摘要：Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014.After the global financial crisis of 2008,in this period of quantitative easing (QE),thanks to an increase in the money supply,a capital flow from developed countries to developing countries was observed.In this study,we try to analyse that although the financial market in Poland made an incredible progress,whether fund managers show better or worse performance than the market.Methodology/Methods: In order to evaluate fund manager performances,Jensen alpha (1968) is computed,which depicts selectivity skills of fund managers.For determining market timing ability of fund managers,Treynor & Mazuy (1966) regression analysis and Henriksson & Merton (1981) regression analysis are applied.Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index.Scientific aim: In this study,we have tried to evaluate selectivity skills and market timing ability of Polish fund managers.A total of 14 equity fund managers’ performances are analysed.The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing.Findings: Jensen (1968) alphas indicate that over this period fund managers did not have selective ability,as none of the 14 funds had statistically significant positive alphas.Furthermore,Treynor & Mazuy (1966) and Henriksson & Merton (1981) regression analysis indicate that over the same period fund managers did not also have market timing ability,as again none of the 14 funds had statistically significant positive coefficients.Conclusions: In this work,we can detect that in the era of quantitative easing,although the financial market in Poland made an incredible progress,the fund returns were generally lower than the stock market and Polish fund managers could not display a good performance both in selectivity skills and market timing abilities.
