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Research On Positive Feedback Behavior Of Fund Families And Its Influence On The Performance Of Fund Companies

Posted on:2020-07-10Degree:MasterType:Thesis
Country:ChinaCandidate:Q LuoFull Text:PDF
GTID:2439330590993514Subject:Finance
Abstract/Summary:PDF Full Text Request
In order to stabilize the market,our country draw lessons from foreign mature market development experience,to develop the securities investment fund,however,after a lot of scholars study and observation found that institutional investors such as securities investment fund in our country there are obvious positive feedback trading behavior,the irrational investment behavior makes the securities investment fund violated its stable market,reduce the purpose of the stock market volatility.At the same time,with the development of China’s fund industry in the past two decades,the size and number of fund companies are also growing,and their influence on the market is gradually expanding.The mode of fund family management has become more and more mainstream,and the funds within the same family may have certain family characteristics because they are all in the same fund family.On the one hand,due to the information sharing within the management company,the homogeneity of information among different fund product managers may have a certain impact on their investment behavior On the other hand,as the fund manager belongs to the same fund management company,there may be mutual influence of investment behavior This kind of family characteristics will partly determine the investment style of family funds and their judgment in the face of market shocks.Therefore,When securities investment fund has positive feedback effect,whether the investment behavior of other fund products within the same fund management company will be affected,whether the positive feedback effect within the same fund management company is correlated,Whether irrational investment behavior will expand in the fund family,thus amplifying the impact on the stock market and exacerbating the instability of the stock market,this is a question worthy of discussion.This paper selects the data of China’s stock open fund market from 14 to 18 years to study the correlation and homogeneity of positive feedback trading behaviors within fund families,so as to illustrate the contagion phenomenon of positive feedback trