Impact of Fund Managers Changes on Polish Equity Funds Performance

Abstract

Purpose - the aim of the article was an analysis of the returns of universal Polish equity investment funds before and after the change of portfolio managers. The article deals with the following research problem: how the replacement of investment fund managers impacts the results of Polish equity funds. Methodology - the research methodology which used the indexes of relative strength allows determining the abnormal returns of funds in relation to the WIG Index before and after the change of managers. Findings - the analyses showed negative abnormal returns before changing managers and ambiguous tendencies after the change of managers. Originality - this kind of study has not been conducted for the Polish capital market so far.

Managerial Factors in Investment Risk: Evidence from Polish Mutual Funds

“…In Poland, this kind of study is still non-existent. To our knowledge, there is only one paper confronting fund performance with the changes on the position of a portfolio manager (Asyngier & Miziołek, 2017). However, Filip (2018) tried to describe managers of Polish mutual funds on the basis of socio-demographic data, including age, gender, education, experience, and professional qualifications of local portfolio managers.…”

Koszty Obsługi a Wyniki Funduszy Inwestycyjnych W Polsce – Relacja Długoterminowa

“…Nowsze nurty badań, poświęcone funkcjonowaniu funduszy inwestycyjnych, koncentrowały się wokół powtarzalności wyników [np. Jackowicz, Filip 2009, Urbański 2017], wpływie zmian na stanowiskach menedżerskich [Asyngier, Miziołek 2017] oraz czynników organizacyjnych [Filip, 2017] na wyniki. Zauważano również, że koszty funduszy inwestycyjnych, w postaci opłaty za zarzadzanie, mogą być czynnikiem determinującym decyzje indywidualnych inwestorów [Przybylska-Kapuścińska, Gabryelczyk 2004].…”