An Empirical Ezamination on the Effect of Fund Managers Turnover on Fund Managers’ Investment Behavior

摘要：

The fund industry in China has characteristic of a frequent turnover among fund managers which lead to the fund managers paying more attention to negative reputation than positive reputation. Analyzed by binary choice model, the result shows that the possibility of facing negative reputation is larger for those fund managers with less working experience who take on more adventurous strategy. With the hope of reducing the probability of negative reputation, these managers mentioned above will follow those managers with rich experience. Therefore, the “herd behavior emerges.

关键词： fund manager turnover reputation investment behavior

作者: Hong Gong

作者单位: Economics and Management School Wuhan University, P.R.China, 430072

会议类型: 国际会议

会议名称: The Third International Conference on Operations and Supply Chain Management(第三届运营与供应链管理国际会议)

会议地点: 武汉

会议语种:英文

页码: 834-837

在线出版日期: 2009-07-28（万方平台首次上网日期，不代表论文的发表时间）