6397 
8561“宝剑锋从磨砺出，梅花香自苦寒来”，人经历了挫折与磨难才能成熟起来，基金经理也是一样。文章首先修正了Sun等（2018）指标，发现基金在“逆境”（下跌行情）中取得的收益率越高，则未来的业绩越好，这一指标对未来业绩具有预测能力，而“顺境”（上涨行情）收益率则不存在这个特点。这种“逆境”收益率反映了基金经理在逆境中的主动管理能力，它是一种新的、未被解释的能力。其次，除了基金收益外，“逆境”收益率对基金风险也有影响，“极端逆境”（暴跌行情）的主动管理能力越强，则基金未来的崩盘风险越小。再次，经济政策不确定性会降低基金经理在“逆境”中的主动管理能力。最后，文章排除了基金“逆境”收益率是投资者关注不足和业绩持续性所致。文章找到了影响基金业绩的一个新因子−逆境投资能力，为解答“Fama悖论”提供了新证据，而且“逆境”收益率指标“过滤”了部分噪音，对投资者的基金选择也有一定的参考意义。
基金经理逆境投资能力与基金业绩
摘要
参考文献
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引用本文
徐龙炳, 顾力绘. 基金经理逆境投资能力与基金业绩[J]. 财经研究, 2019, 45(8): 127-139.
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