A Study of the Relationship between Mutual Fund Manager's Investment Behavior and Governance Mechanisms

• Main Author: 許川原
• Other Authors: 林淑惠
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/77170806679567043449

碩士 === 國立彰化師範大學 === 商業教育學系 === 93 === Abstract The study examines the relationship between monitoring mechanisms and fund manager’s behaviors, and investigates whether monitoring mechanisms constraint manager’s behavior. In addition, we examine the effect of monitoring mechanisms on fund’s performance. We use Taiwan open-ended funds from 1997-2003 as the sample. The result shows that, (I) direct monitoring and peer monitoring decrease fund’s turnover, (II) direct monitoring and product market monitoring decrease manager’s high risk adjusted behavior, (III) there is a positive relationship between fund’s performance and turnover ratio, and when managers adjust fund’s risk to a higher level, the fund has better performance. (IV) strong monitoring mechanisms are related to poor fund performance. Key words: monitoring mechanisms、fund manager’s behavior、fund turnover、risk adjusted behavior