摘要
基金公司時常會在行銷廣告中刊登所屬基金獲獎的訊息，共同基金投資人也常常利用基金獲獎與否的資訊，作為其投資決策之參考依據，然而，基金獎本身是否真具有某些資訊內涵，值得深入探討。本文之主要目的，即在探討基金投資人對於基金獎宣告資訊的反應，並同時剖析基金經理人在獲獎之後，所可能產生的交易行為變化。實證結果顯示，在基金獲獎宣告時，投資人對得獎基金產生顯著地資金流入挹注；不過，本文也發現當共同基金獲獎之後，其績效表現呈現顯著下滑的現象，且獲獎後所承擔的風險水準與費用比率都有顯著的增加，買進周轉率則有降低的情事。依本文之實證發現給予投資人的具體建議是，切勿過度追逐基金獎的桂冠，應多方納入其他因素考量後，建構出適合本身所需的投資組合。
並列摘要
An issue of concern for mutual fund investors is the information content of fund awards, which they may use in an attempt to select funds meeting their investment objectives. The common use of fund awards in mutual fund advertising suggests that mutual fund companies believe that investors care for fund awards. The main purpose of this study is to assess the reaction of mutual fund investors to announcements of fund awards and to explore the trading behaviors of winning fund managers. The empirical results show that mutual fund investors respond to fund awards with significantly increased money flows. The findings also showed that, after earning their awards, funds generally display relatively poor future performance, increasing risk levels and expense ratios. However, the buying turnover rate of an award-winning fund exhibits an apparent decrease. Our findings can be used as a suggestion for mutual fund investors to give fund awards relatively little focus and consider additional factors to create portfolios tailored to their needs and circumstances when purchasing funds.
參考文獻
延伸閱讀
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