| Summary: | 碩士 === 國立新竹教育大學 === 應用數學系碩士班 === 104 === The main purpose of this paper is to detect the relationship between fund flows and stock returns of the cross section. Because the fund flows may affect the stock market, and in the investment market, how to get a lot of reward, all investors care about most things, so this paper to fund flow (FLOW) as investor sentiment indicators, thereby to explore fund flows and stock returns of the cross-sectional relationship, and flow (fLOW) of the portfolio construction level, to detect under different formation, excess returns and abnormal returns exist. Positive and negative flow of funds on behalf of stock markets over whether to buy or sell shares this file, after this paper was found under the accumulated fund flows over time
, The longer the fund's stock market is over-bought or sold no more obvious case, but there is no significant difference between the large and the small flow of traffic stock excess returns, and the fund flow cross section and stock compensation showing significant negative relationship.
Keyword : Mutual funds, Fund flow, Abnormal returns
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