本研究主要是在探討共同基金投資人對於投信公司所提供服務品質的期望與實際感受？以及這些因素對於滿意度與忠誠度的影響程度？以及瞭解共同基金投資人對於最常往來的投信公司進行的關係行銷活動是否能增加其信任程度？對滿意度與忠誠度影響如何？整合上述兩支研究架構，建立一整體概念模型，以目前共同基金投資人為研究對象，瞭解共同基金投資人感受服務品質與關係行銷過程對於滿意度與顧客信任的影響。 　　由實證結果可以瞭解滿意度的決定因素為關係行銷活動與正面的失驗程度大小。至於理論上認為投資人對於投信公司服務品質的期望水準與實際感受應該影響顧客滿意度，在數據上並未獲得支持，推論原因可能是受訪者具備較高的知識與涉入程度，因此有能力與動機去分辨投信公司及其代銷機構服務品質優劣，並予以比較，造成期望水準與實際感受的影響不顯著。顧客信任的決定因素則有服務品質的實際感受、正面的失驗，與關係行銷活動。 　　根據實證所得結果，提供業者如何創造顧客滿意度、顧客信任、及忠誠度的建議。

近年基金投資已然成為一般民眾重要的理財工具之一，而投資人最關注的顯然是基金績效的好壞，以及前績效好的基金在未來能否持續先前好的績效表現。因此本論文主要探討台灣的開放式股票型基金之績效、基金績效的持續性，以及投資人買賣基金的行為與基金績效之間的相互影響。論文第一部份是從隨機變數的觀點評估台灣的開放式股票型基金其夏普指標績效值，第二部份則以一般化的馬可夫模型－「漂移者—停駐者」模型評估基金績效持續性的動態行為，第三部份討論投資人的現金流量和基金績效之間的關聯性。 在第一部份的實證結果中，我們認為過去對夏普指標高的基金其績效較佳之想法必須修正，因為從隨機變數的觀點衡量基金的夏普指標值時，所有基金的績效均不顯著異於0。若與市場指數的夏普指標相比，並非所有基金經理人都能打敗市場，雖然以五年評估期間衡量基金績效時，有半數以上的基金其績效顯著優於市場指數，但在二年評估期間下只有極少數基金的績效顯著優於市場。第三，以拔靴法模擬基金的小樣本夏普指標分配時，仍然無法找到基金績效顯著大於零的證據。整體而言，本部份的研究認為從隨機變數的觀點衡量基金的夏普指標績效時，台灣的開放式股票型基金其績效超越市場的證據並不強。 第二部份以「漂移者—停駐者」模型衡量基金績效的動態持續性之實證結果，我們發現整體基金市場具有某種程度的績效持續性，但績效持續性的強弱程度隨著績效組別的不同而有差異，表現最佳與最差兩組基金的績效持續性高於績效中等基金，但整體基金的績效持續性並不很明顯。另外，績效最差組別的停駐基金比率為各組中最高，代表該組別基金的績效持續性較強。第二，基金績效持續性因績效指標的不同而有差異，主要差異反映在各績效組別裡停駐基金比率的估計。第三，「存活偏誤」的確對基金績效持續性的結果有影響，但主要影響反應在停駐基金比率的估計，而非績效漂移基金的轉換機率。第四，以概度比檢定驗證單純馬可夫鏈模型與「漂移者—停駐者」模型對資料的配適程度時，發現「漂移者—停駐者」模型較適合分析台灣開放式股票型基金的績效持續性。 就第三部份基金績效與投資人現金流量的討論，第一，實證結果支持台灣的開放式股票型基金其績效具有持續性，但整體市場的績效持續性並不顯著，其中季資料下基金績效的持續性證據最強，此部份與論文第二部份的結論一致。第二，前一季績效佳的基金在下一季能吸引投資人較多的現金流量，但是放入市場報酬率作為解釋因子後，我們發現投資人的現金流入隨著市場報酬率的上升而提高、隨著基金報酬率的增加而減少，因此投資人買賣基金的主要考量似乎是以市場整體走勢為主，而非基金前期績效。第三，投資人買賣基金的活動對基金後續績效並無影響，這可能是基金經理人的持股比率高於法令規定，或是投資人買入贖回基金的活動對績效的影響通常在數日內即已反應完畢。最後，討論經理人的流動性交易及訊息交易對基金後續績效的影響之前，我們發現基金前期績效的持續大約維持兩個月，但是加入流動性交易及訊息交易作為解釋變數後，基金績效的持續性減弱。 / Mutual funds have been a popular investment vehicle in recent years regardless of the growth of fund assets or numbers of beneficiaries. What investors mind are that whether mutual funds can provide higher return than others, star managers can persist previous dominant performance. For the reasons, we try to examine the performance of Taiwan mutual funds by Sharpe ratio index from new insights, and study mutual fund within best performance group can maintain antecedently superior performance. Finally, we attempt to investigate the relationship between fund performance and fund flows of open-ended stock fund in Taiwan. 1. We analysis the statistical distribution of the Sharpe ratio in Taiwan Mutual Funds developed by Lo(2002) and explore fund performance. First, we construct the confidence intervals of Sharpe ratio of Taiwan stock funds under different assumption for the return-generating process is independently and identically distributed returns (IID) and Non-IID but stationary, then, annualize Monthly Sharpe ratios by Time Aggregation technique. To avoid small sampling errors, we utilize bootstrap sampling conception to simulate the small sample distribution of Sharpe ratio of stock funds. We find that (1) there are not significant evidences that mutual funds in Taiwan have superior performance than riskless rate or market returns in several conditions. (2)By Bootstrapping sampling technique, we still cannot find stock funds have comparatively better performance than market indexes from empirical result. Accordingly, we believe that the usual methods about Sharpe ratios must be modified. That is, a mutual fund with higher Sharpe ratio is not necessarily a good performance, absolutely. Cause, Sharpe ratio index is not a constant, but a random variable, and we must build up its interval estimation and then test if there are significant differences between funds performance. Consequently, we argue it is relatively important to construct the performance-ranking system of mutual funds similar the bond credit-rating. 2. We employ the mover-stayer model to study the dynamics of performance persistence of mutual funds in Taiwan. This model provides us more detailed information about and help us further understand the nature of mutual fund performance persistence. We find (1) that there exists certain degree of persistence in mutual fund performance. Such persistence is, however, not very significant. It is because most funds are mover funds with unstable performance rather than stayer funds with consistence performance. More interestingly, funds within the best and the worst performance groups have more persistent performance than those within the middle performance group. It implies that in view of the previous mediocre performance, fund managers within the middle group have strong intention to improve their future performance. In addition, the fact that the worst performance group has the highest proportion of stayer funds implies that losers are more persistent than winners in Taiwan mutual fund industry. Overall, mutual funds in Taiwan have only weak performance persistence. (2) that consistent with the literature, the degree of persistence in performance is dependent on the performance evaluation criteria. It seems that this difference of degree of persistence is reflected in the estimation of stayer fund proportion, not in the estimation of the transition probability matrix of mover funds. (3) that there exists survivorship bias in our study. It mainly influences the estimation of stayer funds proportion, not that of the transition probability matrix of mover funds. Having said that , we believe that this bias will not alter the important conclusions of this article. 3. This part studies three important issues including the performance persistence of mutual funds, the relationship between mutual fund performance and investor fund flows, and the influence of investor fund flows on the performance of mutual funds. Our analyses are based on the data of mutual funds in Taiwan with three different frequencies that include monthly, quarterly, and yearly data. The methods we utilize to perform the analyses are those from Gruber (1996) and Edelen (1999). There are three main findings in this article: (1)During the sample period from 1996 to 2004, the evidence on the performance persistence of mutual funds in Taiwan is at best weak regardless of various risk-adjusted models and data frequencies. In sum, mutual funds in Taiwan do not perform persistently no matter how their performance is measured. (2)We are not able to discover a significant relationship between mutual fund performance and investor fund flows based on monthly data. This result is not consistent with that of Gruber (1996). However, this relationship becomes stronger if we look at quarterly data. In addition, the most interesting thing is that it seems that it is the quarterly stock market return that derives most of investor fund flows rather than the quarterly mutual fund performance itself. This result implies that the key factor for investors to decide whether to invest more capital into mutual funds is the overall market performance. In other words, the market sentiment may be the most importance factor that induces investors to purchase or sell mutual funds. (3) In contrast to the results of Edelen (1999), the liquidity-trading of fund managers induced by investor fund flows does not have a significant adverse effect on fund performance. Interestingly, the contemporaneous information-trading of fund managers has significant negative impact on fund performance while that in the previous month actually improves fund performance. Furthermore, the performance persistence normally lasts for two months but it diminishes when we incorporate both the liquidity-trading and information-trading of fund managers into the regressions.

