(3.238.186.43) 您好!臺灣時間:2021/02/28 21:33
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:陳彥安
研究生(外文):Chen, Yan-An
論文名稱:台灣基金規模經濟之實證探討
論文名稱(外文):An Empirical Analysis of Economies of Scale in Taiwan’s Mutual Funds
指導教授:杜化宇杜化宇引用關係
指導教授(外文):Tu, Hwa-Yue
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
畢業學年度:96
語文別:英文
論文頁數:73
中文關鍵詞:共同基金規模經濟
外文關鍵詞:Mutual fundsEconomies of scale
相關次數:
  • 被引用被引用:6
  • 點閱點閱:244
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
藉由觀察台灣共同基金的費用與規模,探討台灣的共同基金是否存在規模經濟的現象,實證結果發現,個別基金的費用與規模之間,並無顯著的規模經濟;而基金家族底下的總資產在台幣四千到七千萬時,有顯著的規模經濟現象;透過logit模型,發現基金成立的年限、報酬、以及標準差對基金的規模經濟都有顯著的正面影響;採用Fixed-effect模型,基金成立的年限及報酬,仍對基金的規模經濟都有顯著的正面影響。
All mutual funds typically pay their regular and recurring, fund-wide operating expenses out of fund assets, rather than by imposing separate fees and charges on investors. Investors using performance evaluation as a selection criterion may be misleading due to the volatility of investment returns. It is obscured to identify whether the fund’s performance is because of the superior return or just good luck. However, mutual fund expenses are stable and can be used as an assessment of the variation in efficiency levels across various mutual fund size groupings when we took the individual mutual funds or mutual fund families as the unit of investigation. This study uncovers that no significant differences exist across individual mutual fund size categories. By utilizing the family dollar size as the base unit of analysis, the result is similar. But there are distinctions in the analysis of mutual fund-specific elasticities when the fund family size is between NT$40-70 million dollars. However, mutual fund-specific elasticities are revealed to differ in a statically significant level across mutual fund investment objective categories. By applying the logistic regression, the results indicate that age, return, and standard deviation have statistically significant positive effects on the economies of scale. By applying the fixed-effect model and making the intercepts vary with various mutual funds family, our results are stable and consistent. Mutual funds’ age or return demonstrates positive effect on the scale of economies.
Abstract I
CONTENTS II
LIST OF FIGURES III
LIST OF TABLES IV

Chapter 1 Introduction 1
1.1 Background 1
1.2 Motivations of this study 10
Chapter 2 Literature Review 12
2.1 Prior Evidence on Load versus Distribution Fees 16
2.2 Previous Studies Summary 18
Chapter 3 Data and Sample Characteristics 21
3.1 Definition of scale economies 23
Chapter 4 Specification Analysis and Results 24
4.1 ESEs and individual fund size 26
4.2 ESEs and the family size of individual funds 28
4.3 ESEs and fund family dollar size 30
4.4 ESEs and investment objective 32
4.5 Fund-specific ESEs 34
4.6 The logistic regression model 36
Chapter 5 Summary and Conclusions 45
REFERENCES 47
Appendix All Mutual Funds’ Name in Sample 50
Berkowitz, Michael K. and Yehuda Kotowitz, (2002) “Managerial quality and the structure of management expenses in the US mutual fund industry”, International Review of Economies and Finance, 11, 315-330.
Collins, S. and P. Mack, (1997) “The Optimal Amount of Assets under Management in the Mutual Fund Industry”, Financial Analysts Journal, 53, 67-73.
Dellva, Wilfred L. and Olson, Gerard T. (1998) “The relationship between mutual fund fees and expenses and their effects on performance”, Financial Review, 33, 85-104.
Dowen, Richard J. and Mann, Thomas (2004) “Mutual fund performance, management behavior, and investor costs”, Financial Services Review, 13, 79-91.
Dukes, William P., Philip C. English II and Davis, Sean M. (2006) “Mutual Fund Mortality, 12b-1 Fees, and the Net Expense Ratio”, The Journal of Financial Research, 29, 235–252.
Ferris, Stephen P. and D. Chance, (1987) “The Effect of 12b-1 Plans on Mutual Fund Expense Ratios: A Note”, The Journal of Finance, 42, 1077-1082.
Gao, X. , Livingston, M. and O’Neal Edward S. (2006) “The Sources of Economies of Scale for Actively Managed Domestic Equity Mutual Fund Fees”, Working paper, Florida University.
Hooks, Jon A. (1996) “The Effect of Loads and Expenses on Open-End Mutual Fund Returns”, Journal of Business Research, 36, 199-202.
Khorana, A . , Servaes , H . and Tufano, P . (2005) “Explaining the size of the mutual fund industry around the world”, Journal of Financial Economics, 78, 145-185.
LaPlante, M., (2001) “Influences and Trends in Mutual Fund Expense Ratios”, Journal of Financial Research, 24, 45-63.
Latzko, David A. (1999) ”Economies of Scale in Mutual Fund Administration”, Journal of Financial Research, 22, 331-339.
Latzko, David A. (2002) “Mutual Fund Expenses”, Working paper, Pennsylvania State University, York Campus.
Livingston, M. and E. O’Neal., (1996) “Mutual fund brokerage commissions”, Journal of Financial Research, 19, 273-292.
Livingston, M. and E. O’Neal., (1998) “The cost of mutual fund sales fees”, Journal of Financial Research, 21, 205-218.
Malhotra, D. K. and Robert W. Mcleod (1997) “An Empirical Analysis of Mutual Fund Expenses”, Journal of Financial Research, 20, 175-190.
Malhotra, D. K. , Martin, R. and Robert W. Mcleod (2003) “Investment Selection and Open- and Closed-End Bond Fund Expenses”, Journal of Business and Economic Studies, 9, 42-64.
Mark, M. Carhart (1997) “On Persistence in Mutual Fund Performance”, The Journal of Finance, 52, 57-82.
Martin, R., Malhotra, D. K. and McLeod, Robert W. (2001) “A Comparative Analysis of the Expense Ratios of Domestic and International Open-End and Closed-End Equity Funds”, Financial Counseling and Planning Education, 12, 61-72.
McDonald, John G. (1974) “Objectives and Performance of Mutual Funds, 1960-1969”, The Journal of Financial and Quantitative Analysis, 9, 311-332.
Mcleod, Robert and D.K. Malhotra, (1994) “A Re-examination of the Effect of 12b-1 Planes on Mutual Fund Expense Ratios”, Journal of Financial Research, 231-240.
Rao, S. P. U. (2001) “Economic Impact of Distribution Fees on Mutual Funds”, American Business Review, 19, 1-5.
Sharpe, William F. (1966) “Mutual Fund Performance”, The Journal of Business, 39, 119-138.
Shawky, Hany A. and Liuling Li (2006) “Optimal Asset Size for US Small-cap Equity Mutual Funds”, Journal of Investing, 1-22.
Zera ,Stephen P. and Madura, Jeff (2001) “The empirical relationship between mutual fund size and operational efficiency” Applied Financial Economics, 11, 243-251.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊
 
系統版面圖檔 系統版面圖檔