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    政大典藏 > College of Commerce > International MBA > Theses >  Item 140.119/33962


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/33962


    Title: Factors Influencing Hedge Fund Investment Decisions for Sophisticated Investors in Hong Kong
    Authors: 何亞萍
    Ho, Jo-Anne
    Contributors: 張力元
    Trappey, Charles
    何亞萍
    Ho, Jo-Anne
    Keywords: 避險基金
    香港
    Hedge Fund Investment
    Hong Kong
    Date: 2004
    Issue Date: 2009-09-17 18:55:28 (UTC+8)
    Abstract: 請參照英文摘要
    With progressing transparency of investment activity and structure flexibility, hedge fund has provided investors an attractive investment option. The hedge fund market in Asia appears to have room for further expansion with improving regulatory environment and increasing availability of different products in retail establishments. The research objective is to provide the general investing public and the hedge fund industry in Taiwan more insightful information of how sophisticated investors in Hong Kong relate to hedge fund investment, in order to provide more references for individuals’ hedge fund investment decisions and reflections for the industry to improve marketing strategy. Due to the likeness of the financial climate in both markets, Taiwan could use existing successful implementations and references in Hong Kong for better preparation for hedge funds to enter.
    A few important factors influencing both mutual fund and hedge fund investment decisions have been identified from previous researches and surveys conducted by academic scholars and industry professionals. A hedge fund survey is conducted to test these factors and further evaluate other causes influencing hedge fund investment decisions. A total of 31 sophisticated investors in Hong Kong, mostly financial professionals, with 45% current hedge fund investors have participated.
    Regression statistics analysis is used for the correlation between the multi-dimension construct measurement towards each factor and the actual percentage of investment in hedge fund of the investors. “Investment risk” has shown moderate positive correlation. “Investment return” and “past performance” have shown fair degree of positive correlation. “Investor’s understanding”, “transparency” and “skill and experience of fund managers” have shown very little or no relationship.
    Non-parametric statistics analysis is used for the testing of the multi-dimension construct measurements of the factors between current hedge fund investors and non hedge fund investors with p-values. The measurement of “investment return” for current hedge fund investors is greater than non hedge fund investors. The measurements of “investor’s understanding”, “investment risk”, “past performance”, “transparency” and “skill and experience of fund managers” of current hedge fund investors are not greater than non hedge fund investors.
    “Skill and experience of fund managers” has been ranked as the most important factor influencing individual hedge fund investment decisions. “Investor’s understanding” has been ranked as the most important aspect that needs improvement for the hedge fund industry. For current hedge fund investors, 43% have hedge fund investment which accounts for 15%-30% of their total assets. Seventy-two percent of current hedge fund investors are likely to increase allocation to hedge fund investment. Sixty-four percent of non hedge fund investors are likely to invest in hedge funds.
    This thesis comes to the conclusion that these factors are clearly variables that influence investor’s hedge fund investment decisions. Nevertheless, investors are advised to have thorough understanding of the characteristics specifically related to hedge funds when making investment decisions. It is hoped that the hedge fund industry and regulators would incorporate these aspects for hedge fund product design and marketing. This thesis proposes several aspects to the investors and hedge fund industry in Taiwan with suggestions.
    Reference: 1. Aldcroft, Steward (2002) “The Market for Hedge Funds in Asia”, Investec Asset Management Hong Kong, working report, 1-5
