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| Title: | 基金屬性如何影響投資人買賣－以台灣境內股票型基金為例
How Fund` s Attributes Influence Investor` s Buy-and-Sell – Evidence from Taiwan Domiciled Equity Fund Markets |
| Authors: | 廖庭鋒
Liao, Ting Feng |
| Contributors: | 屠美亞
Twu, Mia
廖庭鋒
Liao, Ting Feng |
| Keywords: | 基金屬性
台灣境內股票型基金
基金費用
週轉率
基金績效
fund attributes
Taiwan domiciled equity fund
fee structures
turnover ratios
fund performance |
| Date: | 2015 |
| Issue Date: | 2016-02-15 10:06:29 (UTC+8) |
| Abstract: | The thesis focuses on how embedded fee structure components (i.e. brokerage commission, transaction fee, management fee, custodian fee), fund turnover ratios, past fund performance affect Investor’s Buy and Sell in Taiwan onshore equity fund markets. To facilitate the analysis, two models are developed: multi-variable regression model and panel fixed-effect model. Our dataset consists of 19,906 Taiwan domiciled equity fund monthly data from January 2010 to December 2014.
For the fee structure, first, brokerage commission is significantly positive to both investor’s buy and sell. Second, transaction fee is negative to investor’s buy but positive to investor’s sell. Third, management fee is pronounced to investor’s buy, which may result from three facets: fund product signal, revenue-sharing mechanism, and performance-related compensation. Forth, custodian fee has little predictive power although the arguably results are explored from the two models.
For the turnover ratios, we show that investors prefer buying funds with lower turnover ratios. For the past fund performance, we also reveal that the lure of past performance-chasing is significantly evident for both investor’s buy and sell.
Through our studies, we also find several explanations from the viewpoints of irrationality of behavioral finance to illuminate fund investor’s buy and sell – representative heuristic, disposition effect, familiarity effect and home bias. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
102363064 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102363064 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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