Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JWM
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • LinkedIn
  • Twitter

User menu

  • Sample our Content
  • Subscribe Now
  • Log in

Search

  • ADVANCED SEARCH: Discover more content by journal, author or time frame
The Journal of Wealth Management
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Subscribe Now
  • Log in
The Journal of Wealth Management

The Journal of Wealth Management

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JWM
    • Editorial Board
    • Published Ahead of Print (PAP)
  • LinkedIn
  • Twitter

Did Fund Managers Deliver Value During the Financial Crisis?

Feng Dong and John A. Doukas
The Journal of Wealth Management Summer 2020, 23 (1) 47-59; DOI: https://doi.org/10.3905/jwm.2020.1.098
Feng Dong
is an assistant professor of finance at Siena College in Loudonville, NY, and an investment strategist at Validea Capital Management LLC
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
John A. Doukas
is the William B. Spong, Jr. Chair in finance and eminent scholar at Old Dominion University in Norfolk, VA. He is also an associate of the Judge Business School at Cambridge University, UK
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.
Don’t have access? Sign up today to begin your trial to the PMR platform 

Abstract

This study provides evidence that individual investors are better off by investing through mutual funds run by skilled fund managers, who not only deliver higher risk-adjusted returns in normal times but also attain similar performance even during turbulent economic states, such as the 2007–2009 global financial crisis. Specifically, we show that, on average, fund managers with the highest skill (top 20%) added $6.877 million of value annually during the early crisis period and $4.065 million of value during the late crisis period, compared with $3.198 million gain realized during the entire sample period. Low-skill fund managers (bottom 20%), however, lost $0.844 million of value during the early crisis period and $5.323 million of value during the late crisis period.

TOPICS: Performance measurement, manager selection, wealth management

Key Findings

  • • Active managed mutual funds with skilled managers can serve an important insurance and value generating function not only during normal times but also in extreme economic downturns.

  • • Funds run by skilled managers experienced significant capital inflows during both the early and late stages of the financial crisis, whereas their low skilled counterparts incurred significant capital outflows.

  • • Fund management skill persists at least 1 year during the whole financial crisis period.

  • © 2020 Pageant Media Ltd
View Full Text

Don’t have access? Register today to begin unrestricted access to our database of research.

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Wealth Management: 23 (1)
The Journal of Wealth Management
Vol. 23, Issue 1
Summer 2020
  • Table of Contents
  • Index by author
  • Complete Issue (PDF)
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Wealth Management.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Did Fund Managers Deliver Value During the Financial Crisis?
(Your Name) has sent you a message from The Journal of Wealth Management
(Your Name) thought you would like to see the The Journal of Wealth Management web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Did Fund Managers Deliver Value During the Financial Crisis?
Feng Dong, John A. Doukas
The Journal of Wealth Management Apr 2020, 23 (1) 47-59; DOI: 10.3905/jwm.2020.1.098

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Did Fund Managers Deliver Value During the Financial Crisis?
Feng Dong, John A. Doukas
The Journal of Wealth Management Apr 2020, 23 (1) 47-59; DOI: 10.3905/jwm.2020.1.098
del.icio.us logo Digg logo Reddit logo Twitter logo CiteULike logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • DATA AND SAMPLE SELECTION
    • CONCLUSION
    • ADDITIONAL READING
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • LinkedIn
  • Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2021 Pageant Media Ltd | All Rights Reserved | ISSN: 1534-7524 | E-ISSN: 2374-1368

  • Site Map
  • Terms & Conditions
  • Cookies
  • Privacy Policy