Journal
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
Volume 71, Issue -, Pages 584-591Publisher
ELSEVIER
DOI: 10.1016/j.iref.2020.09.017
Keywords
COVID-19; Mutual funds; Human capital efficiency; Risk-adjusted performance
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The study found that during the COVID-19 outbreak, equity funds with higher HCE rankings outperformed their counterparts, suggesting that fund managers should invest in human capital to enhance the funds' ability to cope with extreme stress.
The paper investigates the impact of human capital efficiency (HCE) on equity funds' performance during three stages of the COVID-19 pandemic. We collected data for 799 open-ended equity funds across five EU countries and ranked them in five categories of HCE and compare their risk-adjusted performance across these categories. The results suggest that during the COVID-19 outbreak, the equity funds that were ranked higher in HCE outperformed their counterparts. We suggest that fund managers should invest in human capital to improve funds' coping ability and resilience during periods of extreme stress.
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