The Construction of Stock Fund Manager Competency Model

Abstract

Abstract:

Instead of market data, our research focuses on fund managers as involving the research topic of investment ability. We use the method of Behavioral Event Interview and Thematic Analysis to build the competency model of stock fund managers. According to the research results, the competency model includes 9 categories of competency indicators:self-awareness, behavior control, learning ability, emotion control, game ability, knowledge and skills, personality appropriateness, logic and analytical ability as well as sociability. These 9 categories of competency can be divided into 12 second-level competencies. They are correct attribution, independent decisionmaking, investment discipline, self-control, summary of experience, calming mood swing, compressive capacity, investment intuition, research ability, interest & passion, macroscopic analysis and information collection. The study of fund manager competency model represents a breakthrough in the study of special talent competency models. Theoretically and practically, this study provides a theoretical tool of evaluating fund managers' investment capacity and predicting their future earnings, which can be used by the fund companies to select talents and the fund investors for proper investment decision-making.

Key words: competency model, stock investment, investment ability, fund manager

Li Yumeng, Meng Xiangying, Liu Ronghui, Wei Xianhua. The Construction of Stock Fund Manager Competency Model[J]. , 2019, 31(10): 200-211.

References

[1] 上海证券交易所. 证券投资基金绩效评估与风险度量的实证分析[R]. 上海证券交易所, 2001
[2] 吴遵,方兆本. 我国投资基金业绩的持续性分析[J]. 价值工程, 2004,23(7):64-68
[3] 刘建和. 基金风险调整收益的持续性检验[J]. 企业经济, 2006,307(3):183-185
[4] 胡畏,聂曙光,张明. 中国证券投资基金业绩的中短期持续性[J]. 系统工程, 2004,22(4):44-48
[5] Li H., Zhao R., Zhang X. Investing in Talents:Manager Characteristics and Hedge Fund Performances[J]. Social Science Electronic Publishing, 2011,46(1):59-82
[6] 李豫湘,程剑,彭聪. 基金经理个人特性对基金业绩影响的研究[J]. 价值工程, 2006,25(12):151-155
[7] Chevalier J., Ellison G. Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance[J]. Journal of Finance, 1999,54(3):875-899
[8] 徐明东,黎捷. 我国基金经理人特征与业绩的关系分析[J]. 世界经济情况, 2005,27(9):24-27
[9] Bliss T. R., Pottera E. M., Schwarz C. Decision Making and Risk Aversion in the Cash Cab[J]. Journal of Economic Behavior & Organization, 2012,84(1):163-173
[10] Hu J. L., Yu H. E., Wang Y. T. Manager Attributes and Fund Performance:Evidence from Taiwan[J]. Journal of Applied Finance & Banking, 2012,2(4):85-101
[11] 赵秀娟,汪寿阳. 基金经理在多大程度上影响了基金业绩?——业绩与个人特征的实证检验[J]. 管理评论, 2010,22(1):3-12
[12] Gottesman A. A., Morey M. R. Manager Education and Mutual Fund Performance[J]. Journal of Empirical Finance, 2006,13(2):145-182
[13] Golec J. H. The Effects of Mutual Fund Managers' Characteristics on Their Portfolio Performance, Risk and Fees[J]. Financial Services Review, 1996,5(2):133-148
[14] McClelland D. C. Testing for Competence Rather than for "Intelligence"[J]. American Psychologist, 1973,28(1):1-14
[15] Spencer L. M., Spencer S. M. Competence at Work:Models for Superior Performance[M]. New York:Wiley, 1993
[16] Spencer L. M., McClelland D. C., Spencer S. Competency Assessment Methods:History and State of Art[M]. Boston:HayMcBer Research Press, 1994
[17] Boyatzis R. E. The Competent Manager:A Model for Effective Performance[M]. New York:Wiley Interscience, 1982
[18] Bartlett C. A., Ghoshal S. The Myth of the Generic Manager:New Personal Competencies for New Management Roles[J]. California Management Review, 1997,40(1):92-116
[19] Parry S. B. The Quest for Competencies[J]. Training, 1996,33(7):48-54
[20] Parry S. B. Just What Is a Competency? (And Why Should You Care?)[J]. Training, 1998,35(6):58-64
[21] McClelland D. C. Identifying Competencies with Behavioral-Event Interviews[J]. Psychological Science, 1998,9(5):331-339
[22] Woodruffe C. Competence by Any Other Name[J]. Personnel Management, 1991,23(6):30-33
