RETURNS PERSISTENCE OF MUTUAL FUNDS

• Main Authors: Chia-Chia Yu, 余嘉嘉
• Other Authors: Ruey-Shii Chen
• Format: Others
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/98935042712575739907

碩士 === 大同大學 === 事業經營學系(所) === 98 === In recent years there has been much discussion of investment ideas regarding the many types of financial products available in Taiwan. Most investors spend a great deal of time studying past performance of mutual funds when considering investment. The purpose of this study was to investigate whether returns persistence exists among domestic mutual funds. If returns persistence of funds exists among domestic mutual funds that investor can follow it and chose the funds. A total of 113 domestic open-ended equity mutual funds available during Jan 1st, 2008 and Dec 31st, 2008 were selected as the research subjects. The research findings were summarized as follows: (1) Performance persistence of funds does not exist and we can find the situation for performance reversals. The evaluation of fund efficiency in this study demonstrates that there is sustainability in fund efficiency, and positive correlation between the fund efficiencies of earlier and later stages. Therefore, the performance evaluation should not only focus efficiency measurement, and effect and efficiency should be measured simultaneously, and then the effectiveness and accuracy of evaluation can be enhanced.