An Empirical Study of Evaluations of the Determinants of Better Performing Mutual Funds–An Example of Domestic Mutual Funds in Taiwan

• Main Authors: Chi-Yu Ke, 柯其佑
• Other Authors: Ting-Kun Liu
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/70004588337365800693

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 96 === In mostly former studies only emphasize the sole category variables of the influence on fund’s performance, and often neglect the special attribute of fund’s companies and managers also have the significant influence on fund’s performance. Besides, former study only uses the short-term to carry on the analysis, this study considers the long-term period, it is appropriate for the long-term investment of investment instruments, This study collects more detail data by fund’s managers, and fund’s companies according to Heber and Jonathan (2006), Chao (2006), and Chiou and Hsu (2002). We create four kinds of affective variables, including manager variable, fund variable, company variable as well as environment variable for one, three, and six months, and one, three, five and ten years. The performance places of ten funds to each term as the sample of domestic equity fund. We construct panel data from January 2001 to September 2007, compare with an academic study of Heber and Jonathan (2006). This study has more complete and perfect domestic fund data, and applies panel data regression model for empirical by factor analysis. We try to give the scores of significant variables of fund performance. Which can avoid the problem of the former return on performance, will not necessarily represent the return on future performance. The empirical results of this study happen to invest in domestic equity fund, it may refer to the fund managers and each period of fund have influence on the short-term. For the long term, they change as a result of the fund managers, they could reduce fund managers to influence the performance of fund, and therefore it must return to accomplish the index of estimated to buy funds of each period. By rising or declining of risk-free interest rate, this could be an index of determination when marching into and taking out on the fund market. There are enormous differences by re-ranking of factor analysis from original ranking. The results of this study could be a reference for dealers and investors of the fund investment. When buying domestic equity fund or changing fund. And it could be a reference of fund companies when they adopt their fund managers.