An Analysis on the Investment Performances and Risks of Off-Shore Mutual Funds

• Main Authors: Yu-Kuo Wu, 吳裕國
• Other Authors: Shin-Hung Lin
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/18505381045874188871

碩士 === 雲林科技大學 === 財務金融系碩士班 === 98 === In the financial liberalization and globalization era, investors are dazzled to all kinds of investment tools. Generally, investors do not have enough time or professional financial knowledge while still desire to invest in global financial products. Investing in offshore funds is an alternative choice. This article compares the performance of offshore funds and the analysis of the risk by using Value at Risk (VaR). Empirical results show that the risks of equity funds are more than those of bond funds. Furthermore, this article compares the rankings of the performance of funds with different indicators. The results show that equity funds have smaller changes in rankings, and bond funds bigger. Finally, this article examines whether the performances between forth and later period have persistence. The results reveal that both equity funds and bond funds lack persistence, which represent that when the investors invest in funds, they should not use the past fund performance to predict the future fund performance, but should based on changes in the overall market environment to set up more appropriate investment.