Window Dressing, Fund Performance, and Fund Flows: Insights into Taiwan's Equity Mutual Funds*

IF 1.5 4区 经济学 Q2 BUSINESS, FINANCE
Pi-Hsia Hung
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引用次数: 0

Abstract

This research examines the relationships among window dressing, fund performance, and fund flows in Taiwan's equity fund industry. The empirical findings reveal several important insights. Equity fund managers are actively involved in window dressing, with underperforming managers being more prone to such practices. These managers demonstrate a stronger preference for increasing their holdings of winner stocks more than avoiding loser stocks. Additionally, funds with a higher portfolio concentration and turnover rates are more likely to engage in window dressing activities compared to other funds. The study also highlights the adverse effects of window dressing on performance and fund flows. Window dressing negatively impacts both short- and long-term fund performances. Furthermore, window dressing fails to attract short-term fund inflows and instead exacerbates the decline in long-term outflows. This comprehensive analysis highlights the implications of window dressing on fund performance and investor behavior, shedding light on its prevalence and consequences within Taiwan's equity fund industry.

粉饰帐面、基金业绩与资金流动:台湾股票型共同基金之研究*
摘要本研究旨在探讨台湾股票型基金之账面装潢、基金绩效与资金流动之关系。实证研究结果揭示了几个重要的见解。股票基金经理积极参与粉饰账面,而表现不佳的基金经理更容易采取这种做法。这些经理人表现出更强烈的偏好,倾向于增持收益股,而不是避开亏损股。此外,与其他基金相比,投资组合集中度和换手率较高的基金更有可能从事粉饰账面的活动。该研究还强调了粉饰账面对业绩和资金流动的不利影响。粉饰账面对基金的短期和长期业绩均有负面影响。此外,粉饰账面未能吸引短期资金流入,反而加剧了长期资金流出的减少。本文的综合分析强调了粉饰帐面对基金业绩和投资者行为的影响,揭示了其在台湾股票基金行业的普遍程度和后果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
2.60
自引率
20.00%
发文量
36
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