The Study On The Performance Persistence Of Chinese Open-ended Funds And Closed Funds

Whether the performance of Chinese security funds can persist in a period of time? Whether we can forecast the future performance according to its past information? Whether there is the phenomenon of"the strong is always strong"in the market? These are all the important questions that the field of persistence of fund performance will to study.In China, the research for the performance persistence of securities fund is relative new for the native scholars, because the security funds market had developed only for a short period, and the data can be selected are not enough. At the same time, the whole Chinese financial market is also not perfect and always fluctuant, so the basis of the security funds market is not firm and it's hard to find the rules of the market. This paper will use the 4X4 contingency table and Kappa non-parametric test which were seldom used in the current relative research, and do empirical test on the persistence of funds'performance. Besides contingency table method, we also use the thought of clustering, and do study on the clustering of security funds based on the performance persistence. In the end, the paper will compare the sameness and differences between the performance persistence of the closed funds and open-ended funds and give the reasons for these conclusions.