Mutual fund characteristics, managerial attributes, and fund performance

Prather, Laurie; Bertin, William J.; Henker, Thomas

doi:10.1016/j.rfe.2003.11.002

Cited by 76 publications

(76 citation statements)

References 40 publications

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“…In contrast, Hu and Chang (2008), Hu, Yu, and Wang (2012), and Prather, Bertin, and Henker (2004) found a negative relationship between management structures involving multiple funds and fund performance. From the viewpoint of Prather et al (2004), as the manager tries to manage more funds, he/she loses focus and e ectiveness in his/her work.…”

Section: Number Of Funds Under Management Andmentioning

confidence: 91%

Aspects of manager, portfolio allocation, and fund performance in Brazil

Maestri

Malaquias

2018

Rev. contab. finanç.

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ABSTRACTis paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. e aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can a ect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain di erences in the fund performance, which increases the relevance of this study. erefore, the impact of this research lies in its revealing a signi cant relationship between riskadjusted return and the portion of portfolios allocated to xed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and xed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the e ectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in xed income, managers with more funds under management, and larger funds.

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Section: Number Of Funds Under Management Andmentioning

confidence: 91%

Aspects of manager, portfolio allocation, and fund performance in Brazil

Maestri

Malaquias

2018

Rev. contab. finanç.

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“…However, younger funds perform better than older funds when the fund manages by the experienced fund manager (Otten & Bams, 2002) regardless age of the fund. Similarly, emperical studies evidence that there is no association between age and the the mutual fund performance (Peterson, Pietranico, Riepe, & Xu, 2001;Prather et al, 2004). From the above arguments indicates that there are mixed relationship between fund age and performance based on the management expertise, fund cost and fund size.…”

Section: Fund Age and Performancementioning

confidence: 89%

Performance of Public Mutual Funds (PMFs) in Emerging Economies: A Case of Bangladesh

Islam¹,

Dewri²

2016

IJBM

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Public Mutual fund (PMF) is an instrument for pooling the funds by issuing units to the investors and investing funds in the capital market to achieve their objectives. To invest in mutual funds is a complicated trade for investors as individual assets are belongs to verity of risks and they are dubious on return on investment. There are only 43 Mutual Funds are available to choose from where the investors can invest. To take the investment decision, the investors need to know which funds are performing better than others, gives more return, which fund is more risky etc. In this study the performance evaluation of public mutual funds carried out by considering fund age, fund size, fund return, fund dividend payout, fund price earnings ratio and fund net asset value (NAV). There are only eight PMFs are available in Bangladesh. For analysis purposes the study investigates 1999 to 2015 operations of PMF. Therefore, this study analyzes 128 a firm years, for measuring PMFs performance. The study reveals that fund size, fund return, fund dividend payout and P/E ratio has significant relation on fund performance. Whereas, fund age and fund NAV has insignificant relation on fund performance.

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“…Among assumed characteristics the highest relevance have past performance and fund size (Agnesens, 2013). Additionally characteristics relating to quality of fund management, structure of management team and corporate culture are also relevant (Prather et al, 2004;Morey, 2006, 2012;Karagiannidis, 2010Karagiannidis, , 2012. Knowledge spillovers experienced by funds headquartered in large cities might be another relevant factor (Bell and Deng, 2013;Christoffersen and Sarkissian, 2009).…”

Section: Overview Of Literature On Mutual Fund Industry Developmentmentioning

confidence: 99%