Narrow Results

In this chapter, we investigate whether hedge fund managers possessing advanced professional education, as represented by the CFA@ designation, have better managerial ability and fund performance compared to managers lacking such education. We define managerial ability in terms of market, volatility, and liquidity timing ability. In general, we find that CFA designated managers have better volatility and liquidity timing ability and earn better risk-adjusted returns than non-CFA managers. We also find that the CFA designation does not contribute to the fund flow–performance relation. The rise of high frequency and algorithmic trading may partially explain these findings.

Based on 4Cs and filtered by industry experts, 16 consumer decision indicators of casual women's wear online retail channel were obtained. The indicator influence on 244 consumers was collected by questionnaires and indicators were classified to five factors (Experience, Safety, Consumption, Display, Aftermarket) by the exploratory factor analysis (EFA), which revised by the confirmatory factor analysis (CFA). The research hypotheses were developed by using structural equation modeling (SEM), and proved that the performance of Display and Safety would have positive effect on the consumer judgments on Experience and Consumption while Experience also has positive effect on Aftermarket.