| Summary: | 碩士 === 國立臺灣大學 === 國際貿易學系 === 84 === The purpose of this thesis is to evaluate the performance of a
sample of twenty-eight offshore funds between 1990 and 1995.
Two types of model are used to evaluate the total performance
and selectivity, market timing ability individually. The main
findings are as follows： 1.Most of the offshore funds can''t
outperform the market，no matter the total performance or
selectivity , market timing ability. 2.On total performance and
selectivity, results of every model are congruent. But on
market timing, results are quite different. 3.The relationship
between selectivity and market timing is a trade-off in term of
Chang & Lewellen model. But we can''t find this relationship in
term of Bhattacharya & Pfleiderer model. 4.When we employ
Taiwan Index as the benchmark, the performance of are better by
contrast to the World Index. It may be due to the benefit of
international diversification and the better performance of
offshore stock market.
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