Effects of Manager Characteristics on Metafrontier Efficiency of Funds: Evidence from Open-End Funds in China
碩士 === 國立交通大學 === 經營管理研究所 === 107 === This study analyzes the efficiency of three types of Chinese open-end funds, including equity, bond, and index funds as samples. The data source is the Taiwan Economic Newspaper Database (TEJ) and the data period is from 2012 to 2016. The output-oriented varia...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/7293r8 |
| Summary: | 碩士 === 國立交通大學 === 經營管理研究所 === 107 === This study analyzes the efficiency of three types of Chinese open-end funds, including equity, bond, and index funds as samples. The data source is the Taiwan Economic Newspaper Database (TEJ) and the data period is from 2012 to 2016. The output-oriented variable-returns-scale data envelopment anlysis (VRS-DEA) model is applied to compute gourp-specific and metafrontier fund efficiency scores. This paper uses multiple regression to find the effects of manager characteristics and fund types on the metafrontier efficiency. The efficiency scores are processed by arcsine squareroot transformation to avoid the censored problem. The results show: (1) A mixture of genders of fund managers has significantly positive impacts on fund TGR, but only female manager(s) has significantly negative impacts on fund TGR. (2) Equity and Index funds have significantly negative impacts on metafrontier efficiency of funds. Equity fund has significantly positive impacts on fund TGR. (3) Funds under management has significantly negative impacts on metafrontier efficiency of funds and significantly influence fund TGR, but is different by different groups. (4) Fund size measured by the net asset value of funds has a positive impact on both metafrontier efficiency of funds and fund TGR. (5) The ages of funds have a negative impact on both metafrontier efficiency of funds and fund TGR.
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