Η παρούσα διπλωματική εργασία ερευνά την σχέση μεταξύ των συναλλαγών των μετοχικών αμοιβαίων κεφαλαίων και των χρηματιστηριακών αποδόσεων για την περίπτωση του Ελληνικού Χρηματιστηρίου για την χρονική περίοδο 1994-2002. Με την χρησιμοποίηση ποικίλων οικονομετρικών μεθόδων γίνεται έλεγχος για την ύπαρξη σχέσης συνολοκλήρωσης καθώς και κάποιας βραχυχρόνιας σχέσης μεταξύ αυτών των δύο παραγόντων, ενώ γίνεται προσπάθεια εντοπισμού κάποιας σχέσης αιτιότητας μεταξύ αυτών με βάση τον έλεγχο αιτιότητας του Granger. / This diplomatic thesis investigates the relationship between the trading of mutual funds and stock returns in the case of the Greek Stock Exchange Market, for the period 1994 - 2002. A variety of econometric methods was used to check the existence of a cointegration relationship and a kind of a short-run relationship between these two factors. Finally an attempt was made to identify causal relationships between them using the Granger causality test.

Idag äger många svenskar andelar i olika fonder. Detta beror delvis på att det allmänna pensionssystemet i Sverige idag består av en premiepensionsdel, där individen kan göra ett individuellt val hur dennes pensionspengar ska investeras. Gemensamt för investerare är att de vill erhålla en god avkastning. Ett vanligt sätt att bedöma förväntad avkastning i en finansiell tillgång kallas Capital Asset Pricing Model, eller CAPM. Detta är en mycket behandlad, debatterad och även kritiserad modell. Förutom CAPM utgår studien från en nyare teori som heter Black Swan theory. År 2007 presenterade Taleb sin teori om Black Swan. Han menar att en Black Swan är en händelse som avviker från det normala, har långtgående effekter och som efteråt får naturliga förklaringar. Ett potentiellt Swan-fenomen är finanskrisen. Om nu finanskrisen kan räknas som ett Swan-fenomen innebär det att den finansiella verkligheten har förändrats. Om nu den finansiella världen har påverkats så finns det anledning att tro att även modeller och deras överensstämmelse med verkligheten har påverkats. Det är detta vi i denna studie ämnar att undersöka och mynnar därför ut i frågeställningen: Var CAPM en fungerande modell gällande Sverigefonder åren 2005-2014? Studiens syfte lyder enligt följande: Att undersöka hur väl CAPM:s prediktion av förväntad avkastning i Sverigefonder stämmer överens med den faktiska avkastningen. Vi vill också genom undersökningen se ifall denna överensstämmelse har förändrats under vår undersökningsperiod och ifall detta i sådana fall kan kopplas till ett potentiellt Swan-fenomen som finanskrisen. Med teoretisk utgångspunkt i modern portföljvalsteori, CAPM och Black Swan theory undersöks sambandet mellan betavärde och avkastning i Sverigefonder. Vi utgår från en positivistisk kunskapssyn och genom en deduktiv ansats genomförs en regressionsanalys för att svara på vår frågeställning. Det empiriska materialet består av månadsavkastning från de valda fonderna, riskfri ränta och marknadsindexets avkastning. I vår studie hade vi endast ett år med signifikant positivt samband mellan beta och avkastning (som försvann i och med heteroskedasticitet i datamaterialet). Vi hade däremot ett år med negativt signifikans (2014) samtidigt som en positiv marknad, vilket inte överensstämmer med tidigare empiriska undersökningar. Vissa år ser det ut som att det finns samband genom att grafiskt titta på våra figurer i resultatdelen, men det är även år där det motsatta förhållandet finns. Med resultaten och analysen i åtanke kan vi inte förkasta nollhypotesen 2005-2013 (det finns inget samband mellan beta och avkastning).

本研究探討於連續時間下，跨國投資者於匯率可預測下之最適投資決策問題。我們假設隨著時間改變，利用可預測之資訊動態修正投資決策。首先我們假設匯率可經由利率過程預測，探討相對風險趨避(CRRA)之投資經理人於跨國投資時之避險需求。研究方法是結合Cox與Huang (1989)之平賭方法與Lioui與Poncet (2003)於跨國投資所建構之財務模型。本研究歸納學習效果會影響匯率期望報酬，利用利率資訊會修正匯率過程之風險市場價值。最適投資決策因此受到調整因子之影響。因此投資人必須依照過濾進來的財務訊息(利率對匯率的改變)動態的調控持有之投資部位。最後，理論結果顯示投資部位必須針對可預測性下匯率避險效果作調整。 / In this study, we explore the effects of uncertainty about the exchange rate predictability on international portfolio choice in a continuous time setting. Uncertainty regarding to the predictive relation affects the optimal portfolio choice through dynamic learning, and leads to a state-dependent relation between the optimal portfolio choice and the investment time horizon. First we investigate the hedge demands in international portfolio management for constant relative risk averse investors where the exchange rate can be predicted by the change of interest rate. Then our approach is implemented through the use of the martingale methodology developed by Cox and Huang (1989) as proposed in the work of Lioui and Poncet (2003). Since the learning processes influence the premium of exchange rate movements, the crucial changes lie in the difference of market price of risk of the interest rate movements to the updated exchange rates. The constructed optimal investment strategy is influenced by the adjusted factors. Hence the investors should dynamically rebalance their holding portfolio according to the filtering mechanism. Finally, the theoretical results show that the adjustment for the optimal weights are required to reflect the prediction effects in hedging the exchange rate risks.

Collective investments have become a very popular investment vehicle in South Africa because it is, among other things, transparent, liquid and easily accessible. Growing investor knowledge, good market returns and its suitability for diversification, which minimizes risk, also contributes to its popularity. A value chain that adds value to the investor has developed around the collective investment scheme. The role players in this chain include the investment manager, the management company and financial intermediaries. The growth in this part of the collective investment industry has been so dynamic that regulation and the introduction of various new intermediary layers are constantly affecting the value chain and the value added for the investor. Research was conducted to assess the impact of the value chain on the behaviour of the individual investor and the effect this has on wealth creation. The literary review established that the environment surrounding this dynamic and interdependent value chain is well-regulated and that costs and investor behaviour could have a significant impact on investment returns. The empirical study revealed that the average individual investor recognizes the impact of the value chain on his investment, but perceives himself as being knowledgeable enough to avert ineffectiveness in the chain by ensuring desired investment returns through good investment decisions. Over-diversification and irresponsible switching between funds by the investor can, however, destroy value and negate the effect of long-term returns. / Business Management / M. Com. (Business Management)

