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• W293674279 abstract "In response to the new disclosure requirements introduced in China, this paper examines whether higher holding by employees is associated with improved performance of open-end investment funds. All 330 Chinese open-end funds in June 2007 were investigated. The percentage of annual original returns, annual objective-adjusted returns and annual risk-adjusted return at the end of June 2008 were used as measures of the performance of these open-end funds. Depending on the assumptions employed, 42% of the funds have some employee holdings, with their shares being between 1.31% and 0.003% of the size of the funds. We found no evidence support the view that higher employee holdings, by percentage, are related to improved performance. In contrast, t-test showed that funds with some employee holdings had significantly original and objective-adjusted returns. In addition, the same result was obtained when the percent of employee holdings were related to open-end fund fees and portfolio turnovers. Neither expense ratio nor portfolio turnover was related to employee holdings. These findings support the notion that the holding of shares by employees does not help open-end fund investors and hence suggest that the disclosure of such information is does not assist or help managers in the making of portfolio allocation decisions. Introduction Since the arrival of the new century, open-end funds have emerged and rapidly developed in China, with 330 open-end funds being set up between 2001 and t2007, and the total open-end funds managed by these funds being worth more than US$ 396.8 billion. More than 93 per cent of the assets of these Chinese funds are managed by open-end funds. With the increase in open-end funds, an increasing number of investors started to give attention to the governance structure of open-end fund especially their ownership structure. From the base regulation that at least 30 per cent of a open-end fund's board must consist of independent directors, the China Securities Regulatory Commission (CSRC) regulated that after June 13th, 2007, employees of Chinese open-end funds as well as fund management companies and trustee banks are required to disclose how much of their personal wealth is invested in the funds they manage both in terms of number and percent of shares. All employees in these institutions must satisfy this requirement. The new disclosure requirements are part of a series of new regulations introduced by the China Securities Regulatory Commission in 2007. These regulations are aimed at improving transparency and oversight, thereby leading to improved protection of fund investors. It is possible that the future performance of such funds could be affected by other funds, perhaps by families and fund managers, besides the holdings of employees' per se. The goal of this paper is to determine whether the disclosure of these holdings is useful for Chinese investors, in particular, in their ability to predict future performance. In addition, we explore the determinants of fund expenses and portfolio turnover. We start by calculating employees holdings in all Chinese open-end funds that provided this information at the end of June, 2007. We obtained this data from the Wind Information Database. Because only a few trustee banks employees hold the funds they manage, we omitted these employee holdings and regarded 'employees' as only the employees of fund management companies. Original return and objective-adjusted returns were collected from the Wind Information Database to reflect future return by the end of June 2008. We make three contributions with this paper. Our first contribution is to survey the literature on China open-end funds: To the best of our knowledge the link between the performance of open-end funds and their employees' holdings has not been previously investigated and summarized in the academic literature in China. The second contribution is that this paper adds to the emerging literature on the effectiveness of various aspects of governance in the fund industry. …" @default.
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• W293674279 date "2010-08-01" @default.
• W293674279 modified "2023-09-23" @default.
• W293674279 title "Effect of Employees' Holdings on the Performance of Open-End Investment Funds: An Empirical Study in China" @default.
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