Fund Managers’ Gender And The Purchase And Redemption Decision Of Investors

Since the launch of the first open fund in 2001,the Chinese fund industry has developed for more than 20 years.The number of fund companies has sprung up,and the size of the fund management funds has also increased.In view of the fund industry,the stable growth trend and huge scale have grown into an important member of the capital market,and it is very important to understand the various phenomena in the fund market.At the same time,after the reform and opening up,people’s production and living standards have improved significantly,investment demand has been further enhanced,and fund investment has become an important financial choice for residents.As a leader of the fund,the fund manager directly decides the fund’s performance,so the selection of funds is the fund manager.There is a phenomenon worthy of attention in the fund industry.The number of female fund managers is small,and the reasons behind it are worthy of attention.At present,there are many research on the fund industry at home and abroad.It is mainly concentrated in the personal characteristics of fund managers,the influence of the basic situation of the fund on fund performance,and the vision of investors in fund redeem.There are also some articles that have recently begun to explain the behavior deviation of individual investors from the perspective of behavior finance and their impact on investment behavior.For example,excessive self-confidence will increase the frequency of investors in the securities market and increase market volatility.And 2023 is the 25 th anniversary of the fund development.In February of the same year,the Shanghai and Shenzhen motherboards also ushered in the registration system.The implementation of the comprehensive registration system is the baptism of participants in the domestic market.In this environment of "buyer’s arrogance and responsibility of the seller",professional institutional investors play the main role.Fund participates in the market.In addition,in the fund market,investors also influence the decision-making and fund performance of the fund manager through their own behavior.Therefore,understanding the basis of investors in fund redeemed and the final impact on the fund manager and the fund industry may provide a explanation for the lower degree of labor participation in the fund industry.This article selects the stock type,hybrid and bond funds in the open fund from2010 to 2022 as research samples.The total samples include 44 quarters and 8,444 funds.The article takes the net inflow of the fund as the measurement indicator of investors’ behavior,and adopts a fixed effect model to explore whether investors prefer the gender of fund managers in the fund manager in the fund redeeming decision.Empirical verification of whether the media’s attention and the structure of the holder can regulate the investor’s role in the gender preferences of the fund manager;and further compare the performance,investment style and risk preferences of the men’s and women’s fund managers,and explore the behavior of investors’ behavior.Whether preferences are rational.Furthermore,the impact of gender diversification of fund managers on fund management companies.Finally,use the tendency score matching method and replace the measurement method of the interpretation variable to test the above results.This article concludes that(1)Investors prefer to purchase funds managed by male fund managers.(2)Investors in the fund’s redeemed decision-making,the gender preferences showed by the fund manager derived from irrational.(3)Fund managers’ gender diversification can bring positive overflow effects to fund management companies.The study of this article has certain theoretical and practical significance.In terms of theory,the research of investor behavior is enriched,and it provides less investors-based explanations for why female fund managers.Secondly,it has confirmed that gender diversification has a positive role in the fund industry and enriches the research in the field of gender diversification.In terms of practice,the channels for investors to improve their investment participation,regulators strengthen investor education,broaden information release,and have some inspiration of the daily management of fund management companies.