The Moderating Effect of Type of Mutual Fund on Investor’s Disposition of Mutual Fund

• Main Authors: Kao, Shin-Kuang, 高世光
• Other Authors: Hu, Jin-Li
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/97845038883181011673

碩士 === 國立交通大學 === 經營管理研究所 === 104 === The disposition effect is an asymmetric disposition behavior discovered in behavioral finance. Investors tend to be risk-averse and sell financial assets with increased prices. Instead, investors tend to be risk-seeking and keep assets to wait for another price rise when the price dropped. The sample covers 335 Taiwan open-end equity mutual funds from 2013 June to 2016 January. This is the first case to research on the moderating effect of type of mutual fund on investor’s disposition. The major findings are as follows: Investors of all types of fund in Taiwan possess the disposition effect. When types of fund are used as a moderator, the disposition behavior of investors is not the same on different type of fund. The investors of fixed-income fund possess the inverse disposition effect; that is, most investors will proactively redeem those fixed-income funds which drop in value.