Applying the Conception of Cognitive Bias to Interpret Fund Fees on Performance

• Main Authors: Hsiang-Hsiu Huang, 黃祥修
• Other Authors: Sung-Wu Chang
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/2twakj

碩士 === 國立臺中科技大學 === 財務金融研究所碩士班 === 107 === This article mainly discusses mutual fund fees how to influence index fund return performance. In order to inspect fund’s fees and performance reflection on general open-ended index fund investors in Taiwan, we connected psychology conception of cognitive bias. Our study cross nineteen year period from 2000 to 2018, in this run undergoing Financial crisis motivation us separated different simple periods. Respectively 2000 to 2007 and 2009 to 2018 empirical results indicated that fund direct transaction fees are negatively significant between fund fees and performance in 2000 to 2018 and 2009 to 2018. Through Kahneman (2011)[23] argued for representativeness heuristics among cognitive bias. It might be able to interpret the conception of why people will do this behavior in the daily life. Owing to people usually ignores the impact of psychological behavior on our decision-making. Through this perspective responded empirical results in our research.