A study on the Correlation among Family’s Characteristics, Market Timing Ability and Mutual Fund Manager Change

• Main Authors: Rou-Wun Wang, 王柔雯
• Other Authors: 林嘉慧
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/09526726203848178773

碩士 === 台南應用科技大學 === 國際企業經營系碩士班 === 104 === Managerial turnover in the fund industry is a family decision. Therefore, we should consider the impact of family characteristics on managerial turnover. Using a sample of domestic equity fund managers experiencing replacement between 2001-2015, this paper first explore different families whether there are differences in the manager''s choice, stock-picking ability and market timing ability. Then we study the pre and post difference between the replacement of mutual fund managers by family characteristics, the manager''s ability to operate. The regression model is used to estimate the probability of selecting a managerial turnover by family characteristics, the manager''s ability to operate. If there a star (dog) fund in the family, are managers more easily to be replaced? The study found that fund companies prefer to employ for Men and master''s degree managers, most of the managers’ experience are relatively short. There are no stock picking ability and timing ability in most families, only 30 percent of companies have timing ability. We find that the families have lower size, turnover ratio and expense ratio after the fund manager changes, and the timing ability increased significantly. We also find that the family size smaller and family turnover ratio higher, and if the family has star funds or dog funds, fund managers more easily replaced. However, Taiwan''s family stock picking ability and timing ability both unrelated to the replacement of fund managers.