| FUND CHARACTERISTICS, MANAGEMENT PROPERTIES AND PERFORMANCE: AN EMPIRICAL INVESTIGATION ON CHINESE LISTED CLOSE-END FUNDS De-Ming Zeng, Qi Zha and Hong Gong Issue 30 (Vol. 15, No. 2), December 2005, pp. 81-98. This paper provides a comprehensive examination of the recent performance of listed close-end funds in China from 1st January 2001 to 1st January 2004 in an effort to link the performance to fund-specific characteristics and management properties through a multiple factors fixed-effects model. The results indicate that one-year lagged performance, discount rate and unit Net Asset Value have significant and positive impacts on fund performance, while market benefit influences performance negatively and significantly. In contrast to previous research, we suggest that the working experience of fund managers has a negative relationship with performance. Furthermore, fund investment styles do not matter much for fund performance. In the end, the results suggest that the performance of Chinese close-end funds exhibits significant persistence during the evaluation period. In addition, based on the analysis of the fund age and turnover, the paper provides insights into the issue that older and more active funds do not ensure better performance in future. |