A Study on the Fund Manager Change and the Persistence of Awarded Funds – Using the Domestic Mutual Funds as an Example.
|關鍵字:||共同基金;得獎持續性;基金經理人替換;生涯年資;現職年資;Mutual Fund;Awards Persistence;Fund Manager Change;Seniority;Tenure|
本文將針對國內兩大基金獎（金鑽獎、台灣基金獎）與三大主要基金評比機構（Bloomberg、Lipper、Morningstar）過去多年來曾頒發獲獎的全部境內基金，以涵蓋較多的樣本及較長的檢驗期間，並透過一般統計分析（251筆得獎資料）與Panel Probit Model預測模型的實證（143筆得獎資料）結果，期望找出得獎持續性的影響因子，在一般社會大眾透過這些得獎訊息判斷投資標的時，能有更客觀與彈性的依據。
Taiwan’s asset management companies have been facing fierce competition after more merges take place and the increasing number of new comers. In order to stay competitive, companies are trying to earn more attention and recognitions from the credit rating agencies, media and the public by becoming award winners. This study is trying to investigate the relation between the frequency of receiving awards and the given background information about mutual funds including the fund manager change, the seniority and tenure of fund managers, fund ages, and total AUM (Asset Under Management). The study covers 251 domestic mutual funds as samples that were selected from the lists of Gold Diamond Awards held by Taipei Foundation of Finance, Taiwan Fund Awards, and award lists of the international well known mutual fund ranking institutes including Bloomberg, Lipper and Morningstar. Among these samples, the study uses statistical analysis this 251 samples and deploys Panel Probit Model to develop the regression model based on the 143 samples of it. Now the study identifies the relations between certain factors and frequency of award receiving. When investors are referred to lists of award winners, they can understand what factors, apart from mutual fund performance itself, might also affect the possibility of earning mutual fund awards consecutively. 1.The tenure of mutual fund managers and mutual fund awards shows positive significant correlation in the case of the winners in the second consecutive year. 2.Fund manager change as well as fund ages will affect the possibility of mutual funds’ receiving awards in the third consecutive year. 3.Fund manager change, seniority of mutual fund managers, and fund ages are three factors that might influence the likelihood of mutual funds’ earning awards in the fourth consecutive year.
|Appears in Collections:||Thesis|
Files in This Item: