The objective of this study is to evaluate the relationship between the corporate governance of investor trust companies in Taiwan and the performance of their mutual funds. Consider the feasibility of data collection, the data from the mother company of those investor trusts which are listed or publicly-held companies have been used instead in this study. There are 17 companies and 334 mutual funds in total. For the corporate governance indicators, the constituent of the corporate boards, the common stock holdings, and the level of information transparency are measured as the independent variable. For the performance of mutual funds, the return of mutual funds, the Jensen Performance Index, the excess return of Fama and French¡¦s Three Factor Model, the excess return of Carhart¡¦s Four Factor Model, and the excess return under those models¡¦ with timing factor are measured as the dependent variables. The market value of the companies and the timing of financial crisis are measured as the control variables. The statistics and the regression are applied to evaluate the relationship among them. The results are as follows: 1.After the financial crisis, the return of mutual funds has significantly decreased. 2.The scale of the corporate boards, and the sock-holding percentage of major shareholders have significantly lower down the performance of mutual funds. These results support Jensen (1993)¡¦s and Salman (1993)¡¥s researches because the more of the directors and the higher of the stock-holding percentage of major shareholders, the more difficult to have agreements for the company to follow. The reason why it is different from the concept that the sock-holding percentage of major shareholders has significantly increased the performance of the company could be the index this research measured is the performance of the company¡¦s products, mutual funds, not the performance of the companies. 3.The rate of outside independent directors, the stock-holding percentage of executive, the stock-holding percentage of corporate directors, and the rank of information transparency have significantly increased the performance of mutual funds.

In Chapter 1, I investigate whether returns of strategies based on asset pricing anomalies exhibit time series persistence which can be attributed to flow-induced trading by mutual funds. I find persistence for thirteen characteristics, which is statistically significant for five including size, corporate investment, and bankruptcy likelihood. The persistence is not explained by individual stock momentum and is not limited to certain calendar months. The return predictability can be used to construct new trading strategies, which on average earn 4.5% annually. A price pressure measure of mutual fund flow-driven trading explains a substantial part of the strategy performance persistence. In Chapter 2, we propose a new approach for estimating expected returns on individual stocks from firm characteristics. We treat expected returns as latent variables and develop a procedure that filters them out using the characteristics as signals and imposing restrictions implied by a one factor asset pricing model. The estimates of expected returns obtained by applying our method to thirteen asset pricing anomalies generate a wide cross-sectional dispersion of realized returns. Our results provide evidence of strong commonality in the anomalies. The use of portfolios based on the filtered expectations as test assets increases the power of asset pricing tests. In Chapter 3, we examine the sensitivity of fourteen asset pricing anomalies to extreme observations using robust regression methods. We find that although all anomalies except size are strong and robust for stocks with presumably low returns, most of them are sensitive to individual influential observations for stocks with presumably high returns. For some anomalies, extreme observations distort regression results for all stocks and even portfolio returns. When the impact of such observations is mitigated, eight anomalies become positively related to expected returns for stocks with low characteristics meaning that these anomalies have an inverted J-shaped form. Chapter 4 concludes by summarizing the main contributions of three chapters and their implications. / text

Thesis (Ph.D.)--University of Texas at Dallas, 2008. / Includes vita. Includes bibliographical references (leaves 93-96)

Revised Thesis (Ph. D.)--University of Amsterdam, (2002). / Description based on print version record. Includes bibliographical references (p. 177-189) and index.

Thesis (M.A.)--University of Wisconsin, 1928. / Typescript (photocopy). eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (p. 81-82).

Thesis (Ph.D.)--Drexel University, 2010. / Includes abstract and vita. Includes bibliographical references (leaves 91-92).

Thesis (Ph. D.)--Management, Georgia Institute of Technology, 2007. / Khorana Ajay, Committee Chair ; Clarke Jonathan, Committee Member ; Li haizheng, Committee Member ; Jayaraman Narayan, Committee Member ; Eun Cheol, Committee Member.

No description available.

<p>Previous studies in mutual funds were focused mainly on the US market. The general belief is thatmutual funds in average cannot outperform the market. We decided to test this theory in the lessstudied markets of equity funds in Sweden and Germany. Another controversial point is fees inmutual funds. Therefore we will give an overview of fees in both markets, and analyze the relationbetween fees and performance.This study analyzes the Swedish and the German mutual funds market. For the German market,funds with domicile in Germany and abroad are analyzed separately in order to examine possibledifferences between funds with a domestic domicile, and funds domiciled abroad.1285 funds performances covering period of 2000-2008 were calculated using Jensen’s Alphameasure. The results showed that all funds have on average negative alphas. Approximately 20% offunds in the German market and 12% of the funds in the Swedish market have significantlynegative performance.Regarding fees, there is only a small difference between funds in the German and the Swedishmarket in general, while the difference between funds domiciled in Germany and Luxembourg wassignificantly bigger.Our analysis of the relation between fees and performance showed no significant relationship.</p>

Previous studies in mutual funds were focused mainly on the US market. The general belief is thatmutual funds in average cannot outperform the market. We decided to test this theory in the lessstudied markets of equity funds in Sweden and Germany. Another controversial point is fees inmutual funds. Therefore we will give an overview of fees in both markets, and analyze the relationbetween fees and performance.This study analyzes the Swedish and the German mutual funds market. For the German market,funds with domicile in Germany and abroad are analyzed separately in order to examine possibledifferences between funds with a domestic domicile, and funds domiciled abroad.1285 funds performances covering period of 2000-2008 were calculated using Jensen’s Alphameasure. The results showed that all funds have on average negative alphas. Approximately 20% offunds in the German market and 12% of the funds in the Swedish market have significantlynegative performance.Regarding fees, there is only a small difference between funds in the German and the Swedishmarket in general, while the difference between funds domiciled in Germany and Luxembourg wassignificantly bigger.Our analysis of the relation between fees and performance showed no significant relationship.