| Summary: | 碩士 === 義守大學 === 企業管理學系 === 102 === This study adopted the database of Taiwan Economic Journal (TEJ) during the period of 2007 to 2012 to explore whether the performance of mutual funds could beat the market index in the long term. If the mutual funds in Taiwan satisfy the efficient market hypothesis(which assumes that the stock price will fully reflect all the information on the market.When the market has good information, investors will buy the stock then the stock price would subsequently rise. Conversely, if the market faces bad information, investors would sell the stock then the stock would begin to fall),the long-term performance of mutual funds could not beat the performance of market index.
This study estimates the mutual funds’ five-year cumulative rate of return to explore whether the performance of mutual funds could beat the performance of market index. After comparing the rate of returns of mutual funds and market index in the long term, this study finds that: 1) the rate of return of mutual fund could perform well only in short term, but the performance lacks a persistent effect; 2)the performance of Taiwan’s mutual funds could not beat the market index in long-term.
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