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@article{ART002182898},
author={김원세 and 김희정 and CHAY, JONG BOM},
title={The Relation between Fund Managers‘ Characteristics and Active Share},
journal={Asset Management Review},
issn={2288-6672},
year={2016},
volume={4},
number={2},
pages={20-35}

TY - JOUR
AU - 김원세
AU - 김희정
AU - CHAY, JONG BOM
TI - The Relation between Fund Managers‘ Characteristics and Active Share
JO - Asset Management Review
PY - 2016
VL - 4
IS - 2
PB - Institute of Management Research, SungKyunKwan University
SP - 20
EP - 35
SN - 2288-6672
AB - This paper examines whether active share as defined by Cremers and Petajisto (2009) is related to fund managers’ characteristics and whether more actively managed funds generate higher risk-adjusted performance. Using active stock funds in Korea from 2008 to 2015 as a sample, we perform empirical tests. We find that small- and medium-size funds with high active share exhibit significantly positive abnormal performance. In the group of large-size funds, we find no significant relation between active share and fund performance. In addition, we do not find any significant relation between fund managers’ characteristics and active share. What emerges from our empirical investigation is an inverted U shape relation between active share and fund size. This finding implies that active share increases with fund size until a fund reaches a certain level of size in assets under management and then it decreases beyond that size level. We note that the inverted U shape relation is not present among funds with lowest levels of active share. Overall, our results imply that managers in small- and medium-size active stock funds in Korea can pursue better performance by increasing active share but that such a strategy may not work when the size of the fund reaches a level tantamount to large- fund group.
KW - Active Share;Stock Picking Skill;Fund Manager Characteristics;Fund Performance
DO -
UR -
ER -

김원세, 김희정 and CHAY, JONG BOM. (2016). The Relation between Fund Managers‘ Characteristics and Active Share. Asset Management Review, 4(2), 20-35.

김원세, 김희정 and CHAY, JONG BOM. 2016, "The Relation between Fund Managers‘ Characteristics and Active Share", Asset Management Review, vol.4, no.2 pp.20-35.

김원세, 김희정, CHAY, JONG BOM "The Relation between Fund Managers‘ Characteristics and Active Share" Asset Management Review 4.2 pp.20-35 (2016) : 20.

김원세, 김희정, CHAY, JONG BOM. The Relation between Fund Managers‘ Characteristics and Active Share. 2016; 4(2), 20-35.

김원세, 김희정 and CHAY, JONG BOM. "The Relation between Fund Managers‘ Characteristics and Active Share" Asset Management Review 4, no.2 (2016) : 20-35.

김원세; 김희정; CHAY, JONG BOM. The Relation between Fund Managers‘ Characteristics and Active Share. Asset Management Review, 4(2), 20-35.

김원세; 김희정; CHAY, JONG BOM. The Relation between Fund Managers‘ Characteristics and Active Share. Asset Management Review. 2016; 4(2) 20-35.

김원세, 김희정, CHAY, JONG BOM. The Relation between Fund Managers‘ Characteristics and Active Share. 2016; 4(2), 20-35.

김원세, 김희정 and CHAY, JONG BOM. "The Relation between Fund Managers‘ Characteristics and Active Share" Asset Management Review 4, no.2 (2016) : 20-35.