the effect of investment trust company''s marketing mix on mutual fund flow

• Main Authors: Li-mei Peng, 彭莉媚
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/56181838770030071151

碩士 === 國立中正大學 === 企業管理所 === 95 === Merger and acquisitions exist in investment trust company in recent years. They symbolize new starts and situations. Because the main object of merger and acquisitions is the strategic cooperation. They find niche products in their benefic field, use their investment professions and marketing channels to create better profit for their customers. In Sirri and Tufano (1998) research, they used complex TNA, expenses and media attention as variable and construct meaningful measures of search costs and marketing efforts to test the effect of each variable on mutual fund flow. It can be said the most completed research targeting on the marketing 3P of investment trust company. The sample includes 254 open-end Taiwan funds that have an investment objective of equity, bond and balance. These data include information on open-end Taiwan funds offered to the public from January 2002 through December 2006. For each fund, the database contains：TNA, complex TNA, standard of fund return and fund age. Besides, we also classify the other variables with marketing 4P. They are total fund quantities in a complex fund、front-end load、management fee、total fee、changed in front-end load、changed in management fee、changed in total fee、advertisement expense、advertisement numbers、the number of newspaper media and the number of channels. The conclusions are： 一、Product：(1)there is a negative relationship between TNA and flows；(2)there is a positive relationship between complex TNA and flows；(3)there is a negative relationship between total fund quantities in a complex fund and flows；(4)there are the same conclusions in equity, bond and balance fund. 二、Pricing：(1)total fee and front-end load have negative relationship with flows, there is a positive relationship between management fee and flows；(2)changed in front-end load and changed in total fee have negative relationship with flows, there is a positive relationship between changed in management fee and flows；(3) equity fund and bond fund：there is a positive relationship between (changed in) front-end load and flows；there is a positive relationship between (changed in) management fee and flows；there is a negative relationship between (changed in) total fee and flows；(4)balance fund：there is a negative relationship between front-end load and flows；there is a positive relationship between management fee and flows；there is a positive relationship between (changed in) total fee and flows；there is a positive relationship between changed in front-end load and flows；there is a negative relationship between changed in management fee and flows. 三、Promotion：(1)there is a positive relationship between advertisement expense and flows；there are the same conclusions in equity, bond and balance fund；(2)there is a negative relationship between advertisement numbers and flows；there are the same conclusions in equity, bond and balance fund；(3)there is a positive relationship between the number of newspaper media and flows；there are the same conclusions in equity and balance fund. 四、Place：there is a positive relationship between the number of channels and flows；there are the same conclusions in equity and balance fund.