| Summary: | 碩士 === 國立中正大學 === 財務金融所 === 93 === Under the liberalization of the Securities Investment Trust Law and the development on the venture, investment and discretionary investment business, the Asset Management Business in Taiwan has expanded drastically. Whether incorporated entities, the charity association and foundation, a juridical person, administrative foundation or pension fund, all of them must face the discretionary investment issue and might have faced the arduous problem of correctly selecting an excellent Security Investment Trust Company. However, the relative researches are still very rare till now despite the Asset Management topic is very important. For improving the defects of past researches, this essay would adopt mutual fund samples in Taiwan and U.S. at the same time and separately analyze their overall performance. Focusing on the difference between U.S. company-based and Taiwan contract-based mutual fund industry systems, we want to know whether mutual fund’s performance would be affected by their affiliated fund managed companies and hope this research results could contribute to the field of Asset Management.
The empirical results based on this study are concluded as follows:
1、 Mutual fund’s overall performance in Taiwan and U.S. could be different. Taiwanese mutual fund performance is better and significantly beats the market.
2、 Whether U.S. company-based fund or Taiwan contract-based fund, both types of fund managed companies have significantly influence on fund performance.
3、 Mutual fund managers have different impact on their managed funds. Under the U.S. company-based fund system, fund performance might be deeply affected by their managers, but this condition is not significant in Taiwan.
4、 We found that in the U.S. company-based fund system, fund managers who own MBA degree, CFA qualification or female sex might operate mutual fund performance better and they had better avoid managing too many funds at the same time. Although work experience and age have positive influence on mutual fund performance, they are not statistically significant enough.
5、 Under different mutual fund industries, fund’s characteristics have different influence upon their overall performance. In Taiwan, the performance of funds owning large size and high turnover in sales might be better than others, but in U.S., the high turnover rate would contribute negative feedback effect to the performance. At the same time, manager turnover rate would be positive correlated with foreign fund performance.
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