基金经理过度自信与个人特征研究——基于中国证券投资基金的数据

发布时间：2018-01-07 00:28

本文关键词：基金经理过度自信与个人特征研究——基于中国证券投资基金的数据　出处：《上海金融》2015年09期 　论文类型：期刊论文

【摘要】：本文以换手率作为过度自信的衡量指标,对我国2007年至2014年普通股票型基金经理过度自信影响因素进行了研究。实证检验表明:(1)基金上期业绩表现优异会使基金经理在当期更容易表现出过度自信,而市场平均收益率对基金经理过度自信不具有显著性影响;(2)在基金上期表现优异的情况下,团队管理会导致基金经理过度自信更明显;(3)基金经理从业经验、年龄、任职基金数量与换手率呈负相关,说明缺乏经验的年轻基金经理更容易产生过度自信;(4)持有专业证书的基金经理由于专业素质高,发生过度自信可能性较低,性别、学历、是否有MBA学位这些因素对换手率无显著影响,不能很好地解释过度自信。
[Abstract]:This paper takes turnover rate as a measure of overconfidence. This paper studies the influencing factors of overconfidence of ordinary equity fund managers from 2007 to 2014 in China. The excellent performance of the fund in the previous period will make it easier for the fund manager to show overconfidence in the current period. However, the market average return has no significant effect on fund managers' overconfidence. 2) when the fund performed well in the previous period, the team management would lead to the fund manager overconfidence more obvious; (3) Fund manager's working experience, age, number of serving fund are negatively correlated with turnover rate, indicating that young fund manager who is inexperienced is more prone to overconfidence; (4) the fund manager holding professional certificate has no significant influence on turnover rate because of high professional quality, low probability of overconfidence, gender, education, and MBA degree. It doesn't explain overconfidence very well.
【作者单位】：对外经济贸易大学金融学院;
【分类号】：F832.51
【正文快照】： 本文以基金经理为例,用过度自信来衡量基金经最有力的解释(De Bondt和Thaler,1985),因为过度自理是否能在投资中保持理性基于以下两个方面:首信的投资者倾向于交易过于频繁(Barber和Odean,先,过度自信是衡量一般人群非理性行为中应用最2000)。Jaffe和Winkler(1976)发现,交易的

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