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基金定投通过分批买入的方法可以克服只选择一个试点进行买进和卖出的缺陷,可以均衡成本,适用于投资经验相对不足、风险承受能力较低、资金较为紧张的投资者.本文根据刚毕业大学生实际情况,首先进行基金类型选择,然后按照基金选择的合理方法选出最合适的基金产品,对基金定投的投资者有一定的借鉴意义. 相似文献
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投资者在日常交易中,须通过基金公司公布的基金净值(开放式基金)和定期披露的基金资产组合情况,掌握一定的投资信息。基金投资的整体情况和全面经营业绩是按年度计算反映的,相对于日常的基金信息披露等,基金年报揭示的信息更加全面、综合,因此,如何分析基金公司的年报,挖掘潜在投资价值,成为投资者尤为关注的问题。 相似文献
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以组合管理为基本方法的证券投资基金,由于其投资风格选择的不同会导致投资者对其投资偏好的差异,加之证券市场的非有效性和投资者的非完全理性,投资者对基金的投资决策更多基于心理动机和行为因素的判断。本文运用行为组合理论,对我国证券市场封闭式基金的折价状况进行了考察,分析了证券投资基金投资风格选择对基金需求的影响,针对我国证券市场投资者的需求特点和偏好状况进行了研究。 相似文献
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本文通过对开放式基金的实证研究,发现开放式基金的机构投资者持股比例与超额收益率呈显著的负相关关系,即机构投资者并不能提高开放式基金业绩。相反机构投资者持股比例越高,开放式基金业绩可能越低,这与已有研究文献的结论不同。同时还发现基金公司收取的管理费用和基金的累计净值对基金业绩有正面的影响。 相似文献
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本文通过对开放式基金的实证研究,发现开放式基金的机构投资者持股比例与超额收益率呈显著的负相关关系,即机构投资者并不能提高开放式基金业绩。相反机构投资者持股比例越高,开放式基金业绩可能越低,这与已有研究文献的结论不同。同时还发现基金公司收取的管理费用和基金的累计净值对基金业绩有正面的影响。 相似文献
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开展基金专户理财业务的合理性分析 总被引:1,自引:0,他引:1
基金专户理财又称基金公司独立账户资产管理业务,或者基金公司专门账户资产管理业务,或者基金专门账户资产管理。是指基金公司为拥有大量闲置资金的机构客户和高端个人客户开设独立的资产管理帐户,为他们提供个性化财产管理服务,满足其特定的风险、收益和流动性偏好。 相似文献
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This paper discusses the connection between public equity fund characteristics and performance reactions to COVID-19 using data over 1300 equity funds across 105 Chinese fund companies. Empirical evidences from over 20 fund characteristics show that the liquidity, diversification and pre-2020 Sharpe ratio, fund management abilities, agency costs can determine the fund immunity to COVID-19. Based on these characteristics mentioned, our empirical results can explain why COVID-19-induced drop in fund performance is milder among open-end funds, active funds, ETFs, and growth funds, and also can explain why funds controlled by private companies or by sino-foreign joint ventures or by companies with more independent directors of financial experiences perform better in the pandemic. Our work also provides some valuable suggestions for investors and regulators confronting an exogenous shock. 相似文献
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We examine investors’ mutual fund selection ability in China. Using actively managed equity mutual funds between 2005 and 2011, we find that Chinese investors generally have no mutual fund selection ability, a result contrary to the smart money effect in the United States. We show that mutual funds that receive more new money subsequently underperform significantly. The findings are robust to several risk-adjusted performance measures. The unique data of China provide separate accounts of institutional and individual investors’ new money flowing into and out of mutual funds, allowing us to examine the mutual fund selection ability of institutional and individual investors. We document that institutional investors exhibit a smart money effect, that is, they are able to move new money into (out of) future good (poor) performers. In contrast, individual investors exhibit a dumb money effect. Our results provide useful information for regulators to review their rules, especially for the protection of individual investors regarding mutual fund investing in China. In addition, we show that it is useful to distinguish institutional and individual investors in mutual fund research. 相似文献
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Carmen‐Pilar Marti‐Ballester 《Business Strategy and the Environment》2020,29(6):2624-2634
Mutual fund investors could contribute to sustainable development by encouraging fund managers to channel their savings into the funding of sustainable energy projects adopted by firms. This study examines whether renewable‐energy investors take into account financial and/or nonfinancial factors when making the decision to invest in a specific fund, comparing their investment behavior with that of black‐energy and conventional investors. To this end, we have gathered information about 4,368 mutual funds (76 renewable‐energy funds, 109 black‐energy funds, and 4,183 conventional mutual funds) from January 2007 to December 2017. For this sample, we adopt a panel‐data approach with Petersen's standard errors clustered by fund and year. Our results indicate that renewable‐energy fund investors are less sensitive to past financial performance than are black‐energy and conventional fund investors, indicating that the former derive their utility from nonfinancial attributes whereas black‐energy investors derive their utility from a conditional multiattribute and conventional fund investors derive their utility from financial attributes. 相似文献
