Empirical Research On Open-end Fund Awkwardness Investment Behavior Of Fund Managers

As the main force in China capital market,the Security Investment Fund has developed from naught to existence,from small to big and gradually become grandness. Its Weight Stock Portfolio which published quarterly has been the important reference quota when general investors trade stock.From this point of view,it chooses the stock holding strategy of Chinese Open-ended Mutual Fund to focus on the behavioral investment strategy of the top weight stock held by open-ended fund in this dissertation.Moreover,it disclosed the moment effect's reasons and mechanism with the theory of behavioral finance.Then this dissertation uses empirical analysis to prove the market response of the OEMF's investment strategy.And relevant policy implications are presented to institutional investment regulation agency. The conclusion is helpful for building up correct investing idea and standardizing investing behavior.According to the empirical results,among fund managers,winners group are more inclined to take momentum strategy when raise stock,in contrary,for the fund managers in loser group tend to take momentum strategy while selling shares.However,the strategy is not clear when winners sell or losers buy shares.Furthermore,momentum strategy can improve performance through the increasing of turnover.Thus,it is an effective way to win high profit to take momentum strategy while buying shares and reduce both blue chips and low price stocks suitably while selling shares.Finally,suggestions and measures are given to regulating fund manager's investment behavior.The three aspects of suggestions are the laws and regulations suggestions,the restriction and the couragement rules of professional fund managers and the fund management rules.