| Which Manager Characteristics Determine the Fund Manager Performance?: A Study on the Relationship between the Performance and Manager Characteristics |
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Young Kyu Park, Hyo Keun Joo |
| 펀드매니저의 성과를 결정하는 매니저 특성은 무엇인가? |
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박영규, 주효근 |
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| Abstract |
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This study investigates which manager characteristics determine the fund manager performance. Especially, we are interested in whether academic background such as undergraduate institution, major, college entrance examination score has any relationship with the fund manager performance as was the case in the U.S. (Chevalier and Ellison, 1999). We found that unlikely from the U.S. test results, there is no relationship between the college entrance examination score of the undergraduate institution and the performance of a fund manager. Similarly, we found no evidence that performances of fund managers graduated from top three universities (Seoul National University, Korea University, and Yonsei University) are better than that of the other fund managers. Therefore, we conclude that fund managers, academic characteristics are not effective determinant of fund manager performance in the Korean fund market. Among many fund characteristics we tested, it is found that only fund manager career longitude is a significant determinant for the fund manager performance. Although, this variable has natural survivorship bias, we found that the longer the fund manager has management career, the better the performance. We also tested the relationship between fund manager characteristics and fund management style and found no significant relationship except that the fund managers with longer management career tend to prefer growth stocks. |
| Key Words:
경력,운용성과,펀드,펀드매니저,학력,Academic Background,Fund Manager,Fund Performance,Management Career,Mutual Fund |
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