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| Title: | 基金公司開始發行ETF後之影響探討 : 基金公司之品牌效應
What Happens After a Fund Family Begins to Offer ETFs? The Role of Fund Family Brand |
| Authors: | 陳慧倢
Chen, Hui-Chieh |
| Contributors: | 黃嘉威
Huang, Chia-Wei
陳慧倢
Chen, Hui-Chieh |
| Keywords: | ETF
共同基金
基金公司
品牌
ETF
Mutual Fund
Fund Family
Brand Name |
| Date: | 2024 |
| Issue Date: | 2025-02-04 16:03:00 (UTC+8) |
| Abstract: | 強大的品牌能為共同基金家族帶來諸多優勢，然其影響力會隨著時間逐漸減弱。我們提出了品牌假說(brand name hypothesis)，主張基金家族可以透過推出新的、受歡迎的產品線（如ETF）來重新振興其品牌。在引入ETF後，同一家族的共同基金每年的風格調整後報酬率平均下降約0.7%，然品牌的媒體報導量卻有所增加。由於投資者在關注共同基金績效的同時也重視品牌，品牌的提升會降低基金流量對績效的敏感度，特別是在績效不佳的時期。此外，這些共同基金的主動管理比例（active share）也有所下降。儘管績效下降，這些基金在極端市場危機期間免於遭受賤賣資產的壓力，這一現象揭示了為何傳統主動管理的共同基金家族越來越傾向於在其品牌下推出受歡迎的ETF產品。
While a strong brand brings mutual fund families several advantages, its impact wanes over time. We put forward the brand name hypothesis, which suggests that fund families revitalize their brands by launching new, popular product lines such as ETFs. Following the introduction of ETFs, mutual funds within the same family experience an annual style-adjusted return decline of approximately 0.7%, yet the media coverage of the family brand sees an uptick. As investors value brand names alongside mutual fund performance, an enhanced brand reduces the fund flow-performance sensitivity, especially during periods of underperformance. Additionally, the active share of these mutual funds decreases. Despite the decline in performance, these funds are shielded from fire sales during extreme market crises, offering insight into why traditional active mutual fund families are increasingly introducing popular ETFs under their brand umbrella. |
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| Description: | 博士
國立政治大學
財務管理學系
107357502 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107357502 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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