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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/54765


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    题名: 台灣固定收益基金投資人的擇時能力
    The timing ability of Taiwan fixed income mutual fund investors
    作者: 王玨珵
    Wang, Chueh Chen
    贡献者: 岳夢蘭
    Yueh, Meng Lan
    王玨珵
    Wang, Chueh Chen
    关键词: 債券型基金
    聰明錢效果
    擇時能力
    日期: 2011
    上传时间: 2012-10-30 11:43:50 (UTC+8)
    摘要: 有越來越多的文獻研究提出「聰明錢」存在的證據,證明基金投資人有能力預測未來會賺錢的贏家基金。在這個議題之下,本研究主要探討台灣債券型基金市場裡是否存在「聰明錢」現象。藉由Friesen and Sapp (2007)以及Keswani and Stolin (2008)所使用的研究方法,本研究得以發掘投資人擇時能力在。我們的實證結果發現,基金投資人整體而言沒有呈現顯著擇時能力,因此沒有明確證據支持的「聰明錢」效果的存在。投資人的基金投資績效反而往往受到不佳的擇時決策所影響。此外,即便投資人展現選擇贏家基金的能力,其獲利也往往被不良的賣出決定所侵蝕。而且,挑選贏家基金的能力也似乎是短暫的。另外,研究結果亦指出機構投資人的績效穩定優於散戶投資人,其部分原因是散戶投資人在面對較高的搜尋成本時,傾向於選擇規模較大但費用較高的基金,因此降低其投資報酬率。整體而言,本研究的建議是,在台灣債券型基金市場裡宜採取買進持有的投資策略。
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    描述: 碩士
    國立政治大學
    財務管理研究所
    99357023
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099357023
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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