    2. Alexander, Gordon J; Jones, Jonathan D and Nigro, Peter (1997) “Investor Self‐Selection: Evidence from a Mutual Fund Survey”, Managerial and Decision Economics 18 Issue 7-8, 719-729
    3. Alexander, Gordon J; Jones, Jonathan D and Nigro, Peter J (1998) “Mutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information”, Financial Services Review 7, 301–316
    4. Barber, Brad; Odean, Terrance and Zheng, Zu (2000) “The Behavior of Mutual Fund Investors”, U.C. Berkeley, unpublished paper, 2, 28-29
    5. BARRA RogersCasey (2001). “An Introduction to Hedge Funds: The First in the BRC Hedge Fund Series”, working paper, 3, 6-7, 16
    6. Chandler, Beverly (2002) Hedge Funds Quantitative Insights, Wiley Finance, 3
    7. Edwards, Franklin R. and Gaon, Stav (2003) “Hedge Funds: What Do We Know”, Journal of Applied Corporate Finance Volume 15 Number 4, 15, 17, 19-20
    8. Fink, Arlene (1995) How to Analyze Survey Data, Sage, 36
    9. Fung, William and Hsieh, David (1999) “A Primer on Hedge Funds”, Journal of Empirical Finance 6 1999, 310-312
    10. Gallaher, Rory (2002) “The Regulation of Hedge Funds in Hong Kong”, Deacons Hong Kong, working report, 3
    11. Jaeger, Robert (2003) All About Hedge Funds, The McGraw-Hill Companies, 27-32
    12. Kumar, Ranjit (1999) Research Methodology: A Step-By-Step Guide for Beginners, Sage, 75,114-115,129-135,162,170-186
    13. Lhabitant, Francois-Serge (2004) Hedge Funds Quantitative Insights, Wiley Finance, 1,4, 6-9
    14. Liang, Bing (1998) “On the Performance of Hedge Fund”, Case Western Reserve University, working paper, 1, 21-22
    15. Lin, Sherry S.L. (2002) “The Marketing of Hedge Funds in Taiwan”, Lee & Li Taipei, working report, 1-2
    16. Malloy, Christopher J. and Zhu, Ning (2004) “Mutual Fund Choices and Investor Demographics”, London Business School, working paper, 12-13
    17. Oppenheim, A.N. (1999) Questionnaire Design, Interviewing and Attitude Measurement, Pinter, 195-200
    18. Owen, James P. (2000) The Prudent Investor’s Guide to Hedge Funds, John Wiley & Sons, 70-73
    19. Rajeswari, T.R. and Moorthy, V.E. Rama (2001) “An Empirical Study on Factors Influencing the Mutual Fund/Scheme Selection by Retail Investors”, Sri Sathya Sai Institute of Higher Learning, working paper, 2,7,15-16
    20. Roye, Paul F. and others (2003) “Implications of the Growth of Hedge Funds”, The U.S. Securities and Exchanges Commission, staff report,1, 5,15,103
    21. Schneeweis, Thomas; Kazemi, Hossein and Martin, George (2001) “Understanding Hedge Fund Performance”, University of Massachusetts and Lehman Brothers, working report, 5, 11
    Online Documents
    22. Friedland, Dion “About Hedge Funds”, retrieved on 7 Dec, 2004, from Hedge Fund Association (www.thehfa.org)
    23. Friedland, Dion “Advantages of Hedge Funds over Mutual Funds”, retrieved on 16 Jan, 2005, from Hedge Fund Association (www.thehfa.org)
    24. Inglis, Dave “A Brief History of Hedge Funds”, retrieved on 24 Oct, 2004, from The Hughes Trustco Group Ltd. (www.hughestrustco.com)
    25. Kong, Marie-Anne and Prime, Didier “Shaping the Regulatory Framework So Hedge Funds Can Achieve Scale”, November Issue 2004, retrieved on 24 Nov, 2004 from The Eurekahedge Monthly (www.eurekahedge.com)
    26. “All About Hedge Funds”, retrieved on 24 Oct, 2004, from Van Hedge Fund Advisors International, LLC and/or its licensors, Nashville, TN, USA. (www.hedgefund.com)
    27. “Hedge Fund Survey Press Release July 2000”, retrieved on 25 Oct, 2004 from Hong Kong Investment Funds Association (www.hkifa.org.hk)
    28. “Hong Kong Securities and Futures Commission Press Release, 2 May, 2002”, retrieved on 16 December, 2004 from Hong Kong Securities and Futures Commission (www.sfc.hk)
    29. “Investor Survey Results Press Release 2000 and 2004”, retrieved on 2 Oct, 2004 from The Hennessee Hedge Fund Advisory Group (www.hennesseegroup.com)
    30. “Taiwan Financial Supervisory Commission Law and Regulations, amended on 13, Oct, 2003”, retrieved on 16 December, 2004 from Taiwan Securities and Futures Commission (www.selaw.com.tw)
    Description: 碩士
    國立政治大學
    國際經營管理碩士班(IMBA)
    91933021
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0919330211
    Data Type: thesis
    Appears in Collections:[International MBA] Theses

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