The Analysis of Performance Difference for Franklin Templeton High Yield Fund before and after 2008 Global Financial Crisis

• Main Authors: Ching-Chun Tang, 湯景鈞
• Other Authors: Vincent Y.Chang
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/72677247200339921694

碩士 === 朝陽科技大學 === 保險金融管理系 === 102 === Changes in the global financial system, banks create its liquidity through the asset securitization as well as derivatives packaging. Thus, the securitization assets have become the main investment targets for mutual fund. This phenomenon allows banks to arise their operational risk and credit default risk. Therefore, many financial institutions become bankruptcy and encounter severe financial pressure during the subprime mortgage and financial crisis periods in 2008. The spread of this vicious cycle not only has a wide range of levels and sustained expansion, but also thereby affecting other financial industry and even other countries. After the global financial crisis, whether or not the investment behavior and risk attitudes for mutual fund investors are changed during the financial crisis period. This study uses Spearman rank correlation coefficient and performance dichotomy to examine the mutual fund performance persistence. Performance metrics are the net rate of return and the Sharpe ratio. The performance analysis frequencies include monthly, quarterly, semi-yearly, and yearly. The empirical results show that Franklin Templeton high yield bond fund, under no area restriction investment and spearman method, has a better performance in the short-term investment (monthly and quarterly), whereas it has a poor performance in the long-term investment (semi-yearly and yearly), However, in the wake of the global financial crisis, the market of high yield bond funds flourishes cause of the U.S. QE policy.