The Performance Comparisons between Active Management Funds and Passive Management Funds under The Bull and Bear Market Sentiments.

• Main Authors: Kuo-Chin Huang, 黃國智
• Other Authors: 林烱垚
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/zd9w68

碩士 === 淡江大學 === 國際企業學系碩士在職專班 === 103 === This study is aiming to investigate the performance domestic equity funds and passive funds (ETF) in Bull and Bear Market, from 2003/6/30 to 2014/4/30 The study samples of 2013 active funds according to Lipper Taiwan TAIEX Foundation Prize for the best three-year, ten-year awarded fund, We selected 1. Dresdner Taiwan dam securities investment trust fund (three-year), 2. Nomura Small (formerly: ING Aetna Small) securities investment trust fund (triennial & decade), 3. unification major securities investment trust fund (the Decade) as the most representing active funds. Passive fund is based on Taiwan''s first ETF Yuan Polaris Taiwan Top 50 fund which has ticker symbol 0050, Yuan 100 medium-sized fund Polaris Taiwan stock with the code of 0051, Yongfeng Taiwan Weighted ETF Securities Investment Trust stock with the code of 006204 for the study samples. The National Committee for Depelopment has published the Prosperity, Baseing on high and low points, we have divided into nine cyclical indicators interval during the study period The average difference between two different funds were analyzed by. statistical data analysis and T- test. The empirical results show: 1. Comparing the performance differences between the 3 representing active funds and 3 passive funds in the market during the research period, we found that under the single-tailed or two-tailed test, passive investment strategies (ETF) investment performance are not fully proved superior or inferior to the performance of active investment funds, but there is still a certain degree of correlation. 2. The performance resulted from the majority of the study samples in the same period shows high-risk did not directly lead to higher return.On contrary low-risk funds had better performance in some ovserving periods.