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    Style Consistency and Industry Concentration of Chinese Mutual Funds

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    Investment Style and Industry Concentration 2 May 2019.docx (212.2Kb)
    Abstract
    This paper provides a comprehensive analysis on the relationship between the mutual funds style consistency and performances in China. Using characteristic-based and factor-based analysis, our results indicate that mutual fund managers have stock picking talents over time, with relative weak ability to time the market. Style investments contribute the most to funds’ gross returns. Active funds exhibit lower style consistency but still realise better net returns compared to their passive counterparts. Results further suggest that mutual fund managers who concentrate their holdings in certain industries perform better after controlling for common risk factors. Therefore, we conclude that Chinese mutual fund managers have better industry selection ability.
    Citation
    2019
    Date
    2019-07-10
    Author
    Zou, L
    Tang, T
    Li, X
    Young, M
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    Contact Us | Send Feedback | Copyright Take Down Request | Massey University Privacy Statement
    DSpace software copyright © Duraspace
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