| Summary: | 碩士 === 南台科技大學 === 財務金融系 === 99 === The study investigates the characteristics of equity mutual fund holdings after market sentiments are taken into consideration. As market sentiment soars, mutual funds will be inclined to hold stocks of smaller market capitalization, younger, lower intangible asset, lower book-to-market, lower dividend payout, lower dividend yield, lower research and development expense, lower return on asset, lower return on equity, and lower earnings per share. The relatively high market sentiment can also induce mutual funds to increase weight of stocks of higher fixed asset, higher bid-ask spread, and higher degree of leverage that are closely associated with higher degree of information asymmetry, higher growth opportunities and lower profitability.
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