FUND CHARACTERISTICS, MANAGERIAL FEATURES AND PERFORMANCE:AN EMPIRICAL EXAMINATION ON CLOSE-END FUNDS IN CHINA

摘要

This paper provides a comprehensive examination on recent fund performance by analysing a set of close-end funds for the three-year period from January 1,2001 to January 1,2004 in an effort to link the performance to fund-specific characteristics and managerial features through a multiple factors fixed-effects model. The results indicate that the one-year lagged performance, unit net asset, MB and devaluation rate have significant and positive impacts on fund performance. In contrast to former researchers, we suggest that the working experience of fund managers influence performance negatively. Furthermore, funds'investment styles do not matter much for fund performance. In the end, we suggest that the performance of Chinese close-end funds exhibits significant persistence during the evaluation period. In addition, based on the analysis on the funds' age and turnover, the paper provides insights into the issue that older and more active funds do not ensure better performance in future.