Translated Titles

Differences about Trading Intensity between Winner Funds and Loser Funds




李顯儀(Hsien-Yi Lee)

Key Words

追高殺低策略 ; 買低賣高策略 ; 贏家與輸家基金 ; 強勢股與弱勢股 ; Positive feedback strategy ; Contrarian strategy ; Winner and loser funds ; Winner and loser stocks



Volume or Term/Year and Month of Publication

12卷2期(2012 / 12 / 01)

Page #

31 - 50

Content Language


Chinese Abstract


English Abstract

The objective of this paper is to examine whether there exists a different trading intensity between winner stocks and loser stocks for the winner funds and loser mutual funds. This study has three empirical findings. One, in terms of weekly and monthly returns, the intensity of buying winner stocks is stronger for winner mutual funds than for loser mutual funds. In contrast, in terms of the quarterly returns, the intensity of buying winner stocks for winner mutual funds is weaker than for loser mutual funds. Second, in terms of weekly and monthly returns, the intensity of buying (selling) loser stocks is stronger for winner mutual funds than for loser mutual funds. Third, the investing strategies of buying winner stocks for winner (loser) mutual fund focus relatively on the quarterly returns in the long(short) term. The results show that there exists a difference for the trading intensity and strategies between winner stocks and loser stocks.

Topic Category 社會科學 > 管理學
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