) comprehensive performance, 2) return and risk, and 3) timing skill and picking ability. Using performance decomposition, our evidence indicates that various characteristics take distinct channels to influence return, risk, and fund manager abilities, which in turn affect comprehensive performance. In particular, having a degree of Master of Business Administration or a Chartered Financial Analyst qualification is significantly associated with a fund manager’s better stock picking ability, higher excess returns, and better comprehensive performance.

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