Research Of The Behavior Characters Of The Accumulated Shares By Open-end Funds In China

The first IPO appeared in our country in 1984, after then the security market was established step by step. By the chance of the foundations of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, the security market in our country has set foot on the healthy development road and changed with each passing day, in which process a financial product, named securities investment fund, appeared in the daily life of the people and has attracted more and more attentions.There are many economists in foreign countries who have examined the behavior of the open-end funds in detail and presented a lot of excellent literature for the later research. But in contrast with the situation abroad, there are few people in our country focusing their interest in this area, and almost all of the existing papers followed the research methods abroad and could not reach an unambiguous conclusion in a given issue.As the complementarity and extension of the existing literature, this paper examined the behavior of the most accumulated shares (the first SO, the first 20 and the first 10) by open-end funds, disclosed by the quarterly announcements of each securities investment fund management company, in the span of the second quarter of 2004 and the first quarter of 2007. By measuring the simple mean excess return of the stocks around the accumulating quarter, we wanted to give answers to the following questions: (1) If the fund industry as a whole presents any trace of herding behavior when making the buying decision; (2) If the big order of buying a given stock raises the price of it; (3) If the individual investors can make a pile by following the portfolios of the fund industry.There are five parts in this paper, whose framework is as follows. The first part is the foreword, which gives an introduction of the environment and the researching objectives of the paper. The second part is the groundwork of the study, which summarizes the abroad and domestic literature in this field. The third part describes the data resource and the research ways and means. The fourth part is the keystone of the paper, which analyzes elaborately the stock behaviors around the accumulating quarters, while the last part brings forward the conclusions and discussions about the contributions,limitations and researching directions in the future.