基金經理人性別對風險承擔與基金績效之影響

Does Gender Matter? The Gender Effects on Risk-taking and Performances of Mutual Funds in Taiwan

張平(Ping Chang)

指導教授 ： 林美珍

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

本研究目的旨在探討性別差異是否影響台灣基金經理人之風險承擔程度、交易策略與績效表現。研究結果顯示，男性基金經理人的風險承擔程度和基金週轉率皆高於女性基金經理人，顯見男性基金經理人過度自信程度較女性基金經理人高，因此較願意承擔風險與積極交易；女性基金經理人則相對較傾向風險趨避。雖然男、女性基金經理人在績效上並無顯著差異，但是男性基金經理人的基金流入量卻高於女性基金經理人，顯示投資者普遍對男性基金經理人較有信心，即使女性基金經理人之績效並不亞於男性。而在不同框架下，績效表現佳的男性基金經理人較女性有「賭資效果」傾向；績效表現差的男性經理人，其「損益兩平效果」傾向較不明顯。

關鍵字

基金經理人 ； 性別 ； 風險承擔 ； 交易策略 ； 績效

並列摘要

This study examines whether female people can be a successful fund manager in terms of risk-taking, trading strategy and performance in Taiwan. We find that the risk taken by male managed funds is higher than that by female managed ones, indicating male fund managers are more prone to risk-taking. Male managed funds have higher turnover ratio than female managed funds. These can be seen as the evidence that men are more overconfident than women. Though, there is no significant performance difference between male and female managed funds, male fund managers still receive higher inflows, suggesting investors prefer male managed funds to female-managed ones. The result points out female may be stereotyped as less skilled and investors use gender as a criterion for investment. In terms of outperforming and underperforming funds, we find male fund managers’ behavior is related with house money effect within gain domain frame. However, break even effect is not obvious in loss domain with worse prior performance.

並列關鍵字

Mutual fund manager ； Gender ； Risk-taking ； Trading strategy ； Performance

參考文獻

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