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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9656


    Title: 基金評等與基金獎之資訊性
    Authors: 陳獻儀
    Contributors: 管理學院
    財務金融學系
    Keywords: 基金評等;基金獎骯;共同基金績效
    Mutual Fund Rating;Fund Award;Mutual Fund Performance
    基金評等;基金獎;共同基金績效;Mutual Fund Rating;Fund Award;Mutual Fund Performance
    Date: 2009
    Issue Date: 2010-05-14 14:57:32 (UTC+8)
    Abstract: 摘要
    以往財務文獻對於基金評等變動對投資人之影響,鮮有深入分析,尤其有
    關基金獎資訊內涵之學術文章探討,依本文所知,尚付之闕如。然而,許多基金
    公司的行銷廣告中時常強調其所屬基金的評等等級與得獎紀錄,代表上列資訊在
    某種程度上的確能吸引投資人的關注;不過,投資人也常對基金評等與各類機構
    所頒發的基金獎項,能否代表基金未來的績效表現而感到困惑。因此,本研究的
    主要目的在於檢視基金評等變動與基金獎之宣告事件,對基金流量產生的影響為
    何?尤其重要的是,上述基金流量變動所產生的基金規模改變,是否會影響後續
    基金的績效與經理人的投資組合配置和風險分散態度;最後,本研究將探討並釐
    清基金評等與基金流量兩者間的互動關係。
    Abstract
    An issue of concern to mutual fund investors is the information content
    of fund rating and award, which they may use in an attempt to select funds
    meeting their investment objectives. The common use of fund rating and
    award in mutual fund advertising suggests that mutual fund companies
    believe investors care about this information. However, few studies have
    reported on the effects of fund rating changes and there has been no academic
    article, to my knowledge, that examines the information value of fund award.
    The main purpose of this study is to assess the reaction of mutual fund
    investors to the announcement of fund rating changes and fund award. More
    importantly, the study contributes to the literature by relating winning funds’
    post-performance to the trading behavior of fund managers. Besides, this
    study tries to establish the extent to which ratings lead and/or ‘cause’
    changes in money flows.
    以往財務文獻對於基金評等變動對投資人之影響,鮮有深入分析,尤其有 關基金獎資訊內涵之學術文章探討,依本文所知,尚付之闕如。然而,許多基金 公司的行銷廣告中時常強調其所屬基金的評等等級與得獎紀錄,代表上列資訊在 某種程度上的確能吸引投資人的關注;不過,投資人也常對基金評等與各類機構 所頒發的基金獎項,能否代表基金未來的績效表現而感到困惑。因此,本研究的 主要目的在於檢視基金評等變動與基金獎之宣告事件,對基金流量產生的影響為 何?尤其重要的是,上述基金流量變動所產生的基金規模改變,是否會影響後續 基金的績效與經理人的投資組合配置和風險分散態度;最後,本研究將探討並釐 清基金評等與基金流量兩者間的互動關係。

    An issue of concern to mutual fund investors is the information content of fund rating and award, which they may use in an attempt to select funds meeting their investment objectives. The common use of fund rating and award in mutual fund advertising suggests that mutual fund companies believe investors care about this information. However, few studies have reported on the effects of fund rating changes and there has been no academic article, to my knowledge, that examines the information value of fund award. The main purpose of this study is to assess the reaction of mutual fund investors to the announcement of fund rating changes and fund award. More importantly, the study contributes to the literature by relating winning funds’ post-performance to the trading behavior of fund managers. Besides, this study tries to establish the extent to which ratings lead and/or ‘cause’ changes in money flows.
    Appears in Collections:[財務金融學系] 科技部研究計畫

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