@article {Bu60, author = {Qiang Bu}, title = {Exposing Management Characteristics in Mutual Fund Performance}, volume = {2}, number = {4}, pages = {60--66}, year = {2012}, doi = {10.3905/jii.2012.2.4.060}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article examines the relation between manager tenure, team management, and fund performance. Findings demon - strate that longer manager tenure improves fund performance and that the relationship is dependent on market states. In a down market of low market return and high volatility, manager tenure has a statistically significant positive impact on fund performance. This effect becomes less important, or even negative, in a boom. The times series properties of fund returns show that experienced fund managers, on average, earn higher returns and take on lower risk. In conclusion, manager exp - erience matters, especially in a volatile market. No difference was found in return or risk-taking behavior between teammanaged funds and individually managed funds.TOPICS: Manager selection, performance measurement, mutual fund performance}, issn = {2154-7238}, URL = {https://jii.pm-research.com/content/2/4/60}, eprint = {https://jii.pm-research.com/content/2/4/60.full.pdf}, journal = {The Journal of Beta Investment Strategies} }