Purpose

Using data for the period 1965–2016, we investigate whether there are systematic differences between the investment performance of Black fund managers and those of other races in South Africa and whether investors recognize these differences. The two-tailed test results show that there is no significant difference between the two means considering the 12 months yield return at a hypothesized mean difference of zero. There is no statistical difference at 5% level of significance implying that the performance of Black fund managers is as equally as that of managers of other races. Our results also show that the percentage of Black fund managers in South Africa is still too low even as the workforce gets diverse. There's no single explanation for what is happening in this industry. The findings cannot be explained by differences in fund characteristics such as age, total assets under management or expenses or from the performance lenses. The results seem hard to reconcile with an explanation of differences in portfolio characteristics such as return volatility or market, size, value and momentum exposures.

Design/methodology/approach

We test the glass cliff hypothesis by employing conditional logistic regression (CLR). The approach enables the use of case/control style of analysis where White/majority fund managers are the control population and professional minorities are the case group. The selection of these as fund managers is our event or outcome variable. To test savior effect hypothesis, we employ analysis of variance (ANOVA). The technique enables us to compare variances between the groups: when a White male fund manager replaces a professional minority, when a White male fund manager replaces a White male fund manager and when a professional minority replaces a professional minority.

Findings

Our analyses so far have documented a woeful underrepresentation of Black fund managers in South Africa's mutual funds industry. We explore potential explanations for these trends. Our analysis is meant to be suggestive. Are Blacks, women, people of color and ethnic minorities finding success in the investment industry? Are they having rewarding and fulfilling careers? Or is the industry still homogenous (just a White man's world) with a thin veneer of diversity layered on for public relations effect? The percentage of Black fund managers in South Africa is still too low even as the workforce gets diverse. There is no single explanation for what is happening in this industry. The findings cannot be explained by differences in fund characteristics such as age, total assets under management or expenses or from the performance lenses. Also, the results seem hard to reconcile with an explanation of differences in portfolio characteristics such as return volatility or market, size, value and momentum exposures.

Research limitations/implications

The two-tailed test results show that there is no significant difference between the two means considering the 12 months yield return at a hypothesized mean difference of zero. There is no statistical difference at 5% level of significance. Our results so far establish that, ceteris paribus, the performance of Black fund managers is as equally as that of managers of other races.

Practical implications

The two-tailed test results show that there is no significant difference between the two means considering the 12 months yield return at a hypothesized mean difference of zero. There is no statistical difference at 5% level of significance. Our results so far establish that, ceteris paribus, the performance of Black fund managers is as equally important as that of managers of other races.

Social implications

The two-tailed test results show that there is no significant difference between the two means considering the 12 months yield return at a hypothesized mean difference of zero. There is no statistical difference at 5% level of significance. Our results so far establish that, ceteris paribus, the performance of Black fund managers is as equally important as that of managers of other races.

Originality/value

This paper investigates whether there are systematic differences between the investment performance of Black fund managers and those of other races in South Africa and whether investors recognize these differences. Our hypothesis is that due to Broad-Based Black Economic Empowerment (BBBEE) laws in the country and possibly, due to a perception of discrimination in the market, it is only Black fund managers with superior fund management skills that enter the profession. As such, we expect to find superior performance among Black fund managers. We also conjecture that investors recognize this phenomenon and reward Black fund managers with more fund flows and more investment mandates than others.

中文翻译：

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南非共同基金行业的肤色和投资表现

目的

我们使用 1965 年至 2016 年期间的数据，调查黑人基金经理与南非其他种族的投资业绩之间是否存在系统性差异，以及投资者是否认识到这些差异。双尾检验结果表明，在假设均值差为零的情况下，考虑到 12 个月的收益率回报，这两个均值之间没有显着差异。在 5% 的显着性水平上没有统计差异，这意味着黑人基金经理的表现与其他种族的经理一样。我们的结果还表明，即使劳动力变得多样化，南非黑人基金经理的比例仍然太低。对于这个行业正在发生的事情，没有单一的解释。这些发现不能用基金特征的差异来解释，例如年龄、管理的总资产或费用，也不能从业绩的角度来解释。结果似乎难以与对投资组合特征差异的解释相一致，例如回报波动或市场、规模、价值和动量敞口。

设计/方法/方法

我们通过使用条件逻辑回归 (CLR) 来检验玻璃悬崖假设。该方法可以使用案例/控制风格的分析，其中白人/多数基金经理是控制人群，专业少数群体是案例组。选择这些作为基金经理是我们的事件或结果变量。为了检验救世主效应假设，我们采用方差分析 (ANOVA)。该技术使我们能够比较组之间的差异：何时白人男性基金经理取代专业少数群体，何时白人男性基金经理取代白人男性基金经理，以及何时专业少数群体取代专业少数群体。

发现

到目前为止，我们的分析记录了南非共同基金行业中黑人基金经理的代表性不足。我们探索这些趋势的潜在解释。我们的分析旨在提供建议。黑人、女性、有色人种和少数族裔是否在投资行业取得成功？他们有没有回报和充实的职业？还是这个行业仍然是同质的（只是白人的世界），只是为了公共关系效应而披上了一层薄薄的多样性外衣？即使劳动力变得多样化，南非黑人基金经理的比例仍然太低。对于这个行业正在发生的事情，没有单一的解释。这些发现不能用基金特征的差异来解释，例如年龄、管理的总资产或费用，也不能从业绩的角度来解释。还，

研究限制/影响

双尾检验结果表明，在假设均值差为零的情况下，考虑到 12 个月的收益率回报，这两个均值之间没有显着差异。在 5% 的显着性水平上没有统计学差异。到目前为止，我们的结果表明，在其他条件不变的情况下，黑人基金经理的表现与其他种族的经理一样。

实际影响

双尾检验结果表明，在假设均值差为零的情况下，考虑到 12 个月的收益率回报，这两个均值之间没有显着差异。在 5% 的显着性水平上没有统计学差异。到目前为止，我们的结果表明，在其他条件不变的情况下，黑人基金经理的表现与其他种族的经理同样重要。

社会影响

双尾检验结果表明，在假设均值差为零的情况下，考虑到 12 个月的收益率回报，这两个均值之间没有显着差异。在 5% 的显着性水平上没有统计学差异。到目前为止，我们的结果表明，在其他条件不变的情况下，黑人基金经理的表现与其他种族的经理同样重要。

原创性/价值

本文调查了南非黑人基金经理与其他种族的投资业绩之间是否存在系统性差异，以及投资者是否认识到这些差异。我们的假设是，由于该国基础广泛的黑人经济赋权 (BBBEE) 法律，并且可能由于市场存在歧视，只有具有卓越基金管理技能的黑人基金经理才能进入该行业。因此，我们希望在黑人基金经理中找到卓越的表现。我们还推测投资者认识到了这一现象，并以比其他人更多的资金流动和更多的投资授权来奖励黑人基金经理。