| 摘要(英) |
This study aimed to investigate the persistence of performance rankings on domestic equity funds and thus to determine whether the persistence data have the reference value for investors in choosing funds. The thesis focused on domestic equity funds issued during the period from 2010 to 2015. The issued equity funds are categorized into two types of domestic and multinational investment equity funds. The persistence of performance rankings was analyzed on the two types of domestic equity funds as well as detailed fund types of domestic technology, small-and-medium, general stock, transnational global and transnational regional type. The empirical research and Spearman’s statistical test were used for research method. The return on net worth of annual account year was used for fund performance ranking. The persistence was further analyzed on the fund performance ranking in before-and-after fiscal year. Furthermore, the Spearman′s rank correlation coefficient test was verified and analyzed for the fund performance ranked in front one third for continuous five years (2010--2015). The results are as follows.
1.During the observation period of 2010 to 2015, on the whole, performance ranking persists in all the account years, except 2011 to 2012, for the domestic equity funds issued.
2.For the performance ranking analysis by fund types, the persistence of domestic equity funds is superior to that of multinational equity funds.
3.For the type of domestic equity funds, the reference value of fund performance ranking on general stock fund is better than those of technology fund and small-and-medium cap fund.
4.For the type of multinational equity funds, the reference value of fund performance ranking on transnational global fund is better than that of transnational regional fund.
The research results of performance rankings on various funds would effectively be beneficial for the investors in selecting funds. |
| 參考文獻 |
參考文獻
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