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Empirical Research On Behavior Of Security Investment Fund

Posted on:2006-09-18Degree:MasterType:Thesis
Country:ChinaCandidate:D R YangFull Text:PDF
GTID:2166360155472965Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
Along with the security fund scale to extend continuously, the investment behavior of the fund to the stock market also directly deepen increasingly with the influence of the indirectly, and be present. For the research upon the security funds more and more, the main concentrate two aspects with the establishment of result system and results in the results system of the fund. For the research of investment behavior mainly lays particular emphasis on the flock of sheep behavior. This paper mainly researches the flock of sheep behavior and feedbacks bargain and the influence of the behavior upon the stock market. The paper mainly divided into four parts. The first part is the first and second chapter, i.e. introduction and cultural heritage overviews; The second part for chapter 3, with the description statistics to give a panorama of security funds investment behavior, and do the simple theories analysis; The third part is the substantial evidence analysis, include the fourth and fifth chapters about the flock of sheep behavior and feedback trade analysis from different angles; The Forth part is divided into chapter 6, about policy suggestion. On the selection of the research data, in consideration of the special policy support given by national government before 2000, the achievement can't reflect the actual situation objectively, so we takes 33 closed security fund that establish before in January 2001. The time segment is from January 2001 to August 2004. In the method of research, mainly adopt the describable statistics analysis, related analysis and diverse return to return etc. research conclusion is:(1), Compared with the week-profit of compound index, the fluctuation of cumulative profit of security fund is far little than compound index;(2), We discover that at the initial stage, because the value investment cans not get the soil of existence, the fund lose the stock market. After the gradual reasonableness regression, the fund becomes the winner upon the market, but we also should see at the same time, although the fund won the market, in market keep on decline, the fund also can't avoid the market system risk effectively;(3), In the investment style research of the fund, we discover the actual investment style and the style in fund contracts have the big difference. Mostly the investment style of the fund is equal type; (4), In the investment strategy research of the fund, we discover that judgment ability and the grasp abilities of fund are worse. At the same time, the stock concentration degree and the profession concentration degrees of the fund has been all keeping the high proportion;(5),On the research of the flock of sheep behavior ,it is very obviously, mainly about the big stock , the small scale security fund and good performance before;(6),On the research of feedback bargain strategy we discover that the phenomenon to buy high stock and to sell low stock is seriously, and that the positive feedback is main on the whole, mainly on the small stock and the low PE stock;(7),At research of the influence of the behavior upon the market, we discover the flock of sheep behavior is the most factor upon the market in flock of sheep behavior, property proportion and stock concentration degrees. At the end, this paper takes on the reason analysis, and put forward some policy suggestion.
Keywords/Search Tags:The security investment fund, investment style, investment strategy, flock of sheep behavior, feedback bargain
PDF Full Text Request
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