本論文研究於1993年至2005年間成立於美國基金市場的新基金其經理人的管理績效。研究結果發現，長期而言，兼職的基金經理人可能因分散心力去管理多檔基金而使得基金表現較專職者顯著為差。於總樣本中，新基金經理人的派遣不是明顯來自過去表現優秀或是表現不好的基金，且過去績效不佳的經理人其兼管的新基金短期績效也顯著不好，說明其間存在短期績效持續現象。此外，新基金的配對基金之績效對新基金的資金淨流入有顯著正向影響，即存在外溢效果，亦指投資人偏好投資於擁有優秀績效經驗之經理人的新基金。

This study provides a performance analysis of new fund managers based on the U.S. equity funds incepted over the period 1993-2005. There are several findings. First, the long-term performance of new funds whose managers manage both new and seasoned funds at the same time is worse than that of new funds with full-time managers, indicating that the “part-time” managers would distract their effort. Secondly, based on a sub-sample of paired new funds and matched seasoned funds connected by the same fund managers, it is found that the short-term performance persistence exists for new fund managers with poor prior performance. Third, this study documents a significantly positive spillover effect of return of the matched seasoned fund on the new fund net inflow during the first twelve months following new fund inception. It indicates that investors prefer to invest in new funds whose managers have better prior fund performance.

CONTENTS
1. INTRODUCTION 1
2. LITERATURE REVIEW 3
3. HYPOTHESES 6
4. DATA 9
4.1 IDENTIFY THE CONTROL SEASONED FUND AND MEASURE THE PERFORMANCE OF NEW FUNDS 9
5. METHODOLOGY 11
5.1 MODELS OF PERFORMANCE MEASUREMENT 11
5.2 EMPIRICAL METHOD TO TEST THE HYPOTHESIS OF PERFORMANCE PERSISTENCE 12
5.3 EMPIRICAL METHOD TO EXAMINE THE RELATION BETWEEN PERFORMANCE OF MATCHED FUNDS AND PERFORMANCE OR INFLOW OF NEW FUNDS 13
6. EMPIRICAL RESULTS 16
6.1 PERFORMANCE OF NEW FUND MANAGERS 16
6.2 PERFORMANCE PERSISTENCE PHENOMENON OF NEW FUNDS 17
6.3 THE RELATION BETWEEN PERFORMANCE OF MATCHED FUNDS AND PERFORMANCE OR INFLOW OF NEW FUNDS 19
7. CONCLUSIONS 21
REFERENCES 23

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