| Summary: | 碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 104 === The sample universe of the research consists of onshore domestic equity funds as of 2014. By the means of pooled data, it examines the influence 1) the performance in different time periods, 2) the size, 3) the length since initiation have over the fund inflow, by both absolute volume and the inflow to fund size ratio. The objective is to verify whether there is “smart money effect.”
The research will conclude as the following. A) Taking the absolute volume of inflow as the responsive variable, the size has not distinctive influence on its inflow, while the length since initiation does. Also, better performance also benefits the inflow of coming periods. In sum, there is smart money effect. B) Taking the inflow to fund size ratio as the responsive variable, the size has distinctive influence on its inflow, and so does the length since initiation. However, the performance does not. Considering the different outcome the two approach lead to, either is irreplaceable and it may make more sense to adopt the former.
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