Are active mutual fund managers skilled in picking stock concepts?

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Jinlin Fu , Xiaomeng Lu , Yuxin Xie , Binxu Wang
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引用次数: 0

Abstract

We provide a novel assessment of active mutual fund managers’ investment skills by analyzing the stock concepts they trade—a unique aspect of the Chinese stock market where stocks are grouped by themes or trends. We find that managers purchase stock concepts that subsequently outperform those they sell, demonstrating genuine investment skill. This outperformance is evident in both returns and earnings and is not driven by private information or concept momentum effects. Additionally, fund managers perform better when trading concepts dominated by growth stocks compared to value stocks. In contrast, retail investors underperform when trading stock concepts. Our findings highlight the value-added role of active fund managers in selecting stock concepts and offer new insights into mutual fund performance evaluation.
活跃的共同基金经理是否擅长挑选股票概念?
我们通过分析他们交易的股票概念,对积极的共同基金经理的投资技巧进行了新颖的评估——这是中国股票市场的一个独特方面,股票按主题或趋势分组。我们发现,经理人购买的概念股随后表现优于他们出售的概念股,显示出真正的投资技巧。这种优异的表现在回报和收益上都很明显,并不是由私人信息或概念动量效应驱动的。此外,与价值型股票相比,基金经理在交易增长型股票为主的概念时表现更好。相比之下,散户投资者在交易股票概念时表现不佳。我们的研究结果突出了主动基金经理在选择股票概念方面的增值作用,并为共同基金绩效评估提供了新的见解。
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
7.30
自引率
2.20%
发文量
253
期刊介绍: The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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