| 基金业绩与投资者的选择——中国开放式基金赎回异常现象的研究 |
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| 引用本文： | 陆蓉,陈百助,徐龙炳,谢新厚. 基金业绩与投资者的选择——中国开放式基金赎回异常现象的研究[J]. Frontiers of Economics in China, 2008, 3(3): 430-450. DOI: 10.1007/s11459-008-0020-x |
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| 作者姓名： | 陆蓉 陈百助 徐龙炳 谢新厚 |
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| 作者单位： | 陆蓉,徐龙炳,谢新厚,LU Rong,XU Long-bing,XIE Xin-hou(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China);陈百助,CHEN Bai-zhu(Department of Finance,Marshall School of Business,University of Southern California,Los Angeles,CA 90089,USA) |
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| 基金项目： | 国家自然科学基金，教育部新世纪优秀人才支持计划，上海市重点学科建设项目，211 Scientific Research Project of Shanghai University of Finance and Economics |
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| 摘 要： |
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| 关 键 词： | 开放式基金 业绩 资金流动 赎回异象 |
Redemption puzzle of open-end fund market in China |
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| Rong Lu,Baizhu Chen,Longbing Xu,Xinhou Xie. Redemption puzzle of open-end fund market in China[J]. Frontiers of Economics in China, 2008, 3(3): 430-450. DOI: 10.1007/s11459-008-0020-x |
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| Authors: | Rong Lu Baizhu Chen Longbing Xu Xinhou Xie |
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| Affiliation: | 1. School of Finance, Shanghai University of Finance and Economics, Shanghai, 200433, China
2. Department of Finance, Marshall School of Business, University of Southern California, Los Angeles, CA, 90089, USA
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| Abstract: | We examine the performance-flow relationship(PFR) in Chinese open-end fund market and find that PFR is negative and concave. The shape of PFR indicates that investors’ choice does not pose an incentive mechanism on fund managers: The better an open-end fund performs, the higher the net redemption rate is. We argue that return volatility, dividend and fund size are also important factors on investors’ choice making. Such results are valuable for fund management to reduce this redemption puzzle. |
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