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The Effect of Turnover on Fund Manager's Reputation and Investment Performances in Mutual Fund Industry:A Theoretical Analysis
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이직이 펀드매니저의 평판형성과 투자수익률에 미치는 영향에 관한 이론적 연구

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Type
Academic journal
Author
Byung-Uk Chong (이화여자대학교)
Journal
Korean Industrial Economic Association Journal of Industrial Economics and Business Vol.22 No.3 KCI Accredited Journals
Published
2009.6
Pages
1,071 - 1,091 (21page)

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The Effect of Turnover on Fund Manager's Reputation and Investment Performances in Mutual Fund Industry:A Theoretical Analysis
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Abstract· Keywords

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This study examines the effect of fund manager turnover on investment performances of mutual funds. In managerial labor market of mutual fund industries with information asymmetry about the type of a fund manager, separating equilibrium may not hold due to frequent fund manager turnovers. Therefore, this study provides a theoretical model where mutual funds offer pooling compensation contract to fund managers based on their reputation. In this mechanism where the compensation of a fund manager is determined by reputation, the fund manager has an incentive to acquire private benefit by maintaining inappropriate investment portfolio and turning over to other mutual fund. Fund manager's turnover is another aspect of adverse selection in the managerial labor market of fund industries. That is, a fund manager with low ability can select and maintain unsuccessful investment portfolio generating loss to mutual fund while he turns over to hide himself in the reputation under pooling contract mechanism. The possibility of turnover provides the fund manager with incentive and mechanism to implement inappropriate investment decision, resulting in the deterioration of fund performances.
#뮤추얼펀드 #정보비대칭 #펀드매니저의 이직 #펀드수익률 #Information Asymmetry #Adverse Selection #Mutual Fund #Fund Manager #Turnover #Fund Performance

Contents

Ⅰ. 서론
Ⅱ. 펀드매니저 평판형성의 학습모형
Ⅲ. 이직이 평판형성과 투자관련 의사결정에 미치는 영향
Ⅳ. 펀드매니저의 이직과 투자수익률의 예측
Ⅴ. 결론
참고문헌
Abstract

References (14)

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1. [학술지(정기간행물)] - 박영규 / 2005 / 펀드투자자와 펀드매니저의 투자 행태에 관한 연구 / 재무연구 18 (1) : 31 ~ 67 dbpia 2. [학술지(정기간행물)] - 임웅기 / 1997 / 투자신탁 주식형펀드의 주식보유자료를 이용한 투자성과평가 / 증권학회지 20 : 139 ~ 180 dbpia 3. [학술지(정기간행물)] - Brown,S / 2001 / Careers and Survival:Competition and Risk in the Hedge Fund and CTA Industry / Journal of Finance 56 : 1869 ~ 1886 google schola 4. [학술지(정기간행물)] - Chevalier,J / 1999 / Career Concerns of Mutual Fund Managers / Quarterly Journal of Economics 114 : 389 ~ 432 google schola 5. [기타자료] - Dangl,T / 2006 / Market Discipline and Internal Governance in the Mutual Fund Industry / Working Paper, Vienna University of Technology google schola

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