What makes Chinese open-end fund managers stay put

What makes Chinese open-end fund managers stay put

Wednesday, 14 June 2023, 15:00-16:15

Room: Zoom

Presenter: Karoglou Michail, Aston University, Birmingham

We examine fund managers’ mobility across different funds and the factors associated with their moving to new posts by analysing a comprehensive and unique dataset of open-ended funds from the booming Chinese mutual fund industry. By modelling the duration of a fund manager’s service as a time-to-event counting process, we examine how the prevailing market conditions, the manager’s performance and the risk profile of the fund determine how long the manager will remain in post. Our findings indicate that managerial performance and rising rather than falling markets make managers less likely to remain in their posts. In contrast, the riskier the profile of the fund with respect to the market, the less likely it is that a manager will move. When all factors are considered together, it appears that open-ended fund managers leave their posts when offered better employment prospects rather than when confronted by market adversity. Overall, our study provides a novel insight into the optimization of investment decisions, and motions regulators to scrutinize the disclosure of appropriate information to investors regarding fund manager changes.

 

Zoom link: https://zoom.us/j/97374751400?pwd=UjZ4cUVaSXZ2bnZUT1BNSVhySFlDQT09

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