The Impact of Fund and Managerial Heterogeneities on Mutual Fund Performance

61 Pages Posted: 24 Oct 2019

See all articles by Diamond Wang

Diamond Wang

University of Auckland - Department of Accounting and Finance

Date Written: March 30, 2019

Abstract

Recent studies on the mutual fund industry have examined the influence of attributes of mutual funds and individual mutual fund managers on fund outcomes. However, few studies focus on the impact of the unobservable fund and managerial attributes. In this study, I use estimated fund manager and family fixed effects to investigate the impact of unobservable attributes of fund managers on future fund performance. Using U.S. mutual fund and manager information obtained from Morningstar Direct, I find that future investor fund flows respond positively to manager and family performance fixed effects. Also, I find some evidence that funds with higher alpha-based manager and family effect estimates are associated with superior fund performance.

Keywords: Mutual Fund Performance, Individual Fixed Effects, Mutual Fund Flow

JEL Classification: G11

Suggested Citation

Wang, Diamond, The Impact of Fund and Managerial Heterogeneities on Mutual Fund Performance (March 30, 2019). Available at SSRN: https://ssrn.com/abstract=3469908 or http://dx.doi.org/10.2139/ssrn.3469908

Diamond Wang (Contact Author)

University of Auckland - Department of Accounting and Finance ( email )

Private Bag 92019
Auckland 1001
New Zealand

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