Investment of mutual fund has always been popular to the common investor. No matter investing at Systematic Investment Plan or One-time Investment, choosing a ¡§good¡¨ mutual fund is expected for every investor. However, how to find a good one among a large number of funds? In the past reports or theses, there are many reasons of influencing mutual fund performance, which include fund¡¦s size among others. The common sense said that ¡§if you want to invest in mutual fund, you should choose the larger size ¡¨ Is that true? Through the past reports we can find out different opinions. This study mainly research into the relationship between performance and size of domestic open-ended mutual funds. Expect to give a simpler data for reference and lower the risk before general investors put money into funds.
The logic of Spearman's Rank Correlation coefficient would be applied as the statistical inference in this study, and the domestic open-ended equity fund, balanced fund, and quasi-money market fund will be used as the observed samples. Monthly performance and size is the observed unit of time in this research period from March 2001 to February 2010. Thus via this mode will know whether the correlation between fund¡¦s performance and size is positive, negative or there is no correlation.
The conclusions of this study are presented as follows:
1. There is a low positive correlation between performance and size for equity fund and quasi-money market fund. But the balanced fund does not show any correlation for these two variables.
2. Moreover, the study shows there is better performance for investing in over 4 billion NT asset of equity fund in a short term period. But the result of balanced fund and quasi-money market fund can¡¦t highlight the optimal size in a short term period.
3. From the long term point of view, the optimal interval of size for equity and balanced fund is between 1 billion and 2 billion. And the optimal size to quasi-money market fund is over 40 billion.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0907110-162739 |
| Date | 07 September 2010 |
| Creators | Chiu, Li-chen |
| Contributors | Chin,Chang-Chiang, Kuo, Hsioujen, Huang,Jen-Jsung |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0907110-162739 |
| Rights | off_campus_withheld, Copyright information available at source archive |
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