An empirical study on the relation between investment strategies and resulted performances for stock-type mutual funds

• Main Authors: Huey-yuh Lin, 林惠玉
• Other Authors: Ming-Guan Huang
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/95509738058939604997

碩士 === 實踐大學 === 企業管理研究所 === 93 === Owing to the promotion and prevalence of specialized investment management, mutual fund has been becoming the one of important financial instruments in managing money. As a result, the number and scale of global asset management institutes and mutual funds has been continuously and greatly growing. With mutual fund invest upsurge, many researchers have been in succession engaging in mutual fund study works in terms of theoretical and practical aspect, recently. Accordingly, this study is also focus on investigating the best investment strategy of the stock-type mutual fund in terms of investors. Comparing with the lump-sum strategy, the majority of the theoretical research and practical experience pointed out the dollar-cost averaging strategy of mutual fund can achieve the effectiveness of dispersing the invest time, averaging invest cost, and reducing invest risk. Therefore, the periodical investment strategy has been steadily developing into trend. 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 dollar-cost averaging investment strategies of periodic with nonfixed-amount, aperiodic with fixed-amount, and aperiodic with nonfixed-amount. Besides explaining the definition of these four dollar-cost averaging investment strategies and illustrating their different payment conditions and ways, we also compare the averaging cost effect and return-risk characteristic among them. Finally, this study plans to treat the domestic dozens of open-end mutual funds, which have been issued and still working, as study samples. The long-term empirical data of net value change associated with these mutual funds and stock index are collected on the basis of monthly transaction. For more thoroughly comparing the performance dominance, the thesis simultaneously take investment strategy, market situation, and monthly investing pattern into account. These factors are statistically empirically analyzed and compared by using one-way ANOVA and t-test to conclude the resultant performance rating among these four dollar-cost averaging investment strategies. Besides, the crossing analyses among three risk preference types of investors are also practiced. The purpose of doing this is to verify and support the accuracy and validation for the inference of theoretic model through real numerical data.