Style Consistency and Industry Concentration of Chinese Mutual Funds

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dc.contributor.authorZou L
dc.contributor.authorTang T
dc.contributor.authorLi X
dc.contributor.authorYoung M
dc.coverage.spatialHo Chi Minh
dc.date.available10/07/2019
dc.date.finish-date9/06/2019
dc.date.issued10/07/2019
dc.date.start-date7/07/2019
dc.description.abstractThis paper provides a comprehensive analysis on the relationship between the mutual funds style consistency and performances in China. Using characteristic-based and factor-based analysis, our results indicate that mutual fund managers have stock picking talents over time, with relative weak ability to time the market. Style investments contribute the most to funds’ gross returns. Active funds exhibit lower style consistency but still realise better net returns compared to their passive counterparts. Results further suggest that mutual fund managers who concentrate their holdings in certain industries perform better after controlling for common risk factors. Therefore, we conclude that Chinese mutual fund managers have better industry selection ability.
dc.description.confidentialFALSE
dc.identifier.citation2019
dc.identifier.elements-id424159
dc.identifier.harvestedMassey_Dark
dc.identifier.urihttps://hdl.handle.net/10179/14723
dc.rightsThe Author(s)
dc.sourceAsian FA 2019 Annual Conference
dc.subjectstyle consistency, mutual funds, industry concentration
dc.titleStyle Consistency and Industry Concentration of Chinese Mutual Funds
dc.typeconference
pubs.notesNot known
pubs.organisational-group/Massey University
pubs.organisational-group/Massey University/Massey Business School
pubs.organisational-group/Massey University/Massey Business School/School of Economics and Finance
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