A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the mos...A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.展开更多
In 1956, my former Head and Professor of the Department of Obstetrics and Gynecology KT LIM, asked me to take the initiative to establish a reproductive endocrinology unit. As China is a developing country, we wer... In 1956, my former Head and Professor of the Department of Obstetrics and Gynecology KT LIM, asked me to take the initiative to establish a reproductive endocrinology unit. As China is a developing country, we were then short of diagnostic facilities and therapeutic agents. We can learn basic knowledge and clinical experiences from the literature, but hormonal preparations were expensive and generally most of our patients were poor. We needed to find simpler, inexpensive and yet effective ways to treat our patients. In a word, we had to develop our own way.……展开更多
This paper reviewed the theories about knowledge innovation and proposed the characteristics of knowledge propagating in knowledge innovation. Furthermore, this study adopted the bionics principle and discussed knowle...This paper reviewed the theories about knowledge innovation and proposed the characteristics of knowledge propagating in knowledge innovation. Furthermore, this study adopted the bionics principle and discussed knowledge-fermenting model of knowledge innovation, which is used for uncovering the core course of organizational learning and knowledge innovation and guiding the practice of organizational knowledge innovation. The contribution of this paper is to reveal the mechanism of knowledge innovation.展开更多
Municipal solid waste management is a major environmental issue in India. Due to rapid increase in urbanization, industrialization and population, the generation rate of municipal solid waste in Indian cities and town...Municipal solid waste management is a major environmental issue in India. Due to rapid increase in urbanization, industrialization and population, the generation rate of municipal solid waste in Indian cities and towns is also increased. Mismanagement of municipal solid waste can cause adverse environmental impacts, public health risk and other socio-economic problem. This paper presents an overview of current status of solid waste management in India which can help the competent authorities responsible for municipal solid waste management and researchers to prepare more efficient plans.展开更多
文摘A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.
文摘 In 1956, my former Head and Professor of the Department of Obstetrics and Gynecology KT LIM, asked me to take the initiative to establish a reproductive endocrinology unit. As China is a developing country, we were then short of diagnostic facilities and therapeutic agents. We can learn basic knowledge and clinical experiences from the literature, but hormonal preparations were expensive and generally most of our patients were poor. We needed to find simpler, inexpensive and yet effective ways to treat our patients. In a word, we had to develop our own way.……
基金This research was sponsored by National Natural Science Foundation of China （NSFC）.
文摘This paper reviewed the theories about knowledge innovation and proposed the characteristics of knowledge propagating in knowledge innovation. Furthermore, this study adopted the bionics principle and discussed knowledge-fermenting model of knowledge innovation, which is used for uncovering the core course of organizational learning and knowledge innovation and guiding the practice of organizational knowledge innovation. The contribution of this paper is to reveal the mechanism of knowledge innovation.
文摘Municipal solid waste management is a major environmental issue in India. Due to rapid increase in urbanization, industrialization and population, the generation rate of municipal solid waste in Indian cities and towns is also increased. Mismanagement of municipal solid waste can cause adverse environmental impacts, public health risk and other socio-economic problem. This paper presents an overview of current status of solid waste management in India which can help the competent authorities responsible for municipal solid waste management and researchers to prepare more efficient plans.
