The Empirical study of the Dynamic Relationships between the equity funds’ flows and Performances

• Main Authors: Yin-yu Hsiuy, 徐英育
• Other Authors: Andy Chien
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/06590799382104006585

碩士 === 國立高雄第一科技大學 === 金融營運所 === 92 === There are many funds in our mutual fund industry. When investors face so many funds without enough information about them, how to choose a best one is becoming a very important question. Most people may use funds’ performance to choose. Our empirical study is based on this motivation, discussing dynamic relationships between the equity funds’ flows and performances. We use panel data to study relationships between the equity funds’ flows and performances. Our data includes 41 funds from March in1996 to February in 2003. The research results are summarized as following： 1.There is no evidence exists between fund’s flows and prior performance when using raw return. Some performance grades influence the next flows when using Jensen index. 2.When we using Jensen index, MID in period one influence the next flows positively, LOW in period two influence the next flows positively. 3.Fund flows influence the next flows positively, no matter raw return or Jensen Index. 4.Fund size influences the next flows negatively, no matter raw return or Jensen Index.