Impact of Fund Managers Changes on Polish Equity Funds Performance

Ph.D. Roman Asyngier 1  and Ph.D., Associate Prof. Tomasz Miziołek 2
  • 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

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.

If the inline PDF is not rendering correctly, you can download the PDF file here.

  • Act on Investment Funds and Management of Alternative Investment Funds. Journal of Laws from 2004, No. 146, item 1546, as amended.

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

  • 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.

  • 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.

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

  • Chevalier, J., Ellison, G. (1999). Are some mutual fund managers better than others? Crosssectional patterns in behavior and performance. Journal of Finance, 3, 875-899.

  • Clare, A., Motson, N., Sapuric, S., Todorovic, N. (2014). What impact does a change of fund manager have on mutual fund performance? International Review of Financial Analysis, 35, 167-177.

  • Cremers, M., Petajisto, A., Zitzewitz, E. (2012). Should benchmark indices have alpha? Revisting performance evaluation. Critical Finance Review, 2, 1-48.

  • Gallagher, D.R., Nadarajah, P. (2004). Top Management Turnover: An Analysis of Active Australian Investment Managers. Australian Journal of Management, 29 (2), 243-274.

  • Khorana, A. (1996). Top management turnover. An empirical investigation of mutual fund managers. Journal of Finnacial Economics, 40, 403-427.

  • Khorana, A. (2001). Performance Changes following Top Management Turnover: Evidence From Open-End Mutual Funds. Journal of Financial and Quantitative Analysis, 36 (3), 371-393.

  • Kostovetsky, L., Warner, J.B. (2015). You`re Fired! New Evidence on Portfolio Manager Turnover and Performance. Journal of Financial and Quantitative Analysis, 50 (4), August 2015, 729-755.

  • Perez, K. (2012). Efektywność funduszy inwestycyjnych. Podejście techniczne i fundamentalne. Warszawa: Difin.

  • Szczepankiewicz, E.I. (2014). Zasady rachunkowości, kontrola wewnętrzna i audyt w towarzystwach funduszy inwestycyjnych. Warszawa: CeDeWu.

OPEN ACCESS

Journal + Issues

Search