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A review of behavioural and management effects in mutual fund performance

机译：共同基金业绩中的行为和管理效应回顾

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This paper surveys and critically evaluates the literature on the role of management effects and fund characteristics inmutual fund performance. First, a brief overview of performance measures is provided. Second, empirical findings on the predictive power of fund characteristics in explaining future returns are discussed. Third, the paper reviews the literature on fund manager behavioural biases and the impact these have on risk taking and returns. Finally, the impact of organizational structure, governance and strategy on both fund risk taking and future performance is examined. While a number of surveys on mutual fund performance are available, these have not focused on the role of manager behavioural biases, manager characteristics and fund management strategic behavior on fund performance and risk taking. This review is an attempt to fill this gap. Empirical results indicate that finding successful funds ex-ante is extremely difficult, if not impossible. In contrast, there is strong evidence that poor performance persists for many of the prior "loser fractile" portfolios of funds. A number of manager behavioural biases are prevalent in the mutual fund industry and they generally detract from returns. (C) 2016 Elsevier Inc. All rights reserved.
机译：本文对管理效应和基金特征在互惠基金绩效中的作用进行了调查和批判性评估。首先，简要介绍了绩效指标。其次，讨论了有关基金特征在解释未来收益方面的预测能力的实证研究结果。第三，本文回顾了有关基金经理行为偏见及其对风险承担和回报的影响的文献。最后，研究了组织结构，治理和策略对资金承担风险和未来绩效的影响。尽管可以进行许多有关共同基金绩效的调查，但这些调查并未集中于经理行为偏见，经理特征以及基金管理策略行为对基金绩效和风险承担的作用。这次审查是为了填补这一空白。实证结果表明，事前发现成功的资金非常困难，即使不是不可能的。相反，有充分的证据表明，许多先前的“失败者分手”基金投资组合仍然表现不佳。共同基金行业普遍存在许多管理者的行为偏见，它们通常会损害收益。 （C）2016 Elsevier Inc.保留所有权利。

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