开放式基金在上升市场与下降市场中选时与选股能力的实证研究被引量：7

The Empirical Analysis of Open End Funds' Timing and Securities-selectivity Ability in Declining and Raising Markets

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摘要选取我国10只开放式基金作为样本,根据它们的收益情况并联系市场背景,对它们基金管理人的选时与选股能力进行的实证研究表明,不同基金在市场上升和市场下降过程中所表现出来的选时能力指标和选股能力指标与整体指标并不相同。这一结论可用于基金整体性指标研究。 In this paper, ten open end funds were examined with T-M model to analyze fund managers＇ timing＂ and securities - selectivity ability during a period of price declining and raising of the market. It is found that different funds have different performance. The result can also be used to analyze the overall index of funds.

作者杨湘豫吴许文 Gautam Mitra

机构地区湖南大学数学与计量经济学院 Brunel University

出处《财经理论与实践》 CSSCI 北大核心 2007年第5期66-68,共3页 The Theory and Practice of Finance and Economics

基金湖南省社科联课题(批准号0603017C)

关键词选时能力选股能力 T—M模型收益率 Timing Abillty Selectivity T-M Model Return Ratio

分类号 F830.91 [经济管理—金融学]

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参考文献7

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