基金业绩持续性

中国封闭式基金业绩持续性的实证研究

Research of the Performance Persistence of the Closed-end Fund in China

基金业绩持续性是基金业绩研究的重要方面。

The persistence of fund performance is important for fund research .

第四部分为基金业绩持续性影响因素的研究。

The fourth part disc-usses the factors of Fund perfomance persistence .

本章回顾了国内外对基金业绩持续性的研究。

It reviews foreign and domestic researches on fund performance persistence .

第三，.基金业绩持续性受金融危机的影响较大。

Third , subprime mortgage crisis influences fund performance persistence .

第三部分，基金业绩持续性的研究。

The third part , fund performance persistence research .

最后，探讨了基金业绩持续性。

Finally , the study investigates performance persistence .

分别用回归和双向表方法，分析了样本基金业绩持续性的规律和特点。

It analyses rules and characteristics of the durative of the example fund performance .

扫描统计量&检测基金业绩持续性的新方法

Detect Investment Fund Performance Persistence With Scan Statistics

对基金业绩持续性的研究在理论和实践上都有着重要的意义。

Study of the persistence of mutual fund performance has very important significance in the theoretical and practical area .

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。

The evaluation of the persistence of funds ' performance is essential for the investors to make funds investment decision .

针对基金业绩持续性来源的解释，本文介绍了现有的四个假说，分别是数据质量假说、股票惯性假说、基金经理才能假说、费率税赋等假说。

As for the explanation for persistence , four hypotheses are introduced , such as data quality hypothesis , stock momentum hypothesis , fund manager ability hypothesis , fees and taxation hypothesis .

基金业绩持续性的研究，已经渗透到基金研究的诸多方面，是当代金融学研究中十分重要且具有挑战性的一个课题。

The research of persistence in fund performance has already infiltrated several aspects of study on fund investment . In fact , it is a very important and challenging subject in modem financial study .

第三章论述了机构投资者常用的几种投资策略，通过对基金业绩持续性的探讨，指出了事后评价基金投资业绩指标的局限性，提出了事前预测基金业绩的指标；

Chapter 3 introduces usual investment strategies by institutional investors . Considering the persistence of mutual fund performance , we figure out the limit of the post-evaluation method and offer the per-evaluation index to predict the future performance .

从本质上看，基金业绩持续性是考察基金历史业绩对未来业绩是否存在一定程度的揭示作用，其思想与有效市场假说相抵触，因此被视为金融市场异常现象。

The question of whether there is persistence in mutual funds has long been important , both for academic research and for practitioner , since the efficient market hypothesis implies that past performance is no guide to future performance .

而两者都是以基金业绩具备持续性为前提的。

The premise of both objectives is the durative of fund performance .

我国投资基金业绩的持续性分析

On Persistence in Domestic Investment Funds Performance

最后用列联表法实证检验了我国基金业绩的持续性。

Then , the literature review of domestic and foreign scholars displayed the fund performance persistence was not exist .

国内外学者对基金业绩的持续性问题已经进行了大量的研究，其着眼点大多为单个基金。

Many people have made a lot of research on persistence of mutual fund performance from the view of single fund .

对基金业绩的持续性分析不但可以衡量基金经理人的实际资本运作能力，还可为投资者提供决策参考。

The performance persistence analysis not only can evaluate fund managers ' capability to operate the fund , but also can provide investment decisions for investors .

此外，开放式基金的业绩持续性不强，过去表现好的基金并不意味着一定能在未来取得好的收益。

Besides , the weak sustainability of the funds shows that good performance of the past does not necessarily mean a high yield in the future .

实证研究结果表明：大基金家族业绩持续性更强，基金经理变动与业绩不相关。

Research result demonstrates that large fund family contains stronger persistence of performance , and there is no specific relationship between fund manager and fund performance .

基金业绩的持续性反映出市场存在一定的非有效性，投资者可以通过对基金的选择提高收益或降低风险。

Since the performance persistence is the result of the inefficiency of the market , investors can improve the investment yields or reduce risk by choosing good ( funds . )

如果基金业绩存在持续性，投资者就可以买进前期业绩优秀的基金并卖出前期业绩较差的基金而获取超额收益，而不必耗费大量的资金和时间去评价、选择基金经理及关注基金的其他信息。

If performance is continuity , investors can get excess return through bought funds outstanding funds and sell poor performance funds , and no need to spend a lot of money and time to evaluate , select fund managers and concern other fund information .

基金业绩评价和持续性实证研究

An Empirical Study on Investment Fund Performance Evaluation

合资基金公司的业绩持续性研究&以开放式基金为对象

Study on the Performance Persistence of Joint Venture Fund Corporations in the Point of Open-end Funds

这就不可避免地牵涉到基金的业绩是否具有持续性的问题，这也是本文的一个研究要点。

The prediction will involve the problem whether the performance of the funds persist , this is also a key point of the paper .

虽然实证研究得出中国证券投资基金业绩总体不具备持续性，但也不排除个别基金具有较好的持续性。

Although the result of the demonstration research is that the whole securities investment fund in China does not have durative , some funds do have better durative .

文章的第四章是基金经理能力与基金业绩持续性理论描述与实证分析。

The fourth chapter of the article is the capacity of fund managers and fund performance persistence description theory and empirical analysis .

全文的核心内容围绕三方面进行展开，它们分别是：基金业绩（狭义）评价、基金业绩持续性以及基金的投资风格。

It 's core content consists of aspects which are the performance evaluation , performance persistence and investment style of fund .