开放式基金经理与热手的实证研究

A Empirical Study on the Managers and Hot-hands of Open-ended Funds

分析开放式基金近3年分6个半年的开放式基金经理的选时能力、选股能力,运用双向表法研究了基金经理的选时能力、选股能力的持续性。还作了基金净值增长率的持续性研究。发现我国的开放式基金经理有"热手"。

The paper discusses the ability of selecting market timing and securities of funds managers. It analyzes the persistence of the managers＇ ability for market timing selection and securities selection by using two-way tables in a term of 3 years. In particular, a comparative analysis of net-value increasing rate and market are undertaken in order to explore the persistence of net-value increasing rate of a fund. In brief, the funding of the present study suggests that there is ＂thot-hand＂ in open-ended funds management in China.