The Trading Behavior for Mutual Fund Investors under Different Risk Attributes

• Main Authors: KANG CHIA HAO, 康家豪
• Other Authors: WANG KAI LI
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/94235132279376035516

碩士 === 東海大學 === 財務金融學系碩士在職專班 === 98 === Abstract This paper uses the trading volume international equity fund, international balanced fund and international fixed-income fund as the mutual fund investors’ behavior of different risk attributes and investigates exchange rate risk affects different risk attributes of mutual fund investors’ behavior. Empirical results show that the fund’s return is positively related to the trading volume for investors with different risk attributes. In the bull market, the equity and balance fund investors increase the trading volume and be more overconfidence. When the exchange rate depreciates, the trading volumes of fund increase. Active investors investing international equity and balance fund don’t increase the trading volume in the period of high exchange rate risk and the conservative investors increase the trading volume of fixed-income fund. In bull market, the trading volume of international balance fund increase more than in bear market. Because the international balance funds have the character of stock and fixed income fund, the investors could adjust the weight of constituent fund to avoid the risk and to approach the profit. Keywords: risk property, international mutual fund, exchange rate, net value, exchange rate risk