政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/81253

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/81253

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政大機構典藏 > 商學院 > 企業管理研究所（MBA學位學程） > 學位論文 > Item 140.119/81253

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题名:	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
作者:	廖庭鋒 Liao, Ting Feng
贡献者:	屠美亞 Twu, Mia 廖庭鋒 Liao, Ting Feng
关键词:	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
日期:	2015
上传时间:	2016-02-15 10:06:29 (UTC+8)
摘要:	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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描述:	碩士國立政治大學企業管理研究所(MBA學位學程) 102363064
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0102363064
数据类型:	thesis
显示于类别:	[企業管理研究所（MBA學位學程）] 學位論文

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