The Relationship of Mutual Fund Characteristic and Investors Behavior

• Main Authors: Mei-Tsu Lin, 林美足
• Other Authors: Chien-Heng Tu
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/41554503015831819815

碩士 === 國立高雄應用科技大學 === 金融資訊研究所 === 96 === This article discusses about the factors influencing on fund purchase and redemption, we chose Taiwan stock market funds as study subjects, and excluded the structure change of the model. This article is based on the model by O，Neal(2004) and discusses the factors that influencing Taiwan stock market funds investors, we also applied OLS to proceed the test results. We found the following results: 1. The purchasing traits of the investors include the preferences of high monthly return funds; high monthly turn over rate funds; low risk funds and small scale funds. They presume higher turn over rate can result in higher return. 2. Investors have Disposition effect while they make the redemption, they choose those better performance funds to make redemption. 3. There is positive relevance between a better performance stock fund in a previous month and the purchase increase of the stock fund. As a result, we conclude that Taiwan fund investors believe that the consistency in fund performance will continue, so it is likely for fund companies to achieve better sale growth when they emphasize the advertisement on the nice performance during the past.