| Summary: | 碩士 === 大葉大學 === 管理學院碩士在職專班 === 107 === This study aims to explore the performance of emerging markets equity funds or bonds which pay monthly dividends over a 15-year period from January 2003 to December 2018 and investigate whether fund managers possess market timing abilities and stock selection skills.
In this study, we analyze a sample of 52 emerging markets funds and bonds, denominated in TWD, and determine how risky they are through Sharpe Ratio, Treynor Index, and Jensen’s Alpha. The results show that most of the emerging markets funds have not achieved the expected rates of return, and on top of that, the profitability of the funds are inferior to MSCI Emerging Markets Index. Moreover, the fund managers are not capable of market entry decisions and stock-picking
|
|---|
