Human Capital Efficiency and Equity Funds’ Performance during the COVID-19 Pandemic

17 Pages Posted: 15 Jun 2020

See all articles by Larisa Yarovaya

Larisa Yarovaya

University of Southampton - Southampton Business School

Nawazish Mirza

La Rochelle Business School

Jamila Abaidi

La Rochelle Business School

Amir Hasnaoui

La Rochelle Business School

Date Written: June 13, 2020

Abstract


The paper investigates the impact of human capital efficiency (HCE) on equity funds’ performance during three stages of the COVID-19 pandemic. We collected data for 799 open-ended equity funds across five EU countries and ranked them in five categories of HCE and compare their risk-adjusted performance across these categories. The results suggest that during the COVID-19 outbreak, the equity funds that were ranked higher in HCE outperformed their counterparts. We suggest that fund managers should invest in human capital to improve funds’ coping ability and resilience during periods of extreme stress.

Keywords: COVID-19, mutual funds, human capital efficiency, risk-adjusted performance

JEL Classification: J24, G01

Suggested Citation

Yarovaya, Larisa and Mirza, Nawazish and Abaidi, Jamila and Hasnaoui, Amir, Human Capital Efficiency and Equity Funds’ Performance during the COVID-19 Pandemic (June 13, 2020). Available at SSRN: https://ssrn.com/abstract=3626151 or http://dx.doi.org/10.2139/ssrn.3626151

Larisa Yarovaya (Contact Author)

University of Southampton - Southampton Business School ( email )

Highfield
University Road
Southampton, SO17 1BJ
United Kingdom

Nawazish Mirza

La Rochelle Business School ( email )

102 rie de Coureilles
Les Minimes
La Rochelle, 17024
France

Jamila Abaidi

La Rochelle Business School ( email )

102 rie de Coureilles
Les Minimes
La Rochelle, 17024
France

Amir Hasnaoui

La Rochelle Business School ( email )

102 rie de Coureilles
Les Minimes
La Rochelle, 17024
France

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