| Summary: | 碩士 === 立德大學 === 科技管理研究所 === 96 === Mutual funds are the main financial tools in contemporary derivatives markets.
However, there are various types of mutual funds. How to make an investment
more efficient becomes an important issue in our market today. This dissertation
takes Stock Mutual Funds as the research focus. Based on Stock Performance
Evaluation and different time frames: short (one year), medium (three years) and
long (five years) periods, they are put into eight groups. The data is from 2007 to
2003. Research samples are 144 datasets of Mutual Funds periodical information.
This research aims to investigate the indications which influence the investment
decisions and the factor of expenses which affects Mutual Funds performance. This
research shows: 1:With different time frames, among all groups of Stock Mutual
Funds, only technology, small and medium-sized, and domestic mutual funds show
the significant differences. 2. Within the same period of time, among all groups of
Stock Mutual Funds, Value mutual fund is the best while technology and domestic
mutual funds are worst in performance. 3. The performance assessed through Data
Envelopment Analysis shows persistence in stock mutual funds selection. The
datasets with three-period of time shows the best result. Meanwhile, it doesn’t
show any persistence in the mutual funds of all groups. 4.Among all the expenses
factors, the expenses listed on the statement of account shows the most significant
negative correlation. The trading expense only shows significance within one-year
period. Furthermore, the turnover rate shows significant positive correlation within
one-year period and negative correlation within three and five-year period.
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