The Empirical Analysis Of CIS/MTS And Performance Of The China's Closed Mutual Funds

Today, the stock mutual funds as the structural investors their functions to the stock market have became more and more obviously. What are the strategies the funds undertakes? And how these strategies work? Such questions have gradually got attention from the theorists and the investors. Many stock market anomalies have emerged vastly in the stock market, and shaken the basis of classical efficient market theory radically, but modem financial theory cannot irrationally interpret them. Tothese anomalies, the new theory--behavioral finance, combined human psychologyand behavior into the framework, can give us some more convincing explanations than before from a totally different perspective. Especially in China, our stock market is not efficient yet, so it also sheds light upon the investing strategies for the institutional &individual investors of China. Among the behavioral finance strategies, contrarian investment strategy (CIS) and momentum trading strategy (MTS) are most usually and profitability.According to contrarian investment strategy and momentum trading strategy in terms of closed-end fund market in China, this thesis investigates the investment strategies of our country's closed mutual funds. first of all, summed up CIS and MTS at home and abroad related to the theory and empirical analysis, while an overview of China's fund market the history and current situation, in particular the analysis of closed-end funds in China's market status and problems. And then made a number of empirical assumptions, and the establishment of China-related model for the overall sample of closed-end funds and sub-sectors, such factors as the size of momentum branch inversion strategy some empirical research on closed-end funds at the same time a measure of performance, and in this closed-end funds based on momentum and on the reverse of the relationship between strategy and performance of a correlation analysis. Finally, based on empirical results of China's securities investment funds made a number of specific operational recommendations for the behavioral finance in the investment decision-making to make a number of specific application of a new attempt to promote the China Securities Investment Fund of the healthy growth of a role to play.