Abstract
| Original language | English |
|---|---|
| Title of host publication | 21st Pacific-Basin finance, economics, accounting and management conference, July 4-5, 2013, Melbourne, Australia |
| Place of Publication | Melbourne |
| Pages | - |
| Publication status | Published - 4 Jul 2013 |
| Event | 21st Pacific-Basin Finance, Economics, Accounting and Management Conference, PBFEAM 2013 - Park Hyatt, Melbourne Duration: 4 Jul 2013 → 5 Jul 2013 Conference number: 21 |
Conference
| Conference | 21st Pacific-Basin Finance, Economics, Accounting and Management Conference, PBFEAM 2013 |
|---|---|
| Abbreviated title | PBFEAM |
| City | Melbourne |
| Period | 4/07/13 → 5/07/13 |
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Keywords
- METIS-298949
- IR-87866
Cite this
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Explaining the performance of Chinese equity funds. / Huang, Xiaohong; Shi, Qiqiang.
21st Pacific-Basin finance, economics, accounting and management conference, July 4-5, 2013, Melbourne, Australia. Melbourne, 2013. p. -.Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic
TY - GEN
T1 - Explaining the performance of Chinese equity funds
AU - Huang, Xiaohong
AU - Shi, Qiqiang
PY - 2013/7/4
Y1 - 2013/7/4
N2 - This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and 2010) market conditions. We use fund characteristics including size, age, and expense ratio and managerial attributes including manager structure and management education to explain fund performance. We found only expense ratios significantly influence the fund performance under all market conditions. In addition the trading cost is positively associated with fund performance under the bear market. Fund age and management structure show varying impact across bull and bear market conditions. Management education is shown to be powerless in explaining fund performance in China.
AB - This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and 2010) market conditions. We use fund characteristics including size, age, and expense ratio and managerial attributes including manager structure and management education to explain fund performance. We found only expense ratios significantly influence the fund performance under all market conditions. In addition the trading cost is positively associated with fund performance under the bear market. Fund age and management structure show varying impact across bull and bear market conditions. Management education is shown to be powerless in explaining fund performance in China.
KW - METIS-298949
KW - IR-87866
M3 - Conference contribution
SP - -
BT - 21st Pacific-Basin finance, economics, accounting and management conference, July 4-5, 2013, Melbourne, Australia
CY - Melbourne
ER -