經驗重要嗎？經驗和基金績效與交易行為之關係

Does experience matter？The effects of trading experience on fund performance and trading behavior

李時霖(Shih-Lin Li)

指導教授 ： 林美珍

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

本文目的在探討基金經理人的交易經驗是否會影響基金績效、風險承擔行為或交易策略，並探討基金經理人之經驗與其交易頻率和產業集中度的關係。分析結果顯示：交易經驗無法提昇基金經理人之績效或者改變基金經理人之風險承擔行為，但是卻會影響經理人的交易策略。越有交易經驗之基金經理人雖不會頻繁交易，卻在賠錢的時候越集中持股在少數產業上。

關鍵字

交易經驗 ； 基金績效 ； 風險承擔行為 ； 交易行為

並列摘要

In this paper, we investigate whether fund managers’ trading experience would affect fund performance, risk-taking and trading behavior. The results show that trading experience can’t improve fund managers’ performance or change their risk-taking behavior. We also investigate the relationship between fund managers’ experience and trading activity as well as industry concentration degree. Though much experienced fund managers trade less frequently, they have tendency to concentrate their holdings on some industries when losing money.

並列關鍵字

Trading experiencel ； fund performance ； risk-taking ； trading activity

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