| Summary: | 碩士 === 淡江大學 === 財務金融學系 === 87 === Jensen’s and Sharpe ratio are the widest use index in the portfolio evaluation area, but the defectives are around. Two of those are “benchmark model” and “transaction cost internalization”. The objective of this study that adopted the DPEI brought forth by Murthi et al.（1997）tried to test its application in evaluation of Taiwan stock funds. This study finds that the DPEI has significant higher correlation with Sharpe ratio than Jensen’s , that shows its great capability in dealing with the evaluation in Taiwan stock funds. Other findings are below：
1. There is no difference in DPEI between close-end, open-end and OTC-style funds in Taiwan.
2. Domestic fund managers have much potential resource waste in turnover.
3. Higher transaction costs charged by funds, higher return will be paid back.
4. Lower stability in domestic stock funds. In other words, the persistence of funds does not exist.
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