The Impact of Overconfident Fund Managers on the Relation between Fund Size and Fund Performance
| Autor: | Hsin-Yin Chou, 周欣瑩 |
|---|---|
| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 The purpose of this study is to investigate whether the fund manager''s overconfidence have a negative impact on the relationship between fund size and fund performance. In addition, this study further examine if the fund manager’s overconfidence affects fund performance. Based on previous studies, fund turnover ratio is used as the proxy variable of manager’s overconfidence. This study mainly focuses on domestic open-end equity funds. A set of sample includes 9245 observations and data period is from 2006 to 2010. This study employs a time-series portfolio approach and a regression model to execute the empirical analysis. The result shows fund manager’s overconfidence has a significantly negative effect on the relationship between fund size and fund performance. When the interact item of fund size and turnover ratio is controlled, fund size and fund turnover ratio have a positive impact on fund performance, respectively. This implies that overconfident fund managers with more active trading have a better performance in market fluctuation period. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|