Study on Mutual Fund Performance Evaluation-Application of Technology Analysis as Decision Aids
碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 106 === Mutual funds are financial products that investors may choose when investors consider to increase the profitability of their investment and limit the effects of market volatility. Mutual funds provide a large number of various investments and industries to ch...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2018
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| Online Access: | http://ndltd.ncl.edu.tw/handle/ywn2tn |
| Summary: | 碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 106 === Mutual funds are financial products that investors may choose when investors consider to increase the profitability of their investment and limit the effects of market volatility. Mutual funds provide a large number of various investments and industries to choose from, and the investment risk can be reduced through the fund managers’ market research and asset allocation. Therefore, inventing through mutual funds has beco/me one of the asset allocation options for Taiwanese investors.
The data sample of the study is collected from the database of TEJ ( Taiwan Economic Journal ) and the daily net value performance of the domestic funds and overseas funds adopted by Bloomberg for the period from January 2013 to December 2017. The data from these sixty months is taken as the research target in this empirical research. The research method is to simulate the trading rules which is able to create excess returns by applying MA Rules ( Moving Average Rules ) from the technical analysis indicators in order to increase the investors’ profitability. After testing by using the Moving Average Rules, it is found that : 1. Moving Average provides investors the basis of decision making on selling or buying mutual funds. 2. The performance of long-term indicators is significantly better than the performance of short-term indicators. 3. The performance of single Moving Average trading strategies doesn’t make significant difference from the performance of long-term and short-term Moving Average trading strategies. 4. The average rate of returns from 4433 Rules is not significantly better than the average rate of returns from a single mutual fund company.
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