Zdrojový dokument:Scientific papers of the University of Pardubice. Series D, Faculty of Economics and Administration. 47/2019
ISSN:1211-555X (Print)
Abstrakt:
This paper focuses on finding answers to two questions. The first one asks if
there are any significant differences in performance between solo-managed and teammanaged
funds. The second one is supposed to establish whether a management
structure can be treated as a determinant of returns generated by mutual funds
operating in Poland. The study was conducted on the basis of 835 annual
observations, 388 of which concerned solo-managed funds and 447 – team-managed
funds, in the period 2000-2017. The returns were calculated by means of a few
popular measures of abnormal returns regarding the stock picking ability of fund
managers. The methodological procedure consisted of four research tools which
ensured a greater certainty of the statistical inference. The findings show that there
are insignificant discrepancies in the performance of funds characterized by a
different number of managers, yet they are noticeable in very few annual periods. The
results obtained as an effect of determining the influence of a management structure
on performance are statistically insignificant, which means that the examined variable
is not a determinant of performance, at least as far as Polish circumstances are
concerned.