What Will Critical Factors Affect Fund Managers’ Investment Decisions? A Case Study of Taiwan Securities Investment Trust Companies

• Main Authors: Wen-han Liang, 梁文漢
• Other Authors: Yu-Jen Cheng
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/76144542951853768448

碩士 === 國立高雄大學 === 經營管理研究所 === 97 === Abstract Most of the past researches on mutual fund managers’ investment behaviors were confined in a limited scope and discussed the relationship among few variables. Although they had received fruitful achievements and had successfully explained part of fund managers’ investment behaviors, there is still lack of researches view the fund managers’ investment behaviors as a whole. This thesis considers that there must be many factors may affect fund managers’ investment decisions, which result in variety investment strategies, and come to different investment performance. Therefore, it is necessary to study the above topics from a panoptic view. This thesis adopts case study methodology, interviews with Taiwan on-the-spot mutual fund managers, and applies Q-sort technique for the purpose of clarifying the possible affecting factors for fund managers’ real operation decisions and investment strategies. The results reveal that mutual fund managers’ investment strategies are based on industry funmentals. Affecting factors concerned by managers are different according to securities invested in domestic or foreign markets. Abrupt noneconomic events do not impact fund managers’ investment strategies no matter where the events happened. This thesis also discovered that the permutation orders of catagory importance for different groups are the same from the perspection of statistics. Fund managers seldom employ regular reaction models when facing affecting factors. They always reply properly in line with factors influence and consistence.