Are smart investors really smart?Empirical evidence in Taiwan.
碩士 === 國立高雄大學 === 金融管理學系碩士班 === 103 === This research analyzes the fund selection ability of Taiwanese mutual fund investors. We use Keswani and Stolin (2008) method to examine the smart money effect and classify the sample by performance due to considering that the smart investors should be found i...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2015
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| Online Access: | http://ndltd.ncl.edu.tw/handle/85119927773818654350 |
| Summary: | 碩士 === 國立高雄大學 === 金融管理學系碩士班 === 103 === This research analyzes the fund selection ability of Taiwanese mutual fund investors. We use Keswani and Stolin (2008) method to examine the smart money effect and classify the sample by performance due to considering that the smart investors should be found in the top-performing funds. We find that there is smart money effect in Taiwanese mutual fund. Furthermore, we test whether smart investors are really smart by examing the disposition effect of the top-performance mutual funds. The empirical result reveals that the disposition effect of the funds chosen by smart investors is weaker than the funds chosen by non-smart investors, implying that the smart investors may be really smart.
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