The Performance of Overconfident Fund Managers

Using data for 193 equity funds in Taiwan, we examine whether fund managers behave overconfidently. We show that the higher the fund performance, the more that trading occurs in the next period. In addition, such trading may hurt subsequent performance, although the evidence is marginal. Our findings suggest that managers of equity funds in Taiwan are overconfident.

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Year of publication:	2011
Authors:	Chow, Edward H. ; Lin, Hsiao-Mei ; Lin, Yo-Min ; Weng, Yin-Che
Published in:	Emerging Markets Finance and Trade. - M.E. Sharpe, Inc., ISSN 1540-496X. - Vol. 47.2011, 2, p. 21-30
Publisher:	M.E. Sharpe, Inc.
Subject:	equity fund \| overconfidence \| vector autoregression

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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