Abstract
Since the open of domestic financial market recent years, the
financial products have become more and more various. In six years, there
has been 2.7 funds issued every month on average. For investors, how to
choose a good fund company and an appropriate fund from plenty of new
offered funds is uneasy. Particularly new offered fund has no history data
to examine the performance, and also lacks the regular benchmarks like
£]and Sharp ratio.
This thesis uses the data of the domestic stock funds which were
offered over 1 year from 1997 January 1 to 2006 December 31.The data
resources is from TEJ. The study will distinguish all data from whether
the prospectuses regulate the funds¡¦ stock holding percentage over 70
¢H or not. Then we want to investigate the behavior in the first year and
to discuss if the fund managers¡¦ experiment will result in the abnormal
performance.
The study results shows that the stock holding percentage of the
domestic stock funds have been over 70¢H on average since offered 3 months,
but the percentage of the funds with free investment period of 3 months
is less than 60¢H. However the percentage of the funds with free investment
period of 6 months would rise to be 70¢H early in the second or third month.
We try to use a statistic way and set a dummy variable to test whether
there is different between the performance of the funds with free period
and those with limited period. The result shows that there is no fund
performance difference between these two period.
From the second month after the fund is offered, turnover rare is close
or even over the average of one year. The average level is about 30¢H and
it shows the domestic stock funds have changed stocks frequently since
it is offered .
The tenure of Fund managers¡¦ after domestic stock funds raised is
20 months on average from 95 months to 1 month.13¢Mof fund managers will
be taken place less than half year after the fund offered, 39¢Mwill be
less than 1 year. 60¢Mof the fund managers have ever managed other funds
before the newly one which he manage now, but 40¢Mhave no such experiment.
The statistics shows that there is no significant different between fund
managers¡¦ experiment and fund¡¦s abnormal returns.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0906107-220357 |
| Date | 06 September 2007 |
| Creators | Chuang, Che-ming |
| Contributors | Jen-jsung Huang, Hsiou-jen Kuo, Jeng Yih |
| 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-0906107-220357 |
| Rights | not_available, Copyright information available at source archive |
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