Qualifications of Managers vs. Effectiveness of Investment Funds in Poland

摘要: (ProQuest: ... denotes formulae omitted.)IntroductionThe person of a fund manager is closely connected with the efficiency portfolio management. The complexity investment decision making process in given environments requires highly skilled manager, such as since prices companies securities are affected by wide range factors (Kulisauskas & Galiniene, 2015), performance business (Lauzikas Krasauskas, 2013); industry sector, to which company attributed (Schroder et al., 2015) mode economic growth (Demir 2014), volatility stock indexes (Peker 2014) etc.Therefore elements forming broad manager's qualifications include: education, experience, position, selection, market timing and intuition (Zamojska, 2012; Prakapaviciute &Korsakiene, 2016). He decides about level returns fund, determines size, also realizes style strategy, correspond customers' preferences objectives fund. way he manages thus achieves determine allocative decisions investors that expressed inflow or outflow capital funds. It can be said effectiveness funds result behavior participants standing on side supply demand, affect shape characteristics (Perez, 2012).Therefore, an essential prerequisite for writing this publication was know Polish managers assessments were based quotations these over period 2000-2015.1. A review researchWhen literature work domestic authors it worth mentioning publications K. Perez 2012). She carries out issues related funds, both developed markets Poland. Also Z. Wilmowska M. Madeira (Wilmowska Madeira, 2001) focus their attention large contribution development knowledge have T. Miziolek, who years 1998-2008 issued number interesting articles journal Our Capital Market dedicated segment. In turn, Zamojska 2012) refers measure works D. Witkowska (Wiktowska, 2009) Kompa (Kompa Witkowska, 2010) devoted same subject. Both tend mainly research market. However, seems one forerunners information Poland Tarczynski (Tarczynski, 1997). compact presents quantitative approach study, among others, those times quite pioneer when comes market.When analyzing global market, area I. Friend, F. E. Brown, S. Herman Vickers (Friend 1964) described study results hundred fifty open-end existing US 1953-1959. Until now classic include J.L. Treynor (Treynor, 1965), W. Sharp (Sharp, 1966) Jensen (Jensen, 1968), great importance because construction measures evaluating had Blume J. Crockett 1970), Kim (Kim, 1978), C. Chang G. Lewellen (Chang Lewellen, 1984), R. Henriksson (Henriksson, 1984) Jackson Skomp (Jackson Skomp, 1985). …