| Summary: | 碩士 === 實踐大學 === 企業管理研究所 === 92 === Recently, with mutual fund invest upsurge, many researchers have been in succession engaging in mutual fund study works in terms of theoretical aspect and practical aspect. This study is also focus on investigating the investment strategies of the mutual fund for mutual fund investors. All of the theoretical research and practical experience pointed out the periodical investment strategies of mutual fund can achieve the effectiveness of dispersing the invest time, averaging invest cost, and reducing invest risk. However, in the present day, only periodic with fixed-amount investment strategy is well known and extensively accepted by investors. The study will also bring up the three periodical-type investment strategies of periodic with nonfixed-amount, aperiodic with fixed-amount, and aperiodic with nonfixed-amount. Besides explaining these four periodical-type investment strategies, we also compare average cost effect and return-risk characteristic among them. Finally, the empirical data for this study are collected on the basis of monthly transaction and net value change from 9/1996 to 10/2003 data of 55 open-end mutual funds, which have established since September, 1996. These data are analyzed and compared by using one-way ANOVA. The empirical results showed that the performance of aperiodic with nonfixed-amount investment strategy is best; periodic with nonfixed-amount is next, aperiodic with fixed-amount is third, and periodic with fixed-amount is worst.
|
|---|
