The Relationship between Active Portfolio Management and Mutual Fund Performance
| Autor: | 黃家安 |
|---|---|
| Rok vydání: | 2007 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 95 The active share in our study represents a degree which implies a fund manager focus on centralizing his investment in one specific industry. Our study used active share and tracking error volatility to determine the type of active management and examine what type of fund has better performance for stock mutual fund in Taiwan from 2003 to 2006. The empirical evidences find that funds with the highest active share have significantly better performance. However, funds with the highest tracking error volatility have poor performance. AS a whole, a fund with high Active share and middle tracking error volatility has better performance than other funds. Investors can buy highest active share portfolios and sell lowest active share portfolios to obtain a significantly positive excess return. Keywords: active management, active share, tracking error volatility. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
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