基金经理特征与基民投资选择——基于新基金发行的实证研究
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摘要
本研究以1998年到2010年新发行的817只基金为样本,并利用新基金发行效率衡量基金投资者的投资选择,实证检验了基金经理特征对基金投资者投资选择的影响。本文的主要研究发现包括:(1)在面对市场上新推出的基金的时候,基民倾向于选择有良好业绩历史记录的基金经理所管理的基金;(2)管理基金的基金经理的受教育程度越高,该基金越容易得到投资者的认可;(3)由基金经理团队管理的新基金也更容易获得基民的认可;(4)基金经理的政治关联对新基金发行效率有着积极的影响。本文的研究成果对于基民制定基金投资决策和基金管理公司制定新基金发行策略以及监管层的相关政策制定都具有一定的现实指导意义。
Using 817 new funds issued from 1998 to 2010,this paper investigates the relationship between fund manager's characteristics and investor's choice first measured by issuance efficiency of new funds.Our main findings are:(1) Investors prefer new funds run by managers with better performance records;(2) Investors would like to purchase new funds managed by fund managers with superior educational background;(3) New funds operated by team of fund managers are preferred by investors;and(4) Political connection of fund managers has a positive effect on new fund issuance.These results shed some light on fund investors making investment decisions,fund management firms setting strategies for opening new funds and regulators making issuance supervision decision.
Using 817 new funds issued from 1998 to 2010,this paper investigates the relationship between fund manager's characteristics and investor's choice first measured by issuance efficiency of new funds.Our main findings are:(1) Investors prefer new funds run by managers with better performance records;(2) Investors would like to purchase new funds managed by fund managers with superior educational background;(3) New funds operated by team of fund managers are preferred by investors;and(4) Political connection of fund managers has a positive effect on new fund issuance.These results shed some light on fund investors making investment decisions,fund management firms setting strategies for opening new funds and regulators making issuance supervision decision.
引文
[1]陆蓉,陈百助,徐龙炳,谢新厚.基金业绩与投资者的选择——中国开放式基金赎回异常现象的研究.经济研究[J].2007(6):39-50.
[2]何小杨.中国开放式基金业绩与投资者的选择——“基金热”前后开放式基金赎回现象对比.证券市场导报[J].2010(6):69-77.
[3]肖峻,石劲.基金业绩与资金流量:我国基金市场存在“赎回异象”吗?经济研究[J].2002(1):112-125.
[4]徐琼,赵旭.我国基金经理投资行为实证研究.金融研究[J].2008(8):145-155.
[5]张晓斐,曹胜,黄欢.开放式基金业绩持续性与投资者选择.复旦大学工作论文,2011
[6]中国证券监督管理委员会.中国资本市场发展报告[M].北京:中国金融出版社,2008.
[7]Almazan,Andres,Keith C.Brown,Murray Carlson,andDavid A.Chapman,2004,Why constrain your mutual fundmanager?Journal of Financial Economics 73,289-321.
[8]Arteaga,Kenneth R.,Conrad S.Ciccotello,and C.Ter-ry Grant,1998,New equity funds:Marketing and performance,Financial Analysts Journal 54,43-49.
[9]Atkinson,Stanley M.,Samantha Boyce Baird,andMelissa B.Frye,2003,Do female mutual fund managers man-age differently?The Journal of Financial Research XXVI,1-18.
[10]Bar,Michaela,Alexander Kempf,and Stefan Ruenzi,2005,Team management and mutual funds,Working paper.Centre for Financial Research(CFR),Cologne,Germany.
[11]Berk,Jonathan B.,and Richard Stanton,2007,Man-agerial ability,compensation,and the closed-end fund dis-count,The Journal of Finance LXII,529-556.
[12]Chemmanur,Thomas J.,and Imants Paeglis,2005,Management quality,certification,and initial public offerings,Journal of Financial Economics 76,331-368.
[13]Chen,Hsuan-Chi,and Christine W.Lai,2010,Repu-tation stretching in mutual fund starts,Journal of Banking&Finance 34,193-207.
[14]Chen,Joseph,Harrison Hong,Ming Huang,and Jef-frey D.Kubik,2004,Does fund size erode mutual fund perfor-mance?The role of liquidity and organization,American Eco-nomic Review 94,1276-1302.
[15]Chen,Qi,Itay Goldstein,and Wei Jiang,2008,Direc-tors'ownership in the U.S.mutual fund industry,The Journalof Finance 63,2629-2677.
[16]Chevalier,Judith,and Glenn Ellison,1999,Are somemutual fund managers better than others?cross-sectional pat-terns in behavior and performance,The Journal of Finance 54,875-899.
[17]Ding,Bill,and Russ Wermers,2009,Mutual FundPerformance and Governance Structure:The Role of PortfolioManagers and Boards of Directors,Working paper.
[18]Elton,Edwin J,.Martin J.Gruber,and Joel Rentzler,1989,New public offerings,Information,and investor rationali-ty:The case of publicly offered commodity funds,Journal ofBusiness 62,1-15.
[19]Evans,Richard B.,2010,Mutual fund incubation,TheJournal of Finance LXV,1581-1611.Goetzmann,William N.,and Roger G.Ibbotson,1994,Dowinners repeat?Patterns in mutual fund performance,Journalof Portfolio Management 20,9-17.
[20]Han,Yufeng,Tom Noe,and Michael Rebello,2008,Horses for courses:fund managers and organizational struc-tures.Working paper.
[21]Heilman,Madeline E.,Caryn J.Block,Richard F.Martell,and Michael C.Simon,1989,Has anything changed?Current characterizations of men,women,and managers,Jour-nal of Applied Psychology 74,935-42.
