Matches in SemOpenAlex for { <https://semopenalex.org/work/W69847221> ?p ?o ?g. }
Showing items 1 to 89 of
89
with 100 items per page.
- W69847221 abstract "This thesis contributes to an understanding of the influence that recent performance has on investors' choice of outside portfolio manager. The recent growth and importance of professionally managed investment funds is unquestionable, yet very little work has been devoted to understanding the nature of the relationship between investor and outside fund manager. The work conducted here provides important insight into the relationship between past performance and investors' retention/replacement decisions, extending the literature on professional portfolio management in several ways. Professionally managed funds have been studied extensively. Research has focussed primarily on performance per se: developing methods for the evaluation of performance, and empirical studies of the performance of fund managers through the application of proposed measures. Other aspects of delegated funds management remain relatively unexplored territory. In studying the investor/investment manager relationship, this thesis provides important insight into problems and resolution mechanisms in delegated investment management. The work conducted here is aimed at understanding the decisions taken by investors about which fund manager to engage. The study begins with an exploration into the problems faced by investors in selecting and motivating outside investment managers, which leads to the identification of recent performance as an important choice criterion. While the importance of recent performance to fund manager choice has been accepted widely by those interested in delegated investment from either a practical or academic perspective, very few studies analysing and measuring and the relationship have been conducted. Another contribution of this thesis is its investigation into theoretical reasons for the existence of a relationship between past performance and fund manager choice, and the empirical evidence regarding the relationship. This study also contributes to knowledge of a little-researched subject through its focus on the institutional investor. A majority of the research into the performance of managed funds has been conducted using data of United States mutual funds, serving individual investors. The tests performed in this study are conducted using data on size and performance of funds serving large investors in Australia, primarily institutions such as superfunds. This thesis contributes to knowledge about the behaviour of institutional investors that can be compared to that of individuals, as well as a generalisation of results based on US data. The results of the tests conducted in this study provide an unequivocal confirmation of the influence of recent performance on the movement of assets-undermanagement reflective of investors' retention/replacement decisions. A number of different performance measures in addition to those used in prior work are used here; the robustness of the results across measures allows greater validity to be placed on results of studies using one or two performance measures. In addition to hypothesising and testing a basic relationship between recent performance and the retention/replacement of outside fund manager, several factors are hypothesised to affect investors' decisions, such as fund age and size, as well as transactions costs. The results indicate that investors are more responsive to the performance of small funds than to that of large funds; this also appears true of young versus old funds. This study's data overlap (ie., many of the small funds are also young) predicates the finding of both effects. Results of distinguishing tests indicate that a size effect, rather than age, appears to be present. In addition to size effects, investors appear more responsive to superior performance than to inferior performance. This can be interpreted as the effect of higher transactions costs associated with replacing poor performers and/or opportunistic behaviour of investors chasing recent stellar performance. The results reported here generally corroborate those of prior studies in finding a statistically and economically significant relationship between past performance and the movement of assets-under-management. There are two notable differences in the results of this study. First, the evidence indicating support for a size effect as opposed to an age effect, contradicts that of Chevalier and Ellison (1995) who report the opposite. Second, the pronounced asymmetry in the response to superior versus inferior performance reported by Sirri and Tufano (1993) suggests that mutual fund investors appear to flock to recent top performing but do not flee from recent bottom performers. Evidence of this behaviour is not as pronounced here, with many tests indicating that Australian institutional investors reward recent winners as well as discipline recent losers as predicted by the theoretical models." @default.
- W69847221 created "2016-06-24" @default.
- W69847221 creator A5051453368 @default.
- W69847221 date "1998-01-01" @default.
- W69847221 modified "2023-09-23" @default.
- W69847221 title "An investigation into the influence of past managed fund performance on the movement of assets-under-management" @default.
- W69847221 hasPublicationYear "1998" @default.
- W69847221 type Work @default.
- W69847221 sameAs 69847221 @default.
- W69847221 citedByCount "0" @default.
- W69847221 crossrefType "journal-article" @default.
- W69847221 hasAuthorship W69847221A5051453368 @default.
- W69847221 hasConcept C10138342 @default.
- W69847221 hasConcept C11393971 @default.
- W69847221 hasConcept C116834253 @default.
- W69847221 hasConcept C12713177 @default.