This diploma thesis "A Performance Comparison of in Czech Republic available mutual funds and ETFs from the view of CZK investor" elaborates on collective investing in Czech Republic; focusing on mutual funds and their exchange traded alternatives in ETFs. In the thesis, a history of Czech collective investments' development is briefly mentioned and of ETFs' beginnings in the US, also a legislative framework for the mutual funds in CZ is shortly discussed; furthermore, different approaches to fund classification based on various criteria are provided. An impact of fund fees and expenses is also analysed. A Current situation on the capital market of funds and ETFs and its trends are showed in many graphs and tables. In the second part of the thesis, author introduces not only the basic ones but also the more sophisticated methods of portfolio's or fund's performance measurements, including yields, risks, risk-adjusted yields etc... The third and last chapter aims at application of the previously mentioned methods on a selection of 20 funds and ETFs; therefore building a financial model enabling that. The analysis is viewed as from the CZK investor, thus all calculations are made in CZK.

Diploma thesis is focused on innovative financing for acquisition of real estate. The first part contains the basic terms of mortgage loans and mutual funds. The following part describes the methodology for evaluating the effectiveness of funding and the opportunities and risks associated with it. The second part deals with the practical applications of evaluating the effectiveness of the funding. The aim is to compare and optimize various model variants acquisition of real estate.

In this thesis the relationship between regional composition and risk-adjusted performance is evaluated concerning Swedish issued green mutual equity funds. By using three different indices; Sharpe, Jensen and Treynor, a relationship has been able to establish. The study finds no strong relationship between geographic composition and performance concerning any of the indices and thus the impact of diversifying one's portfolio has little impact. By using the Modern Portfolio Theory, Stewardship Theory, Home Bias Theory and Behavioral Finance Theory a theoretical discussion has been established in order to further examine and analyze the fundamental dynamics of this relationship. Lastly, model risk and other variables impact on performance has been investigated. Our study finds a potential model risk since our three indices results disparate. Further, ESG related factors and Morningstar ratings seem to impact performance greater than regional composition.

During the beginning of 2020, the world was struck by the vicious virus COVID­19, forcing societies into lockdown. Demand froze across the board and this was quickly reflected on stockmarkets worldwide. The Swedish stock market index, OMXS30, plummeted around 30% in a matter of weeks. As an investor, it can be difficult to navigate the financial market and make investment decisions during such turbulent periods. The goal of this study is to analyze the decision-making made by Swedish mutual fund managers during the turbulent market period of 2020, to identify common behavior. This is done through interviewing fund managers of major Swedish mutual funds. The results of the study imply that a specific template for decision-­making amongst fund managers is difficult to create. Yet, a common and early decision during market corrections is to reduce positions in assets performing well in order to maintain fund liquidity and capture new investment opportunities created by the correction. Making decisions during market volatility is a difficult process that is dependant on factors such as investment mandates, internal resources, investment ­horizon and preferred valuation methods. / Under början av 2020 spreds viruset COVID­19 över stora delar av världen, vilket tvingade samhällen att stänga ner och införa restriktioner för att minska smittospridningen. Efterfrågan föll på bred front och detta återspeglades snabbt på aktiemarknaderna världen över. Det svenska aktieindexet OMXS30 rasade runt 30% på ett par veckor. Under sådanna turbulentaperioder på börsen kan det vara svårt som investerare att navigera och göra rätt beslut kring investeringar. Målet med denna studie är att analysera beslutsprocessen vid investeringar hos svenska fondförvaltare under den volatila marknadsperioden 2020, för att försöka identifiera likheter. En rad intervjuer har utförts för att samla in information om förvaltarnas beslutsprocesser. Resultaten från studien visar att det är svårt att hitta en gemensam metod som fondförvaltare använder vid beslutsfattande i turbulenta marknadsperioder. Trots det, är det vanligaste och tidigaste beslutet att minska positioner i tillgångar som klarat sig väl tidigt i nedgången för att upprätthålla fondens likviditet och kunna investera i nya möjligheter skapade av börsnedgången. Att fatta beslut i fonder under marknadsvolatilitet är en svår process som är beroende av faktorer som investeringsmandat, interna resurser, placeringshorisont och värderingsmetod.