What Makes Fund Managers Leave Their Jobs Faster?

IF 4.5 2区 管理学 Q1 BUSINESS British Journal of Management Pub Date : 2023-11-01 DOI:10.1111/1467-8551.12773
Michail Karoglou, Jia Liu, Dimitrios Stafylas
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Abstract

We examine fund managers’ mobility across different funds and the factors associated with their moving to new posts. Based on a comprehensive and unique dataset of open-ended funds of the booming Chinese mutual fund industry, we model the duration of a fund manager's service as a time-to-event counting process and examine how the prevailing market conditions, the manager's performance and the risk profile of the fund determine how long the manager will remain in post. Our study establishes that managerial performance and rising rather than falling markets are the two main factors that make managers less likely to remain in their posts. In contrast, the riskier the profile of the fund with respect to the market, the less likely it is that a manager will move. When all factors are considered, it appears that open-ended fund managers leave their posts when offered better employment prospects rather than when confronted by market adversity. Our study provides a novel insight into the optimization of investment decisions and encourages regulators to scrutinize the disclosure of appropriate information to investors regarding fund manager changes.

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是什么让基金经理离职更快?
我们研究了基金经理在不同基金之间的流动性以及与他们调任新职位相关的因素。基于蓬勃发展的中国共同基金行业中一个全面而独特的开放式基金数据集,我们将基金经理的任职期限建模为一个时间到事件的计数过程,并研究了当时的市场条件、基金经理的业绩以及基金的风险状况如何决定基金经理的留任时间。我们的研究表明,基金经理的业绩和市场上涨而非下跌是导致基金经理留任可能性降低的两个主要因素。相反,基金相对于市场的风险越大,基金经理流动的可能性就越小。如果考虑到所有因素,开放式基金经理似乎会在获得更好的就业前景时离职,而不是在面临市场逆境时离职。我们的研究为投资决策的优化提供了一个新的视角,并鼓励监管机构严格审查向投资者披露有关基金经理变动的适当信息。
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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