[22]Khorana,Ajay,and Henri Servaes,1999,The deter-minants of mutual fund starts,The Review of Financial Studies12,1043-1074.
[23]Kuhnen,Camelia M.,Business networks,corporategovernance,and contracting in the mutual fund industry,TheJournal of Finance LXIV,2185-2220.
[24]Massa,Massimo,1998,Why so many mutual funds?Mutual fund families,market segmentation and financial per-formance,Working paper,INSEAD,France.
[25]Oakley,J.G.,2000,Gender-based barriers to seniormanagement positions:Understanding the scarcity of femaleCEOs,Journal of Business Ethics 27,321-34.
[26]Tufano,Peter,and Matthew Sevick,1997,Boardstructure and fee-setting in the U.S.mutual fund industry,Journal of Financial Economics 46,321-355.
[27]Wermers,R.,Y.Wu,and J.Zechner,2005,Portfolioperformance,discount dynamics,and the turnover of closed-end fund managers,Working paper,CFR.
[28]Zweig,J.,1996,When to Take a Wild Ride,Money(July):96-99.
[2]何小杨.中国开放式基金业绩与投资者的选择——“基金热”前后开放式基金赎回现象对比.证券市场导报[J].2010(6):69-77.
[3]肖峻,石劲.基金业绩与资金流量:我国基金市场存在“赎回异象”吗?经济研究[J].2002(1):112-125.
[4]徐琼,赵旭.我国基金经理投资行为实证研究.金融研究[J].2008(8):145-155.
[5]张晓斐,曹胜,黄欢.开放式基金业绩持续性与投资者选择.复旦大学工作论文,2011
[6]中国证券监督管理委员会.中国资本市场发展报告[M].北京:中国金融出版社,2008.
[7]Almazan,Andres,Keith C.Brown,Murray Carlson,andDavid A.Chapman,2004,Why constrain your mutual fundmanager?Journal of Financial Economics 73,289-321.
[8]Arteaga,Kenneth R.,Conrad S.Ciccotello,and C.Ter-ry Grant,1998,New equity funds:Marketing and performance,Financial Analysts Journal 54,43-49.
[9]Atkinson,Stanley M.,Samantha Boyce Baird,andMelissa B.Frye,2003,Do female mutual fund managers man-age differently?The Journal of Financial Research XXVI,1-18.
[10]Bar,Michaela,Alexander Kempf,and Stefan Ruenzi,2005,Team management and mutual funds,Working paper.Centre for Financial Research(CFR),Cologne,Germany.
[11]Berk,Jonathan B.,and Richard Stanton,2007,Man-agerial ability,compensation,and the closed-end fund dis-count,The Journal of Finance LXII,529-556.
[12]Chemmanur,Thomas J.,and Imants Paeglis,2005,Management quality,certification,and initial public offerings,Journal of Financial Economics 76,331-368.
[13]Chen,Hsuan-Chi,and Christine W.Lai,2010,Repu-tation stretching in mutual fund starts,Journal of Banking&Finance 34,193-207.
[14]Chen,Joseph,Harrison Hong,Ming Huang,and Jef-frey D.Kubik,2004,Does fund size erode mutual fund perfor-mance?The role of liquidity and organization,American Eco-nomic Review 94,1276-1302.
[15]Chen,Qi,Itay Goldstein,and Wei Jiang,2008,Direc-tors'ownership in the U.S.mutual fund industry,The Journalof Finance 63,2629-2677.
[16]Chevalier,Judith,and Glenn Ellison,1999,Are somemutual fund managers better than others?cross-sectional pat-terns in behavior and performance,The Journal of Finance 54,875-899.
[17]Ding,Bill,and Russ Wermers,2009,Mutual FundPerformance and Governance Structure:The Role of PortfolioManagers and Boards of Directors,Working paper.
[18]Elton,Edwin J,.Martin J.Gruber,and Joel Rentzler,1989,New public offerings,Information,and investor rationali-ty:The case of publicly offered commodity funds,Journal ofBusiness 62,1-15.
[19]Evans,Richard B.,2010,Mutual fund incubation,TheJournal of Finance LXV,1581-1611.Goetzmann,William N.,and Roger G.Ibbotson,1994,Dowinners repeat?Patterns in mutual fund performance,Journalof Portfolio Management 20,9-17.
[20]Han,Yufeng,Tom Noe,and Michael Rebello,2008,Horses for courses:fund managers and organizational struc-tures.Working paper.
[21]Heilman,Madeline E.,Caryn J.Block,Richard F.Martell,and Michael C.Simon,1989,Has anything changed?Current characterizations of men,women,and managers,Jour-nal of Applied Psychology 74,935-42.
[22]Khorana,Ajay,and Henri Servaes,1999,The deter-minants of mutual fund starts,The Review of Financial Studies12,1043-1074.
[23]Kuhnen,Camelia M.,Business networks,corporategovernance,and contracting in the mutual fund industry,TheJournal of Finance LXIV,2185-2220.
[24]Massa,Massimo,1998,Why so many mutual funds?Mutual fund families,market segmentation and financial per-formance,Working paper,INSEAD,France.
[25]Oakley,J.G.,2000,Gender-based barriers to seniormanagement positions:Understanding the scarcity of femaleCEOs,Journal of Business Ethics 27,321-34.
[26]Tufano,Peter,and Matthew Sevick,1997,Boardstructure and fee-setting in the U.S.mutual fund industry,Journal of Financial Economics 46,321-355.
[27]Wermers,R.,Y.Wu,and J.Zechner,2005,Portfolioperformance,discount dynamics,and the turnover of closed-end fund managers,Working paper,CFR.
[28]Zweig,J.,1996,When to Take a Wild Ride,Money(July):96-99.