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研究生:羅淑君
研究生(外文):Shu-chun Lo
論文名稱:基金廣告與績效對投資人行為的效果:遞延效果與交互效果
論文名稱(外文):The Impacts of Fund’s Advertising and Performance on Investors’ Behavior: The Duration Effect and Interaction Effect
指導教授:陳妙玲陳妙玲引用關係
指導教授(外文):Miao-Ling Chen
學位類別:碩士
校院名稱:國立中山大學
系所名稱:財務管理學系研究所
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
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:48
中文關鍵詞:廣告績效遞延效果交互效果
外文關鍵詞:advertisementperformanceduration effectinteraction effect
相關次數:
  • 被引用被引用:1
  • 點閱點閱:233
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
本研究檢驗共同基金的廣告和績效,對於基金流入量的影響是否具有遞延效果存在。此外,更進一步觀察,基金廣告和績效之間是否對基金流入量具有交互作用存在。再根據此實證結果頗析廣告、績效和基金流入量之間的關係,進一步了解投資人的投資行為。實證結果顯示,共同基金的廣告對於基金流入量具有正向顯著的影響,此影響結果具有遞延的現象。並從實證結果發現,基金廣告和績效之間對於基金流量具有交互效果存在,此結果更進一步指出,廣告扮演之角色為傳達績效訊息的觸媒角色,以吸引投資人進行投資;而績效是一個建立廣告信度的主要因素。
This research examines the duration effect and interaction effect of advertising and performance in the mutual fund industry. And we examine these effects by using the method of ordinary least squares to know how advertising and performance influence the fund investors’ investment strategies. Our empirical study of the mutual fund industry shows that there is a duration effect between advertising and fund inflows, and this effect lags two periods. We also find that the interaction effect of advertising and performance is significant, with no significant effect for advertising. This result refers that there is a complement relationship between advertising and performance. Furthermore, it indicates that advertising likes a catalyst to convey the information about fund performance in attracting investors, and the performance is a major factor to construct advertising reliability.
I. Introduction............................5

II. Literature Review..................7
1. Effect of Performance.......7
2.Effect of Advertising............9

III. Research Model...................11
1.Hypothesis...........................11
2.Model.....................................14
3.Variables Definitions..........15
3.1 Fund inflows...................15
3.2Advertising........................16
3.3Performance....................18
3.4Control Variables............19
4.Estimation Approach.............20

IV. Data and Descriptive Statistics....23
1.Data.................................................23
2.Descriptive Statistics..................25

V.Empirical Results..............................30
1.The Duration Effect of Advertising...........30
2.The Duration Effect of Performance.......33
3.The Difference between Advertising and
performance...............................................35
4.Which Information Is More Important to
Investors.....37
5.Summaries of Results.............................39

VI. Conclusion...................................42

REFERENCES...................................44
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