Earticle

초록

영어

This paper shows how the fund performance evaluation system influences the fund market and fund family behaviors. Evaluation-ship Bias is defined as the outperforming of evaluated funds over non-evaluated funds. Regarding the Evaluationship Bias, this study confirmed two things in empirical analysis of Korean equity funds. First, this paper verified that there was Evaluation-ship Bias in Korea, so fund families’ performances were over-estimated. Second, it is also found that fund families did favoritism to evaluated funds in management activities. Fund families were more attentive to EV performance and took strategic and risk-taking measures to improve its ratings. This paper suggests that another factor, the performance evaluation system itself, is what causes fund families to favor some funds. The existence of too high numbers of Korean funds is an example of this evaluation system bias. We can expect similar phenomena to occur in other countries as well. We also suggest that the introduction of GIPS will diminish the evaluation system bias and contribute to the development of the Korean fund market.

목차

ABSTRACT
 I. Introduction
 Ⅱ. Background
 Ⅲ. Methodology
 Ⅳ. Data
 Ⅴ. Evaluation-ship Bias
  1. Performance Comparison (1): EV Portfolio vs. NEV Portfolio
  2. Performance Comparison (2): Panel Data Analysis
 Ⅵ. Favoritism: Fund families
 1. Favoritism in the Application of Strategies
 2. Differentiated Response to Performance
 Ⅶ. Evaluation-ship bias and fund flow
 Ⅷ. Conclusions
 

키워드

저자

• SANG BUHM HAHN [ Korea Securities Research Institute, 45-2 Yoido-dong, Youndeungpo-gu, Seoul, 150-974, Korea ]
• SEUNGYEON WON [ Yeungnam University, Departments of Economics, , 214-1 Dae-dong, Gyeongsan-si, Gyeongsangbuk-do, 712-749, Korea ] Correspondence author

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• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330