English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 96274/126892 (76%)
Visitors : 32370344      Online Users : 489
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/31012
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/31012


    Title: 台灣基金規模經濟之實證探討
    An Empirical Analysis of Economies of Scale in Taiwan’s Mutual Funds
    Authors: 陳彥安
    Chen, Yan-An
    Contributors: 杜化宇
    Tu, Hwa-Yue
    陳彥安
    Chen, Yan-An
    Keywords: 共同基金
    規模經濟
    Mutual funds
    Economies of scale
    Date: 2007
    Issue Date: 2009-09-14 09:03:31 (UTC+8)
    Abstract: 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.
    Reference: 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.
    Description: 碩士
    國立政治大學
    財務管理研究所
    95357031
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095357031
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML106View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback