Market Timing and Selectivity Ability of Equity Funds in China
| Autor: | Hung-Chieh huang, 黃宏捷 |
|---|---|
| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 China’s financial sector, specifically its mutual fund arena, has experienced strong growth in recent years. Investment products and the environment it navigates in are becoming more mature and stable. This phenomenon has increased the living standards for many investors, and these investors don’t expect the upward trend to discontinue. They see limitless opportunities in mutual funds. With this great expectation and optimism, are fund managers well-equipped and trained to manage these funds has become academic topics and discussions. In between 2008 to 2014,the research can be depicted into three main time periods： Firstly, during the year 2008 to the year 2011the financial tsunami declined and bounces back. Secondly, in the time of the year 2012 to the year 2014 can be seen as the financial tsunami undulation. Thirdly, this research covers the period between 2008 Financial Crisis to the year 2014, and examines the Shanghai Composite Index, from C-Money’s investment strategy on 30 Chinese mutual funds, we choose the 10 biggest long term mutual funds as our research nucleus. We used Jensen’s Alpha index, Treynor and Mazuy model, and Henriksson and Merton model to explain Chinese mutual funds’ top performers to analyze if these funds will outperform the composite index. Findings show that these 10 funds .The results had indicates that these ten funds faced the financial crisis had no significant ability therefore the investors need to think more before they invest. Key Words : Stock Selection、 Market Timing 、Jensen 's Alpha index、Treynor and Mazuy model、Henriksson and Merton model |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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