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我国证券投资基金快速发展,从属于同一家基金管理公司的单个基金越来越多,形成基金家族。本文研究从单个基金和基金家族的整体两个层面,采用实证检验方法对其业绩持续性进行研究,研究表明我国开放式基金仅具有短期的业绩持续性,而基金家族的整体业绩不存在持续性,籍此结果提示投资者不应仅仅关注基金的短期业绩,应更多关注基金的长期业绩表现,规避投资中对家族和规模的偏好,关注高价值基金,才能最大程度保障资金安全和自身的利益。 相似文献
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Nicolas Schoenenberger 《Business Strategy and the Environment》1994,3(3):22-26
This paper investigates how far green, ethical and/or environmental funds are deployed to represent the interests of the individual investors and to what extent the business community is encouraged to adopt ‘greener’ behaviour. Data were collected through a questionnaire and developed in the form of a case study. Twenty green ethical and environmental funds were surveyed in the UK. The main findings are that fund managers claim that their funds are invested on behalf of the investors. They see their fund promoting the ethical/environmental values of the investors. Fund managers further think that they have an influence on companies they invest in and believe in encouraging companies to become better corporate citizens. There is, however, little evidence of funds' action on companies. While green/ethical funds, and more generally the financial community, are potentially powerful instruments of change, they are, however, still very much governed by conventional financial tools and criteria. 相似文献
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Carmen‐Pilar Marti‐Ballester 《Business Strategy and the Environment》2019,28(6):1107-1120
The integration of renewable energy criteria in mutual fund investment decisions could channel private resources into the funding of environmentally related projects implemented by firms contributing to sustainable development. This paper examines the performance of European renewable energy funds that invest globally by comparing their risk‐adjusted returns with those achieved by black energy and conventional mutual funds. It uses Carhart's model on a sample of 81 renewable energy funds, 125 black energy funds, and 4,337 conventional mutual funds. The results indicate that 32.1% of renewable mutual funds—most of which adopt energy producers, renewable energy technology, and energy efficiency‐focused criteria—perform significantly better than the S&P Clean Energy market benchmark, this percentage being affected by the different states of the economy. However, none of them are able to beat the fossil fuel energy (S&P Global 1200 Energy Index) or conventional market benchmarks (S&P Global 1200 Index). Furthermore, 37.04% of renewable energy funds significantly underperform the S&P Global 1200 benchmark. Therefore, the investment in renewable energy funds has a financial cost for investors in relation to conventional fund investors. 相似文献
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本文研究了基金经理特征对其业绩的影响及解释力,发现基金经理的业绩具有一定的持续性,其职业稳定性对基金业绩的提升是必要的,在基金公司内部出于管理或人事安排的需要进行频繁的岗位轮换或人员搭配往往不能起到理想的预期效果,但基金经理来自其他基金公司的从业经历却有助于其业绩提升;一定的证券从业经验对基金经理的业绩提升是必要的,但并不意味着从业时间越长,就能获得越好的业绩表现;没有证据表明基金经理学历、历任基金经理的持续时间对其业绩提升有显著的贡献,但性别对基金业绩有着显著的影响。研究表明基金公司在选拔和任用基金经理时,秉持“业绩至上”的原则是必要的,但不能过度沉溺于“经验至上”的迷信,不同经验对基金经理的业绩提升有着不同的影响,需要区别对待。 相似文献
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基金会计模式以基金会计和报告为主体,体现了专款专用的原则,有利于加强政府及非营利组织对财务资源的管理和有效履行受托责任。本文在论述美国基金会计模式特点和意义的基础上,提出了我国引入基金会计价值的观点。 相似文献
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通过技术经济学中的资金回收公式来进行管道造价投资的等年分配,通过考虑资金的时间价值来计算压力输水管经济管径,将管道一次造价费利用资金回收公式进行等年分配,然后再计算管道的总费用,通过数学得计算方法求出最小值是所对应的管径为最经济管径.这样得出来的数学模型更具经济性. 相似文献
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刘昕宇 《中小企业管理与科技》2021,(10):79-80
当前属于信息化时代,大数据技术应运而生,在新的时代背景下,基金交易的价值与投资风险也随之而改变。随着人民的生活水平日益上升,国民财富总值不断攀高,有了更多资金流入资本市场。其中基金市场凭借其稳定收益与较低风险成为资金流入的首要目标。但是基金投资中备受关注的风险——信息缺陷风险,使得众多投资者饱受亏损。论文通过大数据技术分析基金投资中的交易风险和投资价值,为基金投资决策提供建议。 相似文献