Does Selling Pressure Affect Performance of Mutual Fund During the Financial Crisis

• Main Authors: Yu-Fan Li, 李宇凡
• Other Authors: Chai-Liang Huang
• Format: Others
• Language: en_US
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/d3637a

碩士 === 國立中正大學 === 財務金融系研究所 === 106 === Abstract In the past, literature rarely paid attention to the performance of mutual fund during the global financial crisis. This paper uses the aggressive growth fund and income fund to examine whether performance of the fund will be affected by fund selling pressure during the financial crisis. The results show that market pressure will be more intensely due to the financial crisis, and make the fund selling pressure more seriously. We further study whether the market selling pressure and the fund selling pressure have reinforced impact on the performance of mutual fund. However, the interactive dummy does not show a significant impact on fund performance. And, we check whether fund performance will also be affected by fund sales pressure during other financial crises, including dot-com bubble, global financial crisis and European debt crisis. Furthermore, we also examine which fund characteristics and manager characteristics affect fund performance. Through the research results, we know that fund performance has been widely and violently affected during the financial crisis. Key Word: Selling Pressure, Performance of Mutual Fund, Financial Crisis