The Impact Of CFA Certificate On The Performance And Risk Of Hedge Fund Managers

Since its birth in 1949 in the United States,hedge funds have developed very mature overseas and become investment instruments that can compete with mutual funds.Foreign academic research on hedge funds has become more and more perfect.Whether it is the classification of hedge fund products,performance and risk,or based on behavioral finance,the research of incorporating the personal characteristics of hedge fund managers into risk,has a relatively sound research framework and system.In China,however,until March 5,2010,the China securities regulatory commission issued the " Stock Index Futures Guidelines for Investment in Securities Investment Funds",opened the stock index market and margin trading,only formally opened the curtain of hedge funds.Less than 10 years,hedge funds from the beginning of the slow development,to the exponential growth in 2014,and then to the present stage of steady and rapid development,the whole process is very worthy of discussion.Because hedge funds in the information disclosure is often imperfect,and domestic hedge funds started slowly,so the previous research on the impact of personal characteristics of fund managers on fund performance is usually public offering fund managers as an example,but for hedge fund managers’ personal characteristics of the relevant research is less.However,in the field of hedge funds,in addition to charging higher management fees,but also to collect commission fees for the profit part of the fund,so the selection of fund managers is very important for investors.In view of this,this paper will start from the perspective of hedge fund managers,and select the personal characteristics of fund managers to further analyze the relationship between their management fund performance.From the perspective of the professional qualifications of hedge fund managers,this paper examines the impact of holding a “chartered financial analyst” certificate on hedge fund performance.The data in this paper come from the database which integrates the questionnaire data of Wind,Chaoyang sustainability,Private Placement Yuntong,Private Placement Grid.The database selects 37428 hedge fund product information databases with net value between April 16,2010 and June 30,2017.After eliminating the lack of control variable information needed by the research,the final sample of this paper includes 4437 hedge fund products,involving 971 hedge fund managers and 524 hedge fund companies.This paper examines the impact of CFA certificates on the performance of hedge fund managers in hedge funds using stock strategies.Stock strategy accounts for 79.9% of hedge fund strategy,so this paper makes further research on stock strategy.It is found that holding CFA certificate has no obvious effect on annualized yield,but also produces lower excess annualized yield and lower risk.Therefore,the preliminary conclusion is that holding CFA certificates does not bring higher excess returns in hedge fund stock strategy,but has improved the ability of fund managers to control risk due to professional training.This paper enriches the personal characteristics of hedge fund managers.This paper also provides a new way to study fund performance from the perspective of fund manager’s professional skills,which will help to understand the relationship between China’s hedge fund performance and fund manager’s personal characteristics.At the same time,the results of this study also provide a new idea for fund selection in the stock strategy of hedge funds.