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Korean J Financ Stud > Volume 46(2); 2017 > Article
Korean Journal of Financial Studies 2017;46(2):497-522.
DOI: https://doi.org/10.26845/KJFS.2017.03.46.2.497    Published online March 31, 2017.
Fund manager`s Characteristics and Investment Behavior: The Effect of Individual Characteristics on the Performance Persistency, Investment Style and Risk
Hwan Young Yeo, Young Kyu Park, Hyo Keun Joo
펀드매니저의 특성과 투자행태: 개인적 특성이 성과지속성, 스타일, 위험 등에 미치는 영향
여환영, 박영규, 주효근
Abstract
The purpose of this study is to examine the effects of individual characteristics of fund managers on investment behavior. Specifically, we examined the effects of age, educational background, major and master`s degree, and industry experience on performance persistency, investment style, risk and style extremity. We test the relationship with active equity funds for the period from 2007 to the end of 2014 and found followings. First, we found a significant relationship between the individual characteristics of the fund managers and the performance persistency as to the fund managers holding the master`s degree and the longer industry experience show more performance persistency than the others. Second, in terms of investment style, we found fund managers who have master`s degree hold more of value stocks than growth stocks. Third, we found that master`s degree, business major, and average fund age have a negative relationship with systematic risk. Fourth, there is no significant relationship between the fund manager`s personal characteristics and the fund performance extremity. Finally, in relation to the fund manager`s personal characteristics and style extremity, fund managers with more experience have low momentum extremity whereas fund managers with large management asset have low style extremity. In sum, we find that there is a significant relationship between fund manager`s personal characteristics and management behavior such as performance persistency, investment style, and risk taking.
Key Words: 개인적 특성,성과지속성,운용스타일,위험,펀드매니저,Fund Manager,Investment Style,Manager Characteristics,Performance Persistency,Risk
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