Behavioral traits of fund managers: a systematic literature review

IF 3.3 Q2 BUSINESS
Sudipta Majumdar, Abhijeet Chandra
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引用次数: 0

Abstract

Purpose

The purpose of the study is to investigate, synthesize and critically evaluate empirical research findings on the behavioral traits of fund managers from 1994 to 2024. The ultimate goal is to provide a unified body of literature on three broad topics: first, fund managers' demographic and professional characteristics, such as age, gender, level of education and years of industry experience; second, fund managers' social and political connections; and third, fund managers' behavioral biases that lead to irrational investment decisions.

Design/methodology/approach

The relevant papers from selected journals were discovered and manually validated using the Scopus database. From 317 retrieved documents, 57 relevant articles were chosen and analyzed after the forward and backward search of the existing articles.

Findings

This paper presents a categorized summary of behavioral factors that have gained a foothold in influencing the behavior of fund managers in fund management research, with several studies demonstrating their significance leading to improved prediction and model precision, as this review indicates. In addition, the study summarized the contributions of prior empirical studies within the aforementioned three major categories and illustrated their consequences.

Originality/value

The present study contributes to the understanding of the effects of behavioral finance theories on fund managers by providing meaningful explanations of their behavioral traits based on empirical evidence and existing trends and knowledge gaps, both of which can influence the future direction of research.

基金经理的行为特征:系统文献综述
目的 本研究旨在调查、综合和批判性评估 1994 年至 2024 年期间有关基金经理行为特征的实证研究成果。最终目标是就三大主题提供统一的文献:第一,基金经理的人口统计和职业特征,如年龄、性别、教育水平和行业经验年限;第二,基金经理的社会和政治关系;第三,导致非理性投资决策的基金经理行为偏差。从检索到的 317 篇文献中,经过对现有文章的正向和反向检索,选择并分析了 57 篇相关文章。研究结果本文对基金管理研究中影响基金经理行为的行为因素进行了分类总结,正如本综述所示,多项研究证明了这些行为因素对提高预测和模型精度的重要意义。此外,本研究还总结了前述三大类实证研究的贡献,并说明了其后果。原创性/价值本研究基于实证证据和现有趋势及知识缺口,对基金经理的行为特征做出了有意义的解释,有助于人们理解行为金融理论对基金经理的影响,这两者都会影响未来的研究方向。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.20
自引率
13.20%
发文量
69
期刊介绍: The Asia Pacific Journal of Business Administration (APJBA) publishes original research on: Business Strategy and Policy, Accounting and Board Governance, Marketing and People Management, and Operations and Supply Chain Management. The journal welcomes practical and skill-based submissions in these areas. There is particular interest in submissions regarding: Sustainable Business Practices, Quality Management Practices, Innovation and Creativity in Management, as well as Managing a Learning Organisation. The Asia Pacific region is full of collaborations between government, NGOs and private enterprise. Submissions are welcome which contribute to our understanding of partnerships and the cross-cultural issues. Research methods vary, and the journal is interested in the full diverse of qualitative (case and action research, etc) as well as quantitative survey studies and their recommendations. The APJBA seeks to become a forum for both established scholars and early career researchers in all aspects of management and business in the Asia-Pacific region. Emphasis is on rigour and relevance, on theory and practice, in a globalised scholarly environment.
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