臺灣博碩士論文加值系統

We examine cross-fund subsidization and cross-fund interaction between new funds and seasoned funds in the same mutual fund family. First, we find that cross-fund subsidization among new and seasoned funds in fund families exist in M\G(median growth) and S\G(small growth) style. Moreover, from the viewpoints of seasoned funds, we use Fama-French 3 factors model plus momentum factor and provide evidences that the performance of seasoned funds will be influenced by the introduction of new funds to the market when new-fund-period window is 18 months. Finally, we find that L\G(large growth) seasoned fund may be influenced by new funds. Our findings highlight the performance change in seasoned funds when new funds introduce to the market.

Contents
Ⅰ. Motivation……………………………………………………………………2
Ⅱ. Literature Review…………………………………………………………….5
Ⅲ. Hypothesis…………………………………………………………………….9
Ⅳ. Data…………………………………………………………………………...10
Ⅴ. Methodology………………………………………………………………….14
Ⅵ. Results……………………………………………………………………….18
a. Descriptive statistics…………..........…………….…………………………..18
b. Regression results…………..........…………….……………………………..19
Ⅶ. Conclusion……………………………………………………………………25
Ⅷ. References…………………………………………………………………….26
Ⅸ. Table……………………………………………………………………………27

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