Empirical Analysis On Fund Managers' Qualities And Funds' Performance

In the era of knowledge-based economy, along with the gradual deepening of economic globalization and the knowledge-based process, human resource is also seen as the based tools used by contemporary enterprise to obtain and maintain its competitive advantage. In the whole of human resources management system, the comprehensive analysis and master of human resource related characteristics is the core of the most powerful tool for human resources. This paper from the view of fund manager's personal characteristics with the purpose how to choose and management of the fund manager of Fund company to do a deepening research of the phenomenon of China's fund industry herd behavior. In the financial markets,Herding happens everywhere. It is generally accepted that small investors herd much because of a lack of information and correlative professional knowledge. Do institutional investors with more professional and better informed players, herd? Most of the previous research directly to the fund managers'personal characteristics and fund performance correlation, this paper introduceFund Herd behavior, more detailed research that whether fund manager's personal characteristics influence the fund performance by producing herding behavior. By using the complete data of holding position through 2008 to 2010 and adopting the Shi donghui's conception of herding(2001),this paper finds a significant level of open-end fund's herding in China stock markets, the herding acts of the Fund Samples decrease as the increasing number of fund in simultaneously transacting a single stock and However, no evidence supporting herding varies with time is found.For more details in the determinants of herding, the herding measure for each fund in each half year is calculated on a weighted-average basis, and further regressed against fund managers'characteristics. Regressions support that fund managers'ages, the term in the same fund management company, the number of managing Fund of funds Manager significantly impact their herding behaviors.Also, on the basis of the results of herding acts, this paper used comprehensive evaluation indicators of Fund performance, including traditional index of Sharpe, units assets value, and units net earnings as explained variable with empirical analysis of herding behavior to analysis whether Fund Manager take flock behavior can make better performance and the behavior of herding itself is a rational investment behavior? The results found that the higher degree of herding will result in worse fund performance, and then made a comparative analysis of the conclusion of the fund manager personal characteristics and fund performance correlation study to conclude the influence factors of our open-end fund performance.Finally, this paper proposed the corresponding countermeasure to reduce the herding behavior of the open-end funds in China on the basis of earlier empirical conclusion to provide standard choosing fund managers for Fund company and optimizing resources of our Fund Manager human, provide countermeasures to respond to herding behavior for our financial regulators investors and other economic agents to further promote the healthy development of China fund industry.