Mutual Fund Intentional Style Drift:
Presence, Motivation and Performance Impact
A thesis submitted in fulfilment of the requirements for the degree of Doctor of
Philosophy
Kim Pei Chua
Master of Finance (with Distinction)
Bachelor of Science (Honours) in Management
School of Economics, Finance and Marketing
College of Business
RMIT University
May, 2018
ii
DECLARATION
I certify that except where due acknowledgement has been made, the work is that of the
author alone; the work has not been submitted previously, in whole or in part, to qualify for
any other academic award; the content of the thesis is the result of work which has been
carried out since the official commencement date of the approved research program; any
editorial work, paid or unpaid, carried out by a third party is acknowledged; and, ethics
procedures and guidelines have been followed.
I acknowledge the support I have received for my research through the provision of an
(RTP) International Tuition fee scholarship, formerly International Postgraduate Research
Scholarship (IPRS).
Kim Pei Chua
May 09, 2018
iii
ACKNOWLEDGEMENTS
Commitment played a big role in producing this dissertation amongst passion and “luck”.
Time is very crucial and limited for a doctorate student, but that is no excuse for slipshod
work. While working hard on minute details and keeping track of time are the keys to my
successful completion, this would not have been possible without an international scholarship.
For that reason, I gratefully acknowledge the financial support from RMIT University for the
RTP scholarship. At the same time, I have been very lucky and privileged to have worked
with many talented people and met clever researchers at various international conferences
who are so fervent in addressing many important issues in the field of mutual funds. Hence,
thanking these incredible people who have aided the completion of this dissertation is just as
important as celebrating the wonderful experience and accomplishments small and big from
my perspective, that are gained from my PhD journey.
First and foremost, I would like to express my deep sense of gratitude to my senior
supervisor, Professor On Kit Tam for making every steps along the way incredibly enjoyable.
As a mentor, he is amazing. He gave endless wise comments and important clues on every
aspects of my research manuscripts and dissertation, and had never once disregarded my
viewpoints. He exposed me to various well-established conferences in finance so that I
interact with international researchers in and around my field to understand better the
industrial aspect of my work. He sometimes threw smart questions and fed me with quizzes
that caught me off guard! I, however, become very appreciative of this intellectually
stimulating environment as I develop the critical capacity for my work by seeing two sides of
an issue.
I also owe thanks to my second supervisor, Associate Professor Monica Tan. I am
very grateful for her unfailing support and encouragement which are great endurance boosters
iv
for this journey. I also thank participants at the 23rd Annual Conference organized by
Multinational Finance Society (“MFS”) in Stockholm, the 24th Annual Conference organized
by MFS in Romania, and the 2017 World Finance Conference in Italy. Whether as a
discussant or a reviewer for conference papers, I benefitted greatly from this form of “out-of-
classroom” interaction not only because this enhances my learning experience, but also
because it allows me to draw inspiration from some unexpected brilliant minds.
Finally, most thanks to my supportive family and friends in Singapore.
v
DEDICATION
This thesis is dedicated to my mentor, Professor On Kit Tam, who devotes much of his time
in examining my work in minute detail while advancing my ability to excel and aspire to be
the best as a researcher. Despite this PhD journey has come to an end, he remains the shining
light of my (research) life.