基金流量影響因素:以臺灣開放型基金為例

Mutual Fund Flows and their Determinants: Evidence in Taiwan Open-end Equity Fund Market

廖婉婷(Wan-Ting Liao)

指導教授 ： 楊朝成

國立臺灣大學/管理學院/財務金融學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.01589

摘要

無資料

關鍵字

基金流量 ； 報酬 ； 費用 ； 搜尋成本

並列摘要

This paper investigates the relationships between mutual fund flows and various determinants. High past performance funds and low fee funds enjoy high fund flows, and these finding are consistent with previous literature results. This paper also explores the impacts of search costs on fund flows using fund company size and availability of internet trading platform as proxies. Funds in larger fund companies are positively related to fund flows, because the greater presence of larger fund companies reduces investors’ search costs. Funds in companies that offer internet trading platforms are also positively related to fund flows, because of the higher visibility accompanying the internet trading platform. The control variable, log of lag total net assets, also captures a significant impact.

並列關鍵字

mutual fund flows ； returns ； fees ； search costs

參考文獻

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Carhart, Mark, 1997, On the persistence of mutual fund performance, Journal of Finance 52, 57-82

Elton, Edwin J., Martin J. Grubber, Sanjiv Das, and Matthew Hlavks, 1993, Efficiency with costly information: A reinterpretation of evidence from managed portfolios, Review of Financial Studies 6, 1-22