Impact of Fund Managers Changes on Polish Equity Funds Performance

What is it about?

The main aim of this paper is to analyze the events involving essentials changes in the compositions of the management of universal Polish equity investment funds (i.e. funds investing mainly on the broad share market in Poland) in the context of returns achieved by these funds before and after such a change. Two hypothesis were put forward. According to the first one, a cumulative relative rate of return of the funds (in relation to the WIG Index) for the period before the change of a manager is negative, while under the other hypothesis, a relative cumulative rate of return of the funds is positive after the change of a portfolio manager.

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Why is it important?

To the best knowledge of the authors, it is the first research of this kind concerning Polish capital market.