In the past, some of studies would like to research the mutual fund return persistence into the causes of performance and they find that short-term mutual fund persistence is largely driven by fund managers accidentally holding past winner/loser stocks (Carhart, 1997) and long-term mutual fund persistence is largely driven by persistence in expense ratios (Carhart, 1992). My sample of equity mutual fund is identified themselves by the Taiwan Economy Journal (TEJ) styles (e.g. closed-end, high tech, etc.) and is often confined to trading stocks within their style, style-adjusted fund returns would be a more appropriate measure of fund manager performance. we could find the performance of the portfolio of the style-adjusted mutual funds that truly and conspicuously has advantage over the comparative group consisted of the same funds in the same period, but without weighting. The value of alpha in the portfolio is much greater than the one of that comparative group.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0626103-160116 |
| Date | 26 June 2003 |
| Creators | Chi, Bai-Chung |
| Contributors | C.T. James Lee, Anlin Chen, Y. Chris Liao |
| 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-0626103-160116 |
| Rights | not_available, Copyright information available at source archive |
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