| Summary: | 碩士 === 國立臺北大學 === 經濟學系 === 99 === This article mainly focuses on institutional investors’ trading activities. We use panel data analysis to examine whether fund managers in Taiwan engage in portfolio pumping trades or not. Our empirical evidence suggests that, no matter what their fund performances are, fund managers do mark up their holding prices at quarter-end through portfolio pumping. Portfolio pumping is more significant on the first three quarter-ends, and holds especially for funds with small-cap, high turnover rate, old and high return volatility. In addition, our finding also presents evidence that managers’ price inflation behavior couldn’t promote subsequent fund flow. Eventually, stocks with higher return, lower turnover rate and higher price-book ratio are the target of price inflation by fund managers.
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