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封闭式基金业绩持续性实证研究
The Empirical Study on the Persistence of Closed Funds Performance
【摘要】 对基金业绩持续性评价是投资者进行基金投资决策的依据之一。本文运用业绩相对排名法(MPR)对中国封闭式投资基金业绩持续性进行了实证检验,结果表明,从整体来看,所考察的封闭式基金业绩不具有持续性。最后在分析基金业绩非持续性原因的基础上,提出了几点政策建议。
【Abstract】 The evaluation of the persistence of funds’ performance is essential for the investors to make funds investment decision. Using relative annual performance ranks ( MPR) , this paper gives an empirical research as for the performance persistence of China’s closed funds. The results shows that as a whole the performances of China’s closed funds of interest is not persistent. In the end, the paper exploits the determinants and several police suggestions are put forward.
【关键词】 业绩持续性;
业绩排名法;
费率;
【Key words】 Performance Persistence; Performance Ranking Method; Expense Ratio;
【Key words】 Performance Persistence; Performance Ranking Method; Expense Ratio;
- 【文献出处】 金融研究 ,Journal of Financial Research , 编辑部邮箱 ,2006年05期
- 【分类号】F832.51;F224
- 【被引频次】94
- 【下载频次】1564