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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/152725


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    题名: 共同基金經理人學歷與基金經理人撤換之關聯
    The Relationship Between Mutual Fund Manager Education and Manager Turnover
    作者: 黃丞智
    Huang, Cheng-Chih
    贡献者: 陳鴻毅
    Chen, Hong-Yi
    黃丞智
    Huang, Cheng-Chih
    关键词: 共同基金
    基金經理人撤換
    經理人教育程度
    經理人任期
    mutual funds
    fund manager turnover
    manager education level
    manager tenure
    日期: 2024
    上传时间: 2024-08-05 13:43:05 (UTC+8)
    摘要: 本研究主要在探討共同基金經理人的學歷對基金經理人撤換的影響。本研 究以基金經理人的教育程度及是否畢業於名校作為主要變數，透過羅吉斯回歸 探討學歷對於基金經理人撤換機率的影響。本研究發現，擁有MBA學歷或來自 常春藤名校的MBA學歷顯著降低了基金經理人被撤換的機率。本研究亦發現當 同樣績效表現較差的基金經理人，擁有常春藤名校MBA學歷的經理人能夠有保 護效果，被撤換的機率較低。此外，本研究亦發現，此保護效果會隨其任期減 弱。最後，本研究也針對基金經理人的任期長短與學歷的關聯進行探討，實證 結果顯示擁有MBA學歷，常春藤名校MBA學歷或是常春藤名校MA學歷的共同 基金經理人其任期較長。
    This study primarily investigates whether the education level of mutual fund managers has an impact on their replacement. Specifically, this study uses the education level of mutual fund managers and whether they graduated from prestigious universities as the main variables to examine the impact of education levels on the probability of mutual fund manager replacement. This study finds that a manager with MBA degree or an MBA degree from an Ivy League school is less likely to be replaced. This study also finds that, among fund managers with similarly poor performance, those with an MBA degree from Ivy League schools have a protective effect, resulting in a lower probability of replacement. Additionally, this study finds that this protective effect diminishes following manager’s tenure. Finally, this study also explores the effect of manager’s education level on tenure. The empirical results show that a manager with an MBA degree, an MBA degree from an Ivy League school, or an MA degree from an Ivy League school have longer tenure.
    參考文獻: Adams, J. C., Mansi, S. A., & Nishikawa, T. (2013). Public versus private ownership and fund manager turnover. Financial Management, 42(1), 127-154.
    Allison, P. D. (2010). Survival analysis using SAS: a practical guide. Sas Institute. Andreu, L., & Puetz, A. (2017). Choosing two business degrees versus choosing one:
    What does it tell about mutual fund managers' investment behavior? Journal of
    Business Research, 75, 138-146.
    Chevalier, J., & Ellison, G. (1999). Are some mutual fund managers better than
    others? Cross‐sectional patterns in behavior and performance. The Journal of
    Finance, 54(3), 875-899.
    Chevalier, J., & Ellison, G. (1999). Career concerns of mutual fund managers. The
    Quarterly Journal of Economics, 114(2), 389-432.
    Clare, A., Sherman, M., O'Sullivan, N., Gao, J., & Zhu, S. (2022). Manager
    characteristics: Predicting fund performance. International Review of Financial
    Analysis, 80, 102049.
    Golec, J. H. (1996). The effects of mutual fund managers' characteristics on their
    portfolio performance, risk and fees. Financial Services Review, 5(2), 133-147. Gottesman, A., & Morey, M. R. (2006). Does a better education make for better managers? An empirical examination of CEO educational quality and firm
    performance. An Empirical Examination of CEO Educational Quality and Firm Performance (April 21, 2006). Pace University Finance Research Paper, (2004/03).
    Gottesman, A. A., & Morey, M. R. (2006). Manager education and mutual fund performance. Journal of Empirical Finance, 13(2), 145-182.
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    Hu, F., Hall, A., & Harvey, C., 2000. Promotion or demotion? An empirical investigation of the determinants of top mutual fund manager change. Unpublished working paper, Duke University.
    Hu, P., Kale, J. R., Pagani, M., & Subramanian, A. (2011). Fund flows, performance, managerial career concerns, and risk taking. Management Science, 57(4), 628- 646.
    Kim, Y. U. (2011). Speed of CEO dismissal: An attribution-based model of when boards of director fire CEOs in response to performance downturn. Unpublished working paper, University of North Carolina Chapel Hill.
    Kostovetsky, L., & Warner, J. B. (2015). You’re fired! New evidence on portfolio manager turnover and performance. Journal of Financial and Quantitative Analysis, 50(4), 729-755.
    Khorana, A. (1996). Top management turnover an empirical investigation of mutual fund managers. Journal of Financial Economics, 40(3), 403-427.
    Khorana, A. (2001). Performance changes following top management turnover: Evidence from open-end mutual funds. Journal of Financial and Quantitative Analysis, 36(3), 371-393.
    描述: 碩士
    國立政治大學
    財務管理學系
    111357023
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111357023
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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