Mutual Fund Size Affects Decision Making of Portfolio
碩士 === 國立高雄第一科技大學 === 金融營運所 === 97 === The irregular appearance of the bull market during the past years had caused the fund flow continuously increasing, which had resulted in the fund size growing greatly. Yet by the possibility of diseconomies of scale, it had worsened the fund performance. Ther...
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2009
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| Online Access: | http://ndltd.ncl.edu.tw/handle/76956954851608498540 |
| Summary: | 碩士 === 國立高雄第一科技大學 === 金融營運所 === 97 === The irregular appearance of the bull market during the past years had caused the fund flow continuously increasing, which had resulted in the fund size growing greatly. Yet by the possibility of diseconomies of scale, it had worsened the fund performance. Therefore, this research uses 68 open-end equity mutual funds from 2000 to 2007 as samples, combining the data like flow, style and ownership of individual fund to examine how fund size affects decision making of portfolio.
The results of the study are summarized as follow：
1. High-TNA fund is significantly positive related to the change in number of stocks.
2. Flow is significantly positive related to the change in portfolio-weighted average ownership.
3. The number of earlier period owns stocks are significantly negative related to the change in number of stocks.
4. The lag one period’s portfolio-weighted average ownership is significantly negative related to the change in number of stocks.
5. The lag one period’s portfolio-weighted average ownership is significantly negative related to the change in portfolio weighted average ownership.
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