Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds
碩士 === 國立政治大學 === 財務管理學系 === 106 === This study investigates whether the mutual fund manager can manage assets in an efficient way. Using active share as a measure of the efficiency of asset allocation for a mutual fund, this study finds that the active share of a mutual fund increases if the fund e...
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ndltd-TW-106NCCU53050142019-05-16T00:30:17Z http://ndltd.ncl.edu.tw/handle/56ya2z Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds 共同基金資金流向與積極管理之研究-以美國股票型基金為例 Lee, Wei-Hsuan 李韋萱 碩士 國立政治大學 財務管理學系 106 This study investigates whether the mutual fund manager can manage assets in an efficient way. Using active share as a measure of the efficiency of asset allocation for a mutual fund, this study finds that the active share of a mutual fund increases if the fund experiences an inflow or an outflow. Specifically, the active share is more sensitive to fund inflow than outflow, indicating, relative to obtaining more funds from investors, the fund manager cannot efficiently manage their assets when he faces the redemption of investors. Furthermore, there is no performance persistence in mutual funds. If the fund experienced an inflow or an outflow, whether the mutual fund managers manage assets in an efficient way, it is difficult for fund managers to outperform the markets in the future. 陳鴻毅 2018 學位論文 ; thesis 40 en_US |
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碩士 === 國立政治大學 === 財務管理學系 === 106 === This study investigates whether the mutual fund manager can manage assets in an efficient way. Using active share as a measure of the efficiency of asset allocation for a mutual fund, this study finds that the active share of a mutual fund increases if the fund experiences an inflow or an outflow. Specifically, the active share is more sensitive to fund inflow than outflow, indicating, relative to obtaining more funds from investors, the fund manager cannot efficiently manage their assets when he faces the redemption of investors. Furthermore, there is no performance persistence in mutual funds. If the fund experienced an inflow or an outflow, whether the mutual fund managers manage assets in an efficient way, it is difficult for fund managers to outperform the markets in the future.
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陳鴻毅 |
author_facet |
陳鴻毅 Lee, Wei-Hsuan 李韋萱 |
author |
Lee, Wei-Hsuan 李韋萱 |
spellingShingle |
Lee, Wei-Hsuan 李韋萱 Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds |
author_sort |
Lee, Wei-Hsuan |
title |
Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds |
title_short |
Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds |
title_full |
Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds |
title_fullStr |
Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds |
title_full_unstemmed |
Mutual Fund Flow and Active Management: Evidence from U.S. Equity Funds |
title_sort |
mutual fund flow and active management: evidence from u.s. equity funds |
publishDate |
2018 |
url |
http://ndltd.ncl.edu.tw/handle/56ya2z |
work_keys_str_mv |
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