Empirical Research On The Performance Of Security Investment Funds

The investment fund took one of our country money market emerging investment tools, its achievement condition becomes the focal point which many scholars pays attention, therefore some scholars devote in seeking the question through the real diagnosis research the answer. Has produced the massive real diagnoses research literature for a while.This article from the theory and the real diagnosis two parts to the fund achievements appraised has conducted the research. This article first introduced the fund achievements development phase: The first stage is before the 20th century 60's,This time fund achievements appraisal main basis investment fund unit net assets and investment returns ratio. The second stage will be the 20th century 60's later to the fund overall achievements appraisal target research. Follows the property combination choice theory, the capital asset fixed price model and the stock price behavior three big finances theories appearance, Forms set of maturer appraisals systems gradually, Mainly includes the Treynor index, the Sharpe index, the Jenson difference return to scale. The third stage research mainly concentrates in inspection fund manager whether has the negotiable securities ability to select or the market opportunity ability to select,As well as fund manager whether can lastingly obtain exceeds the quota the income, Namely to selects based on fund manager when the ability and chooses the stock ability the fund achievements appraisal target research.In the second chapter, introduced appraisal fund manager the opportunity ability to select classical picture and the new mentality. First the introduction is Treynor and Mazuy through joins two...