| 开放式基金投资者择时能力的实证研究 |
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| 引用本文： | 张金华,刘玉珍,刘梦雨.开放式基金投资者择时能力的实证研究[J].山西财经大学学报,2010(6). |
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| 作者姓名： | 张金华 刘玉珍 刘梦雨 |
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| 作者单位： | 北京大学光华管理学院; |
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| 摘 要： | 基于开放式基金的净现金流数据,系统研究了我国基金投资者的择时能力。研究结果显示,我国的基金投资者并不具备良好的择时能力,在基金收益波动比较大时,投资者的择时能力表现更差。通过与美国的研究结果进行比较发现,我国基金投资者的择时能力比美国基金投资者差很多。
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| 关 键 词： | 基金投资者 择时能力 货币加权平均收益率 时间加权平均收益率 净现金流 |
Empirical Research on the Timing Ability of Open-end Mutual Fund Investors |
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| ZHANG Jin- hua,LIU Yu- zhen,LIU Meng-yu.Empirical Research on the Timing Ability of Open-end Mutual Fund Investors[J].Journal of Shanxi Finance and Economics University,2010(6). |
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| Authors: | ZHANG Jin- hua LIU Yu- zhen LIU Meng-yu |
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| Institution: | ZHANG Jin- hua,LIU Yu- zhen,LIU Meng-yu (Dept. of Finance,Xiamen University,Xiamen 361005,China) |
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| Abstract: | This paper studies the timing ability of Chinese mutual fund investors. The result shows that Chinese mutual fund investors do not own good timing ability. Moreover,it is found that even the investors who can choose the funds with good performance do not have good timing ability. Besides,when the volatility of funds' return is larger,investors show a worse timing ability. Finally, compared to the US findings,we show that Chinese investors own a worse timing ability. |
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| Keywords: | fund Tnvestor timing ability money-weighted average return time-weighted average return net cash flow |
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