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Manager characteristics: Predicting fund performance

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  • Clare, Andrew
  • Sherman, Meadhbh
  • O'Sullivan, Niall
  • Gao, Jun
  • Zhu, Sheng

Abstract

A great deal of research effort has sought to understand whether fund managers have skill. However, most of this research draws inferences from fund returns attributable to funds that may have been managed by many different managers over the years. In this paper we focus on the fund manager. We put together a comprehensive data base of manager returns, including a time series of managers' career returns, concatenating performance from the different funds that a manager may have managed over time. We relate these returns to the characteristics of the managers as we seek to understand whether these characteristics have an impact on: manager skill; manager style; and on performance persistence.

Suggested Citation

  • Clare, Andrew & Sherman, Meadhbh & O'Sullivan, Niall & Gao, Jun & Zhu, Sheng, 2022. "Manager characteristics: Predicting fund performance," International Review of Financial Analysis, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:finana:v:80:y:2022:i:c:s1057521922000266
    DOI: 10.1016/j.irfa.2022.102049
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    References listed on IDEAS

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    1. Jin-Li Hu & Hsueh-E. Yu & Yi-Ting Wang, 2012. "Manager Attributes and Fund Performance: Evidence from Taiwan," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 2(4), pages 1-6.
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    5. Carhart, Mark M, 1997. "On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
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    10. Stanley M. Atkinson & Samantha Boyce Baird & Melissa B. Frye, 2003. "Do Female Mutual Fund Managers Manage Differently?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(1), pages 1-18, March.
    11. Clare, Andrew, 2017. "The performance of long-serving fund managers," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 152-159.
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    Cited by:

    1. Hammouda, Amira & Saeed, Asif & Vidal, Marta & Vidal-García, Javier, 2023. "On the short-term persistence of mutual fund performance in Europe," Research in International Business and Finance, Elsevier, vol. 65(C).
    2. Majumdar, Sudipta & Kumar Mishra, Ajay & Chandra, Abhijeet, 2024. "Do fund managers’ performance rely on gender and team size? Evidence from India," The North American Journal of Economics and Finance, Elsevier, vol. 71(C).
    3. Sudipta Majumdar & Rohan Kumar Mishra & Abhijeet Chandra, 2024. "Fund Characteristics, Managerial Skills and Performance Persistence: Evidence from India," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(2), pages 335-354, June.

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    More about this item

    Keywords

    Mutual fund performance; Manager characteristics; Manager skill; Performance persistence;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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