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    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/112355


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112355


    Title: 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
    Authors: 張耘寧
    Chang, Yun-Ning
    Contributors: 陳鴻毅
    張耘寧
    Chang, Yun-Ning
    Keywords: 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
    Date: 2017
    Issue Date: 2017-08-31 12:02:15 (UTC+8)
    Abstract: 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.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    104357010
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104357010
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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