Evaluation of the Performance in the Electronic Stock：High EPS, Turnaround and Growth Type v.s. Funded Porfolio

• Main Authors: Ping Chih Wang, 王炳智
• Other Authors: You-Kong Lee
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/10603722927101410838

碩士 === 淡江大學 === 國際貿易學系國際企業學碩士班 === 97 === In the relevant literatures, all of them pointed out in the domestic stock market, whether the electronic stock in TSE or OTC, the earnings per share(EPS) is the explanatory variables which dominates the return of nvestment. So we collect the quarterly financial reporting data through each quarter , to utilize EPS as a main variable to establish investment portfolios of higher profit、turnaround and growth stock respectively. Furthermore , we analyze the performance of buy and hold strategy whether can beat the market、electronic index or domestic open-end mutual fund. According to empirical study, we want to provide valuable investment strategy to investor. The main empirical finding as below： 1. Generalized investment portfolio (1)Relative Performance After comparing with the market and electronic index, we find our three portfolio’s performance are the same in TSE market；but the performance of higher profit portfolio is the best of the three in OTC. (2)Absolute performance By comparing with the market and electronic index, we find turnaround portfolio’s performance is the best of the three in both TSE and OTC. 2. Fundization portfolio (1)Relative Performance After summarize the number of fundization portfolio’s performance which ranking in the top 20%.We find both higher profit and turnaround portfolio perform better than growth portfolio. (2)Absolute performance By calculate rate-of-return of the three fundization portfolio .We find turnaround portfolio’s performance is the best of the three.