Mutual Fund Characteristics, Managerial Attributes and Fund Performance
Posted: 7 Sep 2008
Date Written: 2004
This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The sample of funds used in this regression analysis is free of survivorship bias, and the study addresses benchmark issues as well. The results indicate that the hypothesized relationship between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost and management also explain performance. Finally, after controlling for survivorship and benchmark error, the results refute the performance persistence phenomenon.
Keywords: mutual funds, fund characteristics, mutual fund performance
JEL Classification: G20, G23
Suggested Citation: Suggested Citation