碩士 / 國立虎尾科技大學 / 經營管理研究所 / 101 / The purpose of this paper was to compare the performance of mutual funds using dollar-cost averaging (DCA) versus lump-sum (LS) for investing. Using a sample of 21 international mutual funds during the period from January 2001 to December 2012, this study compared the both investment strategies in respect of original and risk-adjusted annualized returns during different investment periods, where simple and compounded returns are calculated for each, respectively. In addition, this paper also compared the performance of the both investment strategies in different economic situations.
The empirical results showed that in respect of the original annualized returns, LS was superior to DCA while interest rates for deposits were 0~2%. If the deposit rates were raised to 3-5%, DCA was better than LS. Besides, in comparison with the risk-adjusted rate of return, DCA obviously outperformed LS while the deposit rates were 1~5%. These results suggested DCA was a better strategy for conservative investors while deposit rates were above 1%. In addition, this study also found that LS was superior to DCA in a bull market. In contarst, DCA was better than LS in a bear market.
| Identifer | oai:union.ndltd.org:TW/101NYPI5457022 |
| Date | January 2013 |
| Creators | Gu-Bin Tsai, 蔡谷彬 |
| Contributors | 李竹芬 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 90 |
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