The Investment Performance of Equity Funds In Emerging Market

• Main Authors: CHEN,SI-QI, 陳思琪
• Other Authors: CHOU,JIAN-HSIN
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/4k4t9j

碩士 === 國立高雄第一科技大學 === 財務管理系碩士班 === 106 === According to the international investigation from Morgan Stanley Capital, the world economy growth increases day by day. Especially, the internal consumption in emerging markets has much more potential than developed markets. This makes emerging markets become the target market for the global investors. In the study, 14 equity funds range from 2008/01/02 to 2017/12/29 are used as our research sample. The purpose of the study is to compare their investment performance for dollar cost averaging and value averaging strategy. In addition, we use the economy leading Index of the United States as a reference of find increase or decrease. Based on the methodology of one-way ANOVA, we want to examine whether there is an investment performance difference between dollar cost averaging and value averaging strategy when we set our realizing-profit points as 10% and 15%. The empirical results show that no matter what kind of investment strategy is, the investment profit is positive and the value averaging strategy will obtain the best performance. For these three strategies, there is no significant investment difference if we set the realizing-profit point as 15% or 10% by one-way ANOVA analysis. But if the realizing-profit point is 15%, the annualized return in value averaging strategy is the highest. Also, comparing with other strategy, the investors will take the least investment risk. In addition, this study concludes that it will miss lots of selling opportunities when we set the realizing-profit point as 15%.