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경영대학
경영학전공
Journal papers
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Security concentration and fund performance
Title
Security concentration and fund performance
Authors
Sohn P.
;
Kim S.
;
Shin J.
Ewha Authors
신정순
SCOPUS Author ID
신정순
Issue Date
2011
Journal Title
Asia-Pacific Journal of Financial Studies
ISSN
1226-1165
Citation
Asia-Pacific Journal of Financial Studies vol. 40, no. 1, pp. 109 - 137
Indexed
SCOPUS
Document Type
Article
Abstract
We examine focused funds from 2002 to 2008 to see whether they offer superior performance to Korean equity funds without survivorship bias. Prior studies show that fund managers might allocate their funds to specific industries or focused securities to achieve superior performance. However, after controlling for various fund characteristics and using several alternative measures, our results show that fund performance has a positive relation to diversification. Furthermore, we identify that the underperformance of focused funds is due to liquidity problems, idiosyncratic risk, and trade performance. Our findings have important implications for the investment strategies of fund managers and fund industries. © 2011 Korean Securities Association.
DOI
10.1111/j.2041-6156.2010.01035.x
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