The Empirical Study of Investment Ability of Fund Managers

The paper makes a study of the investment ability of the fund managers in China. By using the multiplex appraisal models and the historical data of 29 funds established before May 30th, 2000, this paper conducts an empirical analysis. It reveals that few fund managers have security selection ability; all fund managers have no excellent market-timing ability; and all managers have the ability to scatter the risk.