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The effect of board structure on stock picking and market timing abilities of the Egyptian mutual fund managers: Evidence from financial crisis

Ahmed, Saki, Yousseff, Nancy and Zhou, Peng 2017. The effect of board structure on stock picking and market timing abilities of the Egyptian mutual fund managers: Evidence from financial crisis. European Journal of Business and Management 9 , pp. 91-110.

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Abstract

This paper seeks to examine the effect of mutual fund governance on stock selection and market timing abilities. This paper applies a Structural Equation Modelling technique to solve the potential endogeneity problem between internal governance measures and stock selection and market timing. The main conclusion of this paper is to provide evidence through robust statistical analysis around the usefulness of governance attributes Egyptian mutual funds stock selection and market timing abilities. Accordingly, the financial crisis demonstrates a need to modify some recommendations contained in the OECD methodology for evaluating the implementation of the OECD Principles of Corporate Governance. This paper find that board size and proportion of independent directors is negatively associated with stock selection, and proportion of directors holding zero shares is positively associated with stock selection.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HG Finance
Uncontrolled Keywords: Corporate Governance, Mutual Fund, Endogeneity.
ISSN: 2222-1905
Date of First Compliant Deposit: 29 March 2017
Date of Acceptance: 1 March 2017
Last Modified: 04 Jun 2017 09:46
URI: http://orca.cf.ac.uk/id/eprint/99469

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