Selectivity and Market Timing of Cross-National Mutual Fund Managers in Taiwan

• Main Authors: Chen,Wang-Wei, 陳旺位
• Other Authors: Shih, Lun-Min
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/01473660308184610346

碩士 === 大葉大學 === 管理學院碩士在職專班 === 104 === This study uses the cross-national equity funds to investigate whether they have the stock ability of selectivity and market timing. Mutual funds are divided into three categories, namely global funds, emerging market funds and developed markets funds, according to their investment area. I choose the top 10 funds according to their fund size in each fund category to explore the ability of stock picking and market timing. The empirical results indicate that most funds do not have market timing ability, especially none of funds invested in the emerging markets has market timing ability. In addition to emerging market funds, most funds do not have stock-picking ability. 50% of funds invested in emerging market have a stock-picking ability, and all of the global funds do not have ability of stock picking.