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頁籤選單縮合
題 名 | Are Both Fund Managers and Fund Investors Smart? Evidence from U. S. Mutual Funds=基金經理人與基金投資人聰明嗎?美國基金實證 |
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作 者 | 池祥萱; 周賓凰; 鍾惠民; 林煜恩; | 書刊名 | 財務金融學刊 |
卷 期 | 17:4 2009.12[民98.12] |
頁 次 | 頁31-55 |
分類號 | 561.76 |
關鍵詞 | 共同基金績效; 基金流量; 聰明錢效果; 笨錢效果; Mutual fund performance; Fund flows; Smart money effect; Dumb money effect; |
語 文 | 英文(English) |
英文摘要 | Past performance and fund flow have been identified as two of the most important factors in explaining future mutual fund performance. However, performance persistence and the smart-money effect are considered as two independent phenomena. We examine the competing abilities of past performance and fund flow in predicting future fund returns. The empirical evidence confirms performance persistence and the smart-money effect as two independent effects. A closer examination indicates that performance persistence lasts longer, whereas the smart-money effect exists only in the short run. The smart money eventually becomes dump in the long run because of a significant negative relation between pervious fund inflow and the subsequent long-term fund returns. |
本系統中英文摘要資訊取自各篇刊載內容。