碩士 / 輔仁大學 / 金融研究所 / 93 / Nowadays, Private-Banking is popular. Offshore mutual fund is necessary for asset allocation. For, Taiwan’s Banks business of offshore mutual fund is also one of the main profit source of Private-Banking Center except Structure Notes. It sets up a win-wins situation that banks’ Private-Banking staffs recommend proper one to investors from enormous offshore mutual funds and to enable investors profit from their investments. To analyze investment strategies in different aspects actually becomes topic that Private-Banking staffs have to study on.
By using daily net with data of offshore mutual funds from January, 2003 to April, 2005 .I propose a measure that can evaluate performance of OMFs .The proposed performance mean is like traditional Sharpe Index except using what we call“Moving risk”instead of return volatility of funds. This Moving risk can be viewed as risk of any random-timing investors. From this new performance measure, our empirical result may serve investors who can choose investing funds without bothering of timing selection. Empirical results in this essay can be summarized as following.
1. In booming stock market, long-term (one-year holding period) investment performs significantly better than short-term (six-month holding period) dose. On the contrary, short-term loses significantly less than long-term dose. This implies that long-term investment strategy is more risky than short-term’s. Investors shall recognize their risk attitudes and choose a suitable strategy.
2. As to total-amounted or installment investment, empirical study shows that the former is more risky than the latter. If one expects bullish market in the future, he (or she) can choose total-amounted strategy to ride the market, and choose installment strategy when one expects bearish market.
3. By investment object, in a bullish market, the stock mutual funds surpasses the sole industry fund, bond fund, next. However, in bearish stock market, the stock mutual funds take higher risk than the bond as common experience.
| Identifer | oai:union.ndltd.org:TW/093FJU00214053 |
| Date | January 2005 |
| Creators | CHIOU YUH-JEN, 邱玉珍 |
| Contributors | LEE TSUNG-PEI, 李宗培 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 62 |
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