Title: Fund Performance,Fund Manager Change and the Rich Effect of Investors——An Empirical Analysis on Chinese Capital Market
Abstract: Recent years,more and more researchers focused on the frequently changing of fund managers and the agent problem in the fund management companies.This article researches three questions on closed-fund manager's turnover:the descriptive statistics of fund manager turnover,the relationship between the fund's performance and fund manager turnover,the market reaction to fund managers turnover.The conclusion is: fund's performance was an important factor on the fund's manager's turnover.But the manager's change didn't improve the fund performance.The market did react to the announcement,but it didn't increase the investor's wealth.
Publication Year: 2007
Publication Date: 2007-01-01
Language: en
Type: article
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