A Study on Investment Behavior of Mutual Fund Investors after US QE

• Main Authors: HSU,HSUEH-LIN, 徐雪琳
• Other Authors: LI,CIAO-MING
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/40036573468488513719

碩士 === 佛光大學 === 應用經濟學系 === 104 === Since the global financial crisis of 2008, the US Federal Reserve Board (Fed) implemented continuously four monetary policies of QE (Quantitative Easing) to inject massive liquidity by purchasing large-scale of debt in financial markets. The Purpose of QE is preventing recession, but the interest rates remained near zero for seven years. After the Fed bought lots of long days of debt securities in the QE period, the Bonds circulating in the market is reduced that resulting in the corresponding price rise and Bond yields decline. With the steady recovery in the US economy and labor market improvement, the Fed slightly downsizing monthly bond purchases in 2014. In December 16, 2015 , the Fed announced that it would raise the federal funds rate one yard (25 basis points), affected the global financial markets will toward the stock direction of movement and abandon the Bonds. Mutual funds are an important source of financial income for Taiwan investors, the targets of underlying investments are also increasingly pluralistic. Therefore, The purpose of this study is to help the long-held conservative, fixed income and receive the "top-down" investment strategies of investors. By understanding the independent variables of balanced mutual funds (BMF) and fund of funds (FOF), including one month performance (P), the fund size (A), Sharp index (S), the US ten-year bond yields (R), money supply (M1) and TVIX, to investigate the effects of the dependant variable , i.e. the fund flow (F). This study surveyed the Taiwan's BMF and FOF as the empirical study, deployed the Multiple Regression Analysis and Quantile Regression Analysis from 2008 to 2015. The illustration results show some significance differences between independent variables and dependent variables. Furthermore, viewing the pluralistic of Taiwan's BMF and FOF, the response is sufficient, flexible, secure, and stable portfolio allocation after the QE environment, in order to achieve risk diversification and create largest investment benefits.