碩士 / 輔仁大學 / 金融與國際企業學系金融碩士班 / 100 / In recent years Taiwanese living standard has been lifted up and therefore the demand for diversity for investment and wealth management has been increased. Except domestic stock market, investors look for other means for investment. Recently years, domestic banks have been greatly promoting wealth management business, and introducing overseas mutual funds as part of their clients’ investment portfolio. With the rise of emerging market in recent years, many mutual funds link emerging market as target. There are more and more funds issued by domestic investment trust and foreign fund companies. When domestic investors start to pay attention to global financial market, emerging market is under the spotlight. For a long time, Taiwanese investment trust companies issue more and more overseas funds to great the market trend, therefore there are more and more Taiwanese funds linking to emerging market or single country for investors options. But very often there are too many funds that investors do not know how to choose.
This study is to look into not only the overall performance of emerging market funds, but also to compare the overall performance of overseas emerging funds by domestic investment trust and offshore emerging market funds, to analyze if the differences of emerging market funds performance in different zones and time sectors can beat up the responding benchmark index.
Through performance evaluation index (return rate of net value, Treynor, Sharpe, Jensen) this study finds out, dividing emerging market by zones, overall emerging market funds outperform that single country. Therefore, when investors choose to invest emerging market, they can choose regional emerging market funds. To investors, regional funds are less likely to be influenced by single market factor, therefore the risk is small while the return rate is pretty good. From the viewpoint of funds founders to domestic and foreign fund companies, the empirical result shows that offshore funds by foreign companies outperform those by domestic companies. This study also shows that Latin America market, Russia market, Brazil market, Korea market outperform responding benchmark index. Different timing shows impact on the return rate of foreign funds of different region and all performance evaluation indicators, but well performing single funds perform better.
| Identifer | oai:union.ndltd.org:TW/100FJU00214019 |
| Date | January 2012 |
| Creators | Yen, Luwei, 顏路薇 |
| Contributors | Luo, Liehming, 羅烈明 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 58 |
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