| Summary: | 碩士 === 國立高雄應用科技大學 === 金融資訊研究所 === 102 === Mutual fund is a common tool for people to invest. Because dollar-cost averaging has the feature of lower amount needed to invest, it is easily accepted by investor. The main of this research is to find the performance of mutual fund whether has difference between dollar-cost averaging and lump sum investing or not. Besides, we adopted foreign mutual funds with different settlement currency to explore the effect of foreign risk to mutual fund investing. This research use foreign mutual fund including denominating in USD with 250 funds, EUR with 200 funds and GBP with 21 funds in the period from 2006/1 to 2013/12, and gather every month’s net asset value with different period of investment including one, three, five and eight years to calculate holding period annualized return in dollar-cost averaging and lump sum investing for comparing the difference between two techniques. In the end, we use regression analysis to find the effect of fund’s monthly return and standard error on holding annualized return with different period of investment. There are some results we concluded: 1. No matter foreign risk has concerned , dollar-cost averaging has better performance than lump sum investing in investment of short-term period. 2. In general, fund’s monthly return has positive effect on holding period annualized return without any consideration such as foreign risk, kinds of currency, period of investment, what techniques we use and sorting by volatility.
Key words: dollar-cost averaging, lump sum investing,exchange risk
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