Open-end Fund (stock) Performance Analysis And Empirical Research

In domestic and foreign market,the securities fund is one of the most important investment tools.In China,open-ended funds that invest in securities are playing an indispensable role in professional financing compared to other types of financing.But when investors face these funds and fund evaluation,they will feel puzzled and hard to choose,and this situation will have bad effect on the survival of the fittest in capital market.In this paper,we choose open-ended fund as sample,and evaluate the performance of these funds in recent 2 years.In terms of risk-adjusted return,we adopt the method that have been used widely,including Treynor index,Sharpe index,Jensen index,Profit & Lost ratio,M2 Measure,to sort these funds,evaluate the result and get the correlation of the five methods.In terms of selection ability and timing,we choose the classical T-M and H-M models to evaluate the front,separately spearman rank correlation coefficient,Z-test,Yates' chi-square test,Fisher's Exact Test and Cross-sectional Regression to evaluate the latter.From the result,we draw a conclusion that fund manager do not have obvious seclection ability and timing.