南華大學機構典藏系統:Item 987654321/6482
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    Please use this identifier to cite or link to this item: http://nhuir.nhu.edu.tw/handle/987654321/6482


    Title: 基金動能效應與基金投資人短線交易行為之研究
    Other Titles: The Momentum Effect of the Stock Funds and the Rapid Trading Behavior of Fund Investors in Taiwan
    Authors: 傅英芬;劉海清
    Keywords: 基金績效
    基金申購與贖回
    基金淨流量
    動能效應
    短線交易
    fund performance
    purchase and redemption rate
    fund net flow
    the momentum effect
    rapid trading
    Date: 2010-06-01
    Issue Date: 2010-12-21 16:39:03 (UTC+8)
    Publisher: 南華大學企業管理系管理科學碩士班
    Abstract: 本文的貢獻在於發現台灣的基金投資人也有短線交易的投資行為。本文驗證台灣股票型基金的動能效應(momentum effect)，研究結果顯示不論在短中長期均具有顯著的動能現象，且不論多頭與空頭時期台灣的股票型基金均具動能效應，但台灣的基金投資人較重視短期績效。基於投資人較重視短期績效的心態，本文進一步研究是否基金投資人也有短線交易之投資行為，結果顯示台灣的基金投資人也有短線交易的情況，也就是有高申購率(高贖回率)伴隨著高贖回率(高申購率)的情況。而台灣基金投資人短線交易的投資行為也造成了短期績效的贏家能夠獲得更多且更久的顯著超額淨流量，也就是在短線交易盛行下而使得投資人偏好短期贏家。
    Relation: 管理科學研究
    6卷2期
    Appears in Collections:[The Journals of Nanhua University ] Management Sciences Research
    [Department of Business Administration, Master/Ph.D Program in Management Sciences] Management Sciences Research

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