[23] Cockerill T., Hunt J., Schroder H. Managerial Competencies:Fact or Fiction?[J]. Business Strategy Review, 1995,6(3):1-12
[24] Armstrong M., Baron A. Performance Management:The New Realities[M]. London:The Cromwell Press, 1998
[25] Fletcher S. NVQS, Standards and Competence. A Practical Guide for Employers, Managers and Trainer[M]. London:Kogan Page, 1991
[26] 胡艳曦,官志华. 国内外关于胜任力模型的研究综述[J]. 商场现代化, 2008,556(31):248-250
[27] Norris N. The Trouble with Competence[J]. Cambridge Journal of Education, 1991,21(3):331-341
[28] 贾建锋,赵希男,温馨. 胜任特征模型构建方法的研究与设想[J]. 管理评论, 2009,21(11):66-73
[29] 时勘,王继承,李超平. 企业高层管理者胜任特征模型评价的研究[J]. 心理学报, 2002,34(3):306-311
[30] 仲理峰,时勘. 绩效管理的几个基本问题[J]. 南开管理评论, 2002,5(3):15-19
[31] 魏钧,张德. 国内商业银行客户经理胜任力模型研究[J]. 南开管理评论, 2005,8(6):4-8
[32] 苏玉. 证券公司客户经理胜任力模型研究[D]. 北京邮电大学硕士学位论文, 2013
[33] 刘. 中国风险投资行业投资经理胜任力模型初步探讨[J]. 中国城市经济, 2012,15(1):63-65
[34] 冼美谊. 证券投资顾问胜任能力模型构建研究[J]. 中国培训, 2015,24(17):60-61
[35] Clark G. L., Caerlewy-Smith E., Marshall J. C. Pension Fund Trustee Competence:Decision Making in Problems Relevant to Investment Practice[J]. Journal of Pension Economics & Finance, 2006,5(1):91-110
[36] Chen B. J. The Study of the Relationship between Mutual Fund Manager Competence and Mutual Fund Holding Bias[D]. Master's Thesis of National Sun Yat-Sen University, 2004
[37] 刘燕. 我国股票个人投资者胜任特征相关研究[D]. 中国人民大学硕士学位论文, 2012
[38] 周华. 股票投资者胜任力的实证研究[J]. 黑龙江科技信息, 2009,13(13):64-64
[39] Fama E. F. Components of Investment Performance[J]. The Journal of Finance, 1972,27(3):551-567
[40] Brinson G. P., Singer B. D., Beebower G. L., Determinants of Portfolio Performance II:An Update[J]. Financial Analyst Journal, 1991,47(3):40-48
[41] Treynor J., Mazuy K. Can Mutual Funds Outguess the Market?[J]. Harvard Business Review, 1966,44(4):131-136
[42] Henriksson R. D., Merton R. C. On Market Timing and Investment Performance. ii.Statistical Procedures for Evaluating Forecasting Skills[J]. Journal of Business, 1981,54(4):513-533
[43] 朱宏泉,李亚静. 基于季度投资组合的基金投资能力分析[J]. 管理评论, 2005,17(7):3-9
[44] 汪光成. 基金的市场时机把握能力研究[J]. 经济研究, 2002,48(1):48-55
[45] Goetzmann W. N., Ingersoll J. J., Ivkovic Z. Monthly Measurement of Daily Timers[J]. Journal of Financial and Quantitative Analysis, 2000,35(3):257-290
[46] Grinblatt M., Titman S., Wermers R. Momentum Investment Strategies, Portfolio Performance and Herding:A Study of Mutual Fund Behavior[J]. American Economic Review, 1995,85(5):1088-1105
[47] Grinblatt M., Titman S. Performance Measurement without Benchmarks:An Examination of Mutual Fund Returns[J]. Journal of Business, 1993,66(1):47-68
[48] 严正,卜安康. 胜任素质模型:构建与应用[M]. 北京:机械工业出版社, 2011
[49] Braun V., Clarke V. Using Thematic Analysis in Psychology[J]. Qualitative Research in Psychology, 2008,3(2):77-101
[50] Heider F. The Psychology of Interpersonal Relations[M]. New York:John Wiley, 1958
[51] Cialdini R. B., Goldstein N. J. Social Influence:Compliance and Conformity[J]. Annual Review of Psychology, 2004,55(1):591-621
[52] Bass B. M. Conformity, Deviation, and a General Theory of Interperisonal Behavior[M]. New York:Harper and Brothers Publishers, 1961
[53] Bearden W. O., Rose R. L. Attention to Social Comparison Information:An Individual Difference Factor Affecting Consumer Conformity[J]. Journal of Consumer Research, 1990,16(4):461-471
[54] Tobolski F. P., Juliano V. C., Kerr A. W. Conformity and Success in the Field of Dramatics[J]. Journal of Social Psychology, 1956,43(2):269-273
[55] Nakamura C. Y. Conformity and Problem Solving[J]. Journal of Abnormal Psychology, 1958,56(3):315-320
[56] Douglas B. B. A Theory of Conformity[J]. Journal of Political Economy, 1994,102(5):841-877
[57] Rosenblatt A. D., Thickstun J. T. Intuition and Consciousness[J]. The Psychoanalytic Quarterly, 1994,63(4):696-714
[58] Westcott M. R. On the Measurement of Intuitive Leaps[J]. Psychological Reports, 1961,9(6):267-274
[59] Hwang M. I., Lin J. W. Information Dimension, Information Overload and Decision Quality[J]. Journal of Information Science, 1999,25(3):213-218