Impact of Fund Managers Changes on Polish Equity Funds Performance-Reference-Cited by-同舟云学术

Impact of Fund Managers Changes on Polish Equity Funds Performance

Published:2017-06-16 Issue:1 Volume:17 Page:97-108
ISSN:1898-0198
Container-title:Folia Oeconomica Stetinensia
language:en
Short-container-title:

Author:

Asyngier Roman¹,Miziołek Tomasz²

Affiliation:

1. Maria Curie-Sklodowska University in Lublin Faculty of Economics Department of Financial Markets 5 Maria Curie-Sklodowska Square, 20-031 Lublin , Poland

2. University of Lodz Faculty of Economics and Sociology Department of Finance and International Investment P.O.W. 3/5, 90-255 Łódź , Poland

Abstract

Abstract Purpose - the aim of the article was an analysis of the returns of universal Polish equity investment funds before and after the change of portfolio managers. The article deals with the following research problem: how the replacement of investment fund managers impacts the results of Polish equity funds. Methodology - the research methodology which used the indexes of relative strength allows determining the abnormal returns of funds in relation to the WIG Index before and after the change of managers. Findings - the analyses showed negative abnormal returns before changing managers and ambiguous tendencies after the change of managers. Originality - this kind of study has not been conducted for the Polish capital market so far.

Publisher

Walter de Gruyter GmbH

Reference14 articles.

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2. Angelidis, T., Giamouridis, D., Tessaromatis, N. (2013). Revisiting mutual fund performance evaluation. Journal of Banking and Finance, 37 (5), 1759-1776.

3. Bałtowski, M., Kwit, J. (2002). Wycena przez rynek kapitałowy przedsiębiorstw sprywatyzowanych. In: M. Bałtowski (ed.), Przedsiębiorstwa sprywatyzowane w gospodarce polskiej (pp. 167-169). Warszawa: Wydawnictwo Naukowe PWN.

4. Bessler, W., Blake, D., Lückoff, P., Tonks, I. (2014). Why Does Mutual Fund Performance Not Persist? The Impact and Interaction of Fund Flows and Manager Changes (Report No. PI- 1009). London, UK: Pensions Institute.

5. Carhart, M.M. (1997). On Persistence in Mutual Fund Performance. Journal of Finance, 52, 57-82.

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