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.

The thesis deals with market for collective investments in the Czech Republic, the principles of mutual funds business, legal coverage and performance. Specifics of collective investments in the Czech Republic and legislation are clarified in the first part. In the second part the basic methods of evaluating the mutual funds performance are described. The second chapter includes the presentation of Pioneer Investments, of which mutual funds are subject of performance analysis. The practical part is focused on the analysis of selected, previously characterized, mutual funds managed by Pioneer Investments. These funds are compared with performance of other competitive funds on the market.

Made available in DSpace on 2015-12-03T18:33:14Z (GMT). No. of bitstreams: 1 Ronaldo_Sueo_Hirota.pdf: 2239401 bytes, checksum: 481be2cb72a80eeb4e9057d7463e34cf (MD5) Previous issue date: 2015-03-23 / This study aims to analyze the influence of performance measure in the rankings of multimarket funds in Brazil. The specific objectives sought to understand the concepts and application of the parameters in the evaluation of investment funds performance, present the similarities and differences of performance measures of investment funds, verify the performance of mutual funds in the period of 6 years and applying the Spearman correlation coefficient to describe and measure the relationship between the rankings produced by different levels of performance. The main contribution of this work is to identify if the indicators create different rankings for the individual or corporate investor can decide how to evaluate these funds. It attempted to separate 385 multimarket investment funds which are not exclusive with returns that represent a normal distribution (309 funds) and non-normal distribution (76 funds), in the period of January 2008 to December 2013 to analyze the correlation of rankings between the indexes. The relevance of correlation between the performance measures is if these indexes impact directly in the rankings of multimarket investment funds. Existing high rank correlations, it s clear that it s up to the investor to decide which index to use evaluating the multimarket funds. In the period analyzed, there was a high correlation between the rates of Modigliani, Sharpe and Sortino. The Treynor index was the only one where it was found a low correlation with the others / O presente trabalho tem como principal objetivo analisar a influ??ncia dos ??ndices de desempenho nos rankings dos fundos multimercado no Brasil. Como objetivos espec??ficos, buscou-se compreender os conceitos e aplica????o dos ??ndices na avalia????o de desempenho de fundos de investimento, apresentar as semelhan??as e diferen??as dos ??ndices de desempenho de fundos de investimento, verificar o desempenho dos fundos de investimento no per??odo de 6 anos e aplicar o ??ndice de correla????o de Spearman para descrever e mensurar a rela????o entre os rankings produzidos por diferentes ??ndices de desempenho. A principal contribui????o desse trabalho ?? identificar se os indicadores de desempenho produzem rankings diferentes para que o investidor individual ou corporativo possa decidir como avaliar esses fundos. Buscou-se separar 385 fundos de investimento multimercado n??o exclusivos com retornos mensais que representam uma distribui????o normal (309 fundos) e distribui????o n??o normal (76 fundos), do per??odo de Janeiro de 2008 a Dezembro de 2013 para analisar a correla????o dos rankings entre os ??ndices. A relev??ncia da correla????o entre os ??ndices ?? analisar se a escolha dessas medidas impactam diretamente nos rankings dos fundos multimercado. Existindo alta correla????o, ?? poss??vel afirmar que fica a crit??rio do investidor qual ??ndice utilizar para a avalia????o de fundos. No per??odo analisado, houve alta correla????o entre os ??ndices de Modigliani, Sharpe e Sortino. O ??ndice de Treynor foi o ??nico em que foi constatada baixa correla????o com os demais.