Fund Manager Turnover and Investment Performances in Fund Industry
Byung-Uk Chong
This study examines the relationship between fund manager turnover and investment performance for mutual funds. This issue is significant given the importance of fund manager in the implementation of the investment str ategy of funds, the sizeable assets under their control, as well as the overall success and profitability of the fund operation. This study examines the impact of fund managers investment performance and turnover on expected return on investment. In doing so, this study models that fund managers of low ability maintain failed investment and turnover while generating losses on fund investment.
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