The Study on Relationship among Research Resource, Portfolio Turnover, and Mutual Fund Performance

• Main Authors: Chia-Hua Lin, 林佳樺
• Other Authors: 邱顯比
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/03041123014534486826

碩士 === 國立臺灣大學 === 財務金融學研究所 === 103 === This paper examines the interaction between mutual fund performance and portfolio turnover by using 117 Taiwan domestic equity mutual funds data from the time period of 2005 to 2014. Empirical result indicates that funds with higher portfolio turnovers exhibit higher transaction costs and inferior performance compared with funds having lower turnovers. Furthermore, we use the data of 117 Taiwan General Equity Mutual Funds from 2010 to 2014 and 32 asset management firms to investigate the correlation among the research resource, mutual fund performance, and its portfolio turnover. We found that there is a significantly negative relationship between the research resource and portfolio turnover. Moreover, there is a positive relationship between the research resource and fund performance in corresponding period of time. The findings support the assumptions that fund managers who have more resources are easily to get information which can help them win excess returns. By getting useful information, fund managers can have less transaction costs, lower portfolio turnover and better fund performance.