摘要
自2005年以来,中国证券市场经历了一个包含"牛市"、"熊市"的完整周期,本文对这一"时间窗"内开放式基金持有人赎回行为进行了研究。研究显示,我国基金投资者在牛市、熊市中对宏观调控信息的反应不一致,基金分红能够吸引到增量资金流入,申购赎回行为具有较典型的噪声交易特征。
Chinese stock market has experienced a circle of bull market and bear market since 2005. Using this window, this paper studies the redemption behavior of open fund holders. It is shown that the investors react differently to macro adjustment in bull and bear market. Dividend can attract more capital inflow, and the purchase and redemption behaviors indicate typical noise trading trends.
出处
《证券市场导报》
CSSCI
北大核心
2009年第8期35-38,共4页
Securities Market Herald
关键词
事件研究
基金分红
赎回之谜
噪音交易
Event Study, Fund Dividend, Redemption Puzzle, Noise Trading
