Fund Size and Fund Performance -The Role of Market Volatility, Bull and Bear Market

• Main Authors: Chia-Yang Su, 蘇加揚
• Other Authors: LU, CHENG-SHOU
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/3jbrhe

碩士 === 國立高雄科技大學 === 財富與稅務管理系 === 107 === This thesis investigates the relationship between mutual fund size and performance of mutual fund issued and invested in Taiwan from 2006 to 2018. It also explores whether the market volatility, market sentiment and US market-based interest rate operation influence the relationship between mutual fund size and performance. The empirical results indicate that the mutual fund size does not have direct effect on the fund performance, however, with the higher market volatility, the bigger the fund size the better the fund performance. In addition, when the market is booming, the performance of small-size fund is obviously better than that of larger-size fund. Finally, this paper finds that the interest rate hike or interest rate cuts in the US market dot not moderate the relationship between fund size and fund performance.