서지주요정보
A study of open-end equity fund flows: the case of chinese market = a study of open-end equity fund flows: the case of chinese market
서명 / 저자 A study of open-end equity fund flows: the case of chinese market = a study of open-end equity fund flows: the case of chinese market / Wu, Meng.
발행사항 [서울 : 한국과학기술원, 2008].
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8024204

소장위치/청구기호

학술문화관(문화관) 보존서고

MFIN 08097

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9005051

소장위치/청구기호

서울 학위논문 서가

MFIN 08097

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도서상태

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사유안내

반납예정일

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초록정보

Equity mutual fund has been an important force in China stock market. The purpose of this paper is to study the inflows and outflows of open-end equity mutual funds separately from a fund investor behavioral perspective. In this paper, some potential determinants of fund flows, including performance, fund size, fund age, average holding per account and quarter dividend, are investigated. I find that, fund performance, size, age, average holding per account and dividend all have impact on fund flows. The relationships may vary under different market condition and for small or large funds. Fund inflows are more sensitive to longer term return than shorter term return, while outflow and net inflow are the opposite; inflows during the bear period are more sensitive to fund returns than that during bull market. Outflow is negatively correlated with fund size, while net inflow is positively correlated. During bull period, net inflow is more sensitive to fund size for small funds than for large funds. There’s positive relation between fund age and inflow and net inflow, while negative relation between age and outflow. Average holding per account has positive relation with inflow, and negative relation with outflow. In bull market, the impact of quarter dividend is not significant. But in bear market, inflow is more sensitive to dividends than in bull market.

Equity mutual fund has been an important force in China stock market. The purpose of this paper is to study the inflows and outflows of open-end equity mutual funds separately from a fund investor behavioral perspective. In this paper, some potential determinants of fund flows, including performance, fund size, fund age, average holding per account and quarter dividend, are investigated. I find that, fund performance, size, age, average holding per account and dividend all have impact on fund flows. The relationships may vary under different market condition and for small or large funds. Fund inflows are more sensitive to longer term return than shorter term return, while outflow and net inflow are the opposite; inflows during the bear period are more sensitive to fund returns than that during bull market. Outflow is negatively correlated with fund size, while net inflow is positively correlated. During bull period, net inflow is more sensitive to fund size for small funds than for large funds. There’s positive relation between fund age and inflow and net inflow, while negative relation between age and outflow. Average holding per account has positive relation with inflow, and negative relation with outflow. In bull market, the impact of quarter dividend is not significant. But in bear market, inflow is more sensitive to dividends than in bull market.

서지기타정보

서지기타정보
청구기호 {MFIN 08097
형태사항 v, 41 p. : 삽화 ; 26 cm
언어 영어
일반주기 저자명의 한글표기 : Wu Meng
지도교수의 영문표기 : Jae-Sun Noh
지도교수의 한글표기 : 노재선
학위논문 학위논문(석사) - 한국과학기술원 : 금융전공,
서지주기 References : p. 40-41
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