- W69847221 hasConcept C127413603 @default.
- W69847221 hasConcept C144133560 @default.
- W69847221 hasConcept C154945302 @default.
- W69847221 hasConcept C162324750 @default.
- W69847221 hasConcept C169549615 @default.
- W69847221 hasConcept C175444787 @default.
- W69847221 hasConcept C17744445 @default.
- W69847221 hasConcept C183582576 @default.
- W69847221 hasConcept C18762648 @default.
- W69847221 hasConcept C189188589 @default.
- W69847221 hasConcept C199539241 @default.
- W69847221 hasConcept C26584437 @default.
- W69847221 hasConcept C27548731 @default.
- W69847221 hasConcept C2778348673 @default.
- W69847221 hasConcept C2780821815 @default.
- W69847221 hasConcept C36588987 @default.
- W69847221 hasConcept C41008148 @default.
- W69847221 hasConcept C59822182 @default.
- W69847221 hasConcept C78519656 @default.
- W69847221 hasConcept C86803240 @default.
- W69847221 hasConcept C94625758 @default.
- W69847221 hasConceptScore W69847221C10138342 @default.
- W69847221 hasConceptScore W69847221C11393971 @default.
- W69847221 hasConceptScore W69847221C116834253 @default.
- W69847221 hasConceptScore W69847221C12713177 @default.
- W69847221 hasConceptScore W69847221C127413603 @default.
- W69847221 hasConceptScore W69847221C144133560 @default.
- W69847221 hasConceptScore W69847221C154945302 @default.
- W69847221 hasConceptScore W69847221C162324750 @default.
- W69847221 hasConceptScore W69847221C169549615 @default.
- W69847221 hasConceptScore W69847221C175444787 @default.
- W69847221 hasConceptScore W69847221C17744445 @default.
- W69847221 hasConceptScore W69847221C183582576 @default.
- W69847221 hasConceptScore W69847221C18762648 @default.
- W69847221 hasConceptScore W69847221C189188589 @default.
- W69847221 hasConceptScore W69847221C199539241 @default.
- W69847221 hasConceptScore W69847221C26584437 @default.
- W69847221 hasConceptScore W69847221C27548731 @default.
- W69847221 hasConceptScore W69847221C2778348673 @default.
- W69847221 hasConceptScore W69847221C2780821815 @default.
- W69847221 hasConceptScore W69847221C36588987 @default.
- W69847221 hasConceptScore W69847221C41008148 @default.
- W69847221 hasConceptScore W69847221C59822182 @default.
- W69847221 hasConceptScore W69847221C78519656 @default.
- W69847221 hasConceptScore W69847221C86803240 @default.
- W69847221 hasConceptScore W69847221C94625758 @default.
- W69847221 hasLocation W698472211 @default.
- W69847221 hasOpenAccess W69847221 @default.
- W69847221 hasPrimaryLocation W698472211 @default.
- W69847221 hasRelatedWork W1558262851 @default.
- W69847221 hasRelatedWork W1745939416 @default.
- W69847221 hasRelatedWork W2152938562 @default.
- W69847221 hasRelatedWork W2165787924 @default.
- W69847221 hasRelatedWork W2289042498 @default.
- W69847221 hasRelatedWork W2310490261 @default.
- W69847221 hasRelatedWork W231204087 @default.
- W69847221 hasRelatedWork W2469469595 @default.
- W69847221 hasRelatedWork W2596314416 @default.
- W69847221 hasRelatedWork W2605288066 @default.
- W69847221 hasRelatedWork W2743946011 @default.
- W69847221 hasRelatedWork W2885558608 @default.
- W69847221 hasRelatedWork W2921397998 @default.
- W69847221 hasRelatedWork W2947289704 @default.
- W69847221 hasRelatedWork W3045215805 @default.
- W69847221 hasRelatedWork W3124699177 @default.
- W69847221 hasRelatedWork W635257447 @default.
- W69847221 hasRelatedWork W2184174345 @default.
- W69847221 hasRelatedWork W2303883976 @default.
- W69847221 hasRelatedWork W2962913066 @default.
- W69847221 isParatext "false" @default.
- W69847221 isRetracted "false" @default.
- W69847221 magId "69847221" @default.
- W69847221 workType "article" @default.