| Summary: | 碩士 === 元智大學 === 管理研究所 === 93 === Index fund first appeared in the United States in 1976 and has since then become popular and issued by many countries. At present, it has gained wide acceptance in developed countries, such as the United States, Japan, Canada and Germany. The main reason for gaining investors’ favor is that index fund meets the expectations of the investors in terms of risk-adjusted return and efficient cost.
The development of index fund is not popular in Taiwan until 1994. There were three index funds issued between 1994 and 1995. However those funds were liquidated around 2002 due to legal restrictions and immature investment environment. In 2004, deregulations about index funds trigger the issuance of index fund again.
The purpose of this research is to investigate the effect of new regulations on the performance of new index funds and compare the difference between existing index fund and previous ones.
The empirical result shows that deregulations have positive effect on index funds. For current index fund, the tracking error has been decreased. In addition, the relative value and the correlation coefficient have been increased.
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