On the Managerial Skills of Mutual Fund Managers (Manipulation-Proof Performance Measure)

2015 ◽  
Author(s):  
Meifen Qian ◽  
Ping-Wen Sun ◽  
Bin Yu ◽  
Fan Chen
Keyword(s):  
Mutual Fund ◽  
Performance Measure ◽  
Mutual Fund Managers ◽  
Managerial Skills ◽  
Fund Managers

Testing the skill of mutual fund managers: evidence from India

2015 ◽  
Vol 41 (8) ◽  
pp. 806-824 ◽  
Author(s):  
Prateek Sharma ◽  
Samit Paul
Keyword(s):  
Mutual Funds ◽  
Cross Section ◽  
Mutual Fund ◽  
Statistical Tests ◽  
Emerging Market ◽  
Performance Measure ◽  
Mutual Fund Managers ◽  
Content Type ◽  
Fund Managers ◽  
Investor Expectations

Purpose – The purpose of this paper is to utilize a constrained random portfolio-based framework for measuring the skill of a cross-section of Indian mutual fund managers. Specifically, the authors test whether the observed performance implies superior investment skill on the part of mutual fund managers. Additionally, the authors investigate the suitability of mutual fund investments under diverse investor expectations. Design/methodology/approach – The authors use a new skill measurement methodology based on a cross-section of constrained random portfolios (Burns, 2007). Findings – The authors find no evidence of superior investment skill in the sample of Indian equity mutual funds. Using a series of statistical tests, the authors conclude that the mutual funds fail to outperform the random portfolios. Furthermore, mutual funds show no persistence in their performance over time. These results are robust to choice of performance measure and the investment horizon. However, mutual funds provide lower downside risks and may be suitable for investors with high degree of risk aversion. Originality/value – The authors extend Burns’ (2007) methodology in several aspects, especially by using a much wider range of performance and downside risk measures to address diverse investor expectations. To the best of the authors’ knowledge, this is first study to apply the constrained random portfolios-based skill tests in an emerging market.

Do fixed income mutual fund managers have managerial skills?

2009 ◽  
Vol 49 (2) ◽  
pp. 378-397 ◽  
Author(s):  
Ding Du ◽  
Zhaodan Huang ◽  
Peter J. Blanchfield
Keyword(s):  
Mutual Fund ◽  
Fixed Income ◽  
Mutual Fund Managers ◽  
Managerial Skills ◽  
Fund Managers

Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers

2019 ◽  
Author(s):  
Richard B. Evans ◽  
Juan-Pedro Gomez ◽  
Linlin Ma ◽  
Yuehua Tang
Keyword(s):  
Mutual Fund ◽  
Mutual Fund Managers ◽  
Fund Managers

When Mutual Fund Managers Write Confidently

2019 ◽  
Author(s):  
Qianzhou Du ◽  
Yawen Jiao ◽  
Pengfei Ye ◽  
Weiguo Fan
Keyword(s):  
Mutual Fund ◽  
Mutual Fund Managers ◽  
Fund Managers
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