MANAGER PROFESSIONAL QUALIFICATION AND THE PERFORMANCE OF EQUITY MUTUAL FUNDS

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DOI:

https://doi.org/10.22478/ufpb.2318-1001.2023v11n1.62437

Abstract

Objective: to analyze whether the performance of equity investment funds in Brazil is influenced by the manager's characteristics related to professional qualification.

Background: Empirical evidence from previous studies has shown that some particular characteristics of managers, such as, years of experience, educational level, age, professional certification and others, have an impact on their performance.

Method: a sample of 130 free equity funds was analyzed, over the period from January 2012 to January 2018. The methodology consisted in the analysis of three performance measures (Jensen's alpha by CAPM model, Jensen's alpha by Carhart's model (1997) and Sharpe index, corrected by Israelsen's procedure (2005)) in relation to managers' characteristics related to professional qualification. The estimations were carried out using panel data.

Results: it is found that younger managers and those who have been in the management of a given fund for a shorter time are those who are being able to deliver better performance.

Contributions: This research contributes to the enrichment of the literature on investment fund performance analysis in Brazil, to the extent that it shows that besides the characteristics of the funds, it is relevant to look at the characteristics of the managers when analyzing the funds that are able to generate better performance to the shareholder.

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Author Biographies

Sabrina Espinele da Silva, Universidade Federal de Minas Gerais

Mestranda em Administração/Finanças pela Universidade Federal de Minas Gerais – CEPEAD/UFMG; Bacharela em Controladoria & Finanças pela UFMG 

Robert Aldo Iquiapaza, Universidade Federal de Minas Gerais (UFMG)

Doutor em Administração; Professor associado do CEPEAD/FACE/UFMG

Marcos Vinicius Lopes Pereira, Universidade Federal de São João del-Rei (DTECH/UFSJ)

Doutor em Administração pelo CEPEAD/UFMG
Professor adjunto na Universidade Federal de São João del-Rei (DTECH/UFSJ)

Carolina Magda da Silva Roma, Universidade Federal do Rio Grande - FURG

Doutora em Administração pelo CEPEAD/UFMG; Professora adjunta do ICEAC/FURG

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Published

2023-08-16

How to Cite

da Silva, S. E., Aldo Iquiapaza, R., Vinicius Lopes Pereira, M., & Magda da Silva Roma, C. . (2023). MANAGER PROFESSIONAL QUALIFICATION AND THE PERFORMANCE OF EQUITY MUTUAL FUNDS. Revista Evidenciação Contábil & Finanças, 11(1), 102–119. https://doi.org/10.22478/ufpb.2318-1001.2023v11n1.62437

Issue

Vol. 11 No. 1 (2023): Jan/Abril

Section

Seção Nacional

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