政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/112355
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113451/144438 (79%)
造訪人次 : 51314018      線上人數 : 862
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/112355


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/112355


    題名: 明星基金對基金家族資金流向及績效之影響
    The effect of star funds on fund family flows and performance
    作者: 張耘寧
    Chang, Yun-Ning
    貢獻者: 陳鴻毅
    張耘寧
    Chang, Yun-Ning
    關鍵詞: 明星基金
    明星家族
    外溢效果
    家族資金流量
    基金家族績效
    新發行基金
    Star fund
    Star family
    Spillover effect
    Family flow
    Family performance
    Newly issued fund
    日期: 2017
    上傳時間: 2017-08-31 12:02:15 (UTC+8)
    摘要: 本研究探討明星基金對於基金家族資金流量及績效之影響。實證結果顯示明星基金之優異表現除了為所屬家族帶來顯著的資金流入，更存在外溢效果使同家族中的非明星基金有顯著資金流量增加。此外，本研究發現基金家族會利用明星光環趁勢推出新基金，且新發行基金前十二個月之資金流量受到基金家族在發行基金前一年是否為明星家族所影響。然而新發行基金之未來報酬與是否來自明星家族無顯著關係，即投資人追逐明星家族的投資策略於新發行基金市場中未必能獲得較高的報酬。
    This study mainly examines the influence of star funds on fund families’ cash flow and family performance. Empirical results show that, consistent with the spillover effect, a family and its associated funds can obtain more cash inflows when the fund family possesses prominent performance funds. I also find that star families will utilize the star halo to issue new mutual funds, and the newly issued funds under star families can generate more proceeds. However, new funds under star families do not have better performance than new funds under non-star families significantly. This indicates that investors are attracted by the star halo and subsequently invest new funds under star families; nevertheless, such investment strategy cannot deliver greater returns for investors.
    參考文獻: Ackert, L., & Deaves, R. (2009). “Behavioral finance: Psychology, decision-making, and markets,” Cengage Learning.
    Barber, B. M., Odean, T., & Zheng, L. (2005). “Out of sight, out of mind: The effects of expenses on mutual fund flows,” Journal of Business, 78(6), 2095-2120.
    Berk, J. B., & Green, R. C. (2004). “Mutual fund flows and performance in rational markets,” Journal of Political Economy, 112(6), 1269-1295.
    Carhart, M. M. (1997). “On persistence in mutual fund performance,” Journal of Finance, 52(1), 57-82.
    Cremers, M., Ferreira, M. A., Matos, P., & Starks, L. (2016). “Indexing and active fund management: International evidence,” Journal of Financial Economics, 120(3), 539-560.
    Del Guercio, D., & Tkac, P. A. (2008). “Star power: The effect of monrningstar ratings on mutual fund flow,” Journal of Financial and Quantitative Analysis, 43(4), 907-936.
    Evans, R. B. (2010). “Mutual fund incubation,” Journal of Finance, 65(4), 1581-1611.
    Gaspar, J. M., Massa, M., & Matos, P. (2006). “Favoritism in mutual fund families? Evidence on strategic cross‐fund subsidization,” Journal of Finance, 61(1), 73-104.
    Gruber, M. J. (1996). “Another puzzle: The growth in actively managed mutual funds,” Journal of Finance, 51(3), 783-810.
    Huang, J., Wei, K. D., & Yan, H. (2007). “Participation costs and the sensitivity of fund flows to past performance,” Journal of Finance, 62(3), 1273-1311.
    Jain, P. C., & Wu, J. S. (2000). “Truth in mutual fund advertising: Evidence on future performance and fund flows,” Journal of Finance, 55(2), 937-958.
    Khorana, A., & Servaes, H. (1999). “The determinants of mutual fund starts,” Review of Financial Studies, 12(5), 1043-1074.
    Khorana, A., & Servaes, H. (2011). “What drives market share in the mutual fund industry?” Review of Finance, 16(1), 81-113.
    Khorana, A., Servaes, H., & Tufano, P. (2008). “Mutual fund fees around the world,” Review of Financial Studies, 22(3), 1279-1310.
    Kosowski, R., Timmermann, A., Wermers, R., & White, H. (2006). “Can mutual fund “stars” really pick stocks? New evidence from a bootstrap analysis, ” Journal of Finance, 61(6), 2551-2595.
    Massa, M. (2003). “How do family strategies affect fund performance? When performance-maximization is not the only game in town,” Journal of Financial Economics, 67(2), 249-304.
    Nanda, V., Wang, Z. J., & Zheng, L. (2004). “Family values and the star phenomenon: Strategies of mutual fund families,” Review of Financial Studies, 17, 667–698.
    Sirri, E. R., & Tufano, P. (1998). “Costly search and mutual fund flows,” Journal of Finance, 53(5), 1589-1622.
    Warner, J. B., & Wu, J. S. (2011). “Why do mutual fund advisory contracts change? Performance, growth, and spillover effects,” Journal of Finance, 66(1), 271-306.
    Wilcox, R. T. (2003). “Bargain hunting or star gazing? Investors’ preferences for stock mutual funds,” Journal of Business, 76(4), 645-663.
    Yu, H. Y. (2012). “Where are the smart investors? New evidence of the smart money effect,” Journal of Empirical Finance, 19(1), 51-64.
    Zheng, L. (1999). “Is money smart? A study of mutual fund investors` fund selection ability,” Journal of Finance, 54(3), 901-933.
    描述: 碩士
    國立政治大學
    財務管理研究所
    104357010
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0104357010
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    701001.pdf996KbAdobe PDF222檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