| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 99 === This study focuses on how mutrual fund performance persistence influences fund flows, and examines whether smart money effect exists in Taiwan. We use the Taiwan open-end domestic equity funds from January 2001 to December 2010 as the research sample. The fund performance ranking is basd on the fund monthly return. The fund performers of top 20% to 50% are regarded as the winners, and the fund performers of last 20% to 50% are viewed as the losers. The resulting bases sample consists of 208 funds, including fund cumulative times, fund monthly return, and the monthly return of TAIEX. The regression models are employed to examine the relationship between the fund performance persistence and fund flows.
The results of this research are summarized as follows：(1)The fund cumulative times of the winners are positively related to fund flows, but the fund cumulative times of the losers are negatively related to fund flows. (2)There is smart money effect in Taiwan open-end domestic equity funds market. (3) The monthly return of TAIEX is negative relative to fund flows. (4) The fund performance persistence is short term. There are 2.79 cumulative times in average. Therefore, the top performers are not always the best in the mutrual fund market .
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