Is “Dividend Mania” Rational?A Performance Comparison of Distribution and Non-income Distribution Funds

• Main Authors: I-Chin Chang, 張宜瑾
• Other Authors: Ming-Chang Cheng
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/7v579y

碩士 === 國立中正大學 === 企業管理研究所 === 103 === Since the financial crisis, low interest policy has resulted in the hot sale of various kinds of distribution funds. The popularity increase of distribution funds has also lead to the increase in discussion of the correlation between fund performance and dividend policy. Through different evaluation methods, the essay takes several kinds of mainstream distribution funds as sample and looks at the potential impacts of dividend policy towards fund performance. Regardless of the evaluation method used, we found that the funds with no dividend payout or less frequent dividend payout had generated better fund performance. However, to maintain the dividend payout mechanism, the fund manager must sacrifice some flexibility of asset allocation, which would then influence the ability to respond to the market volatility and the possibility of getting better performance. Due to sample size and observation period limitations, this essay was not able to provide a statistically significant result. For further research, the increase of sample population and observation period may provide a more detailed examination on the influence of dividend policy on fund performance.