The Influence of the Cash Flow Change of Mutual Fund on the Preferences of Manager Trade Liquidity
碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 97 === When facing large amount and continuously cash flow change in the mutual fund may force the manager to trade stock without hesitation. This thesis investigate the preferences of manager on the liquidity of stock trade when the mutual funds that invested in...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2009
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| Online Access: | http://ndltd.ncl.edu.tw/handle/83013150588008664038 |
| Summary: | 碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 97 === When facing large amount and continuously cash flow change in the mutual fund may force the manager to trade stock without hesitation. This thesis investigate the preferences of manager on the liquidity of stock trade when the mutual funds that invested in Taiwan stock market experiencing large and sustained redemption (outflow) or purchasing (inflow). We examined how the liquidity preferences influence the mutual fund performance. This study used the analysis framework published by Clarck, Cullen, Gasbarry (2007) to evaluate the mutual fund liquidity preferences and to estimate the cash flow change of mutual fund. The standard for evaluating the performance index was to set the cost for the investors to get information in the lowest. The empirical results suggest that there was preference in manager trade liquidity. When mutual fund facing sustained cash inflow; the better strategy was to reduce the portfolio liquidity. The underperform fund should raise portfolio liquidity when experiencing sustained cash outflow.
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