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Manager Attributes and Fund Performance: Evidence from Taiwan

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  • Jin-Li Hu
  • Hsueh-E. Yu
  • Yi-Ting Wang

Abstract

This paper applies a four-stage data envelopment analysis (DEA) approach proposed by Fried et al. (1999) to measure the operational environment-adjusted efficiency of sixty mutual funds in Taiwan from 2006 to 2010. We adopt the approach for adjusting negative output as suggested by Lovell and Pastor (1995). In addition, the truncated regression model is used to estimate effects of environmental variables on input slacks in the second stage. The efficiency of funds initially lightly declined, rapidly rose during the financial crisis of 2008, and then gradually fell again. Manager attributes as well as fund characteristics significantly affect the performance of mutual funds. This research finds that the Balance fund performs better than the others and female managers perform more outstandingly than male managers both in cost control and risk management. Accordingly, firm size measured by the net asset value of funds has a positive impact on performance, but persistence, manager tenure, manager replacement, and funds under management all negatively influence management performance.

Suggested Citation

  • 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.
    • Handle: RePEc:spt:apfiba:v:2:y:2012:i:4:f:2_4_6
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    Cited by:

    1. 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).
    2. Sevgi Eda Tuzcu & Emrah Ertugay, 2020. "Is size an input in the mutual fund performance evaluation with DEA?," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(4), pages 635-659, December.
    3. Antonella Basso & Stefania Funari, 2017. "The role of fund size in the performance of mutual funds assessed with DEA models," The European Journal of Finance, Taylor & Francis Journals, vol. 23(6), pages 457-473, May.
    4. Mamatzakis, Emmanuel & Xu, Bingrun, 2016. "Managerial attributes and equity mutual fund performance: evidence from china," MPRA Paper 76139, University Library of Munich, Germany.
    5. Liang-Han Ma & Jin-Chi Hsieh & Ying Li & Yung-Ho Chiu, 2021. "Evaluating Efficiency Change in Taiwan’s Financial Industry," SAGE Open, , vol. 11(2), pages 21582440211, April.
    6. Fang, Yi & Wang, Haiping, 2014. "Fund Manager Characteristics and Performance," MPRA Paper 60012, University Library of Munich, Germany.
    7. Banker, Rajiv & Chen, Janice Y.S. & Klumpes, Paul, 2016. "A trade-level DEA model to evaluate relative performance of investment fund managers," European Journal of Operational Research, Elsevier, vol. 255(3), pages 903-910.
    8. Lin, Jia-Hui & Yen, Meng-Feng & Hsieh, Wei-Cheng, 2023. "Do manager characteristics matter in equity mutual fund performance? New evidence based on the double-adjusted alpha," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).

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