by Lee Kwong-Wang, Lo Pui Kwong. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 70-71). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Statement of the Problem --- p.1 / Report Structure --- p.3 / Methodology --- p.4 / Chapter II. --- DEMOGRAPHICS --- p.6 / Findings --- p.6 / Retail Participation in Investment --- p.6 / Characteristics of Investors --- p.6 / Monthly Household Expenditure --- p.8 / Growth Trend of Income and Expenditure --- p.8 / Summary --- p.10 / Chapter III. --- MUTUAL FUND MARKET IN HONG KONG --- p.12 / Market Statistics --- p.12 / Comparison of Fund Assets and Stock Market Capitalization --- p.17 / Comparison of Selling Activities . --- p.19 / Chapter IV. --- INVESTOR BEHAVIOR AND ATTITUDES --- p.22 / Findings --- p.22 / Preference of Investment Instruments --- p.22 / Risk Level of Different Investment Tools . --- p.23 / Expected Return of Investors --- p.23 / Transaction Costs and Convenience Level . --- p.24 / Summary --- p.25 / Chapter V. --- MARKETING PERSPECTIVES --- p.27 / Products --- p.27 / Capital Appreciation --- p.27 / Investment Protection --- p.28 / Saving --- p.31 / Price --- p.32 / Promotion --- p.35 / Code of Mutual Funds --- p.35 / Promotion Means --- p.35 / Place --- p.37 / Chapter VI. --- DO MUTUAL FUNDS BEAT THE MARKET? CAN THEY WEATHER THE STORM? . --- p.40 / Chapter VII. --- THE IMPACT OF MANDATORY PROVIDENT FUND --- p.47 / Background --- p.47 / Scheme Details --- p.48 / Potential Impacts --- p.49 / Investment Portfolio --- p.50 / Investment Strategy --- p.51 / Increase of Capital Expenditure and Service Personnel --- p.52 / Conclusion --- p.53 / Chapter VII. --- CONCLUSION --- p.55 / Recommendations --- p.57 / APPENDIX --- p.59 / BIBLIOGRAPHY --- p.70

Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 . Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007. Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities. Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.

I investigate mutual fund flows at the individual fund and at the fund family level. At the individual, I use SEC filings to decompose fund flows into inflows and outflows. This decomposition of net flows into its component parts provides a way to examine differences in how search costs and investor learning affect investors who are entering a fund (or adding to their investments) versus those investors who are leaving a fund (or decreasing their investments). I then examine the effect of the existence of an advertisement for the fund on these investors. At the mutual fund family level, I examine how the characteristics and performance of mutual fund families affect the flows to the family as a whole. I then examine the effects of advertising expenditures on flows to the fund family. / text

Thesis (Ph. D.)--University of Sydney, 2002. / Title from title screen (viewed 16 April 2008). Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Finance, School of Business, Faculty of Economics and Business. Includes bibliographical references. Also available in print form.

<p>Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 .</p><p>Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007.</p><p>Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities.</p><p>Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.</p>

published_or_final_version / Business Administration / Master / Master of Business Administration

<p>Interest for Mutual funds has been enormous in Sweden and since 1970 has savings increased from 300 million SEK to about 900 billion SEK. An important reason for this increasing is the strong development of the stock markets has got and, the impairment of the public pension and the increasing of necessity of the private saving.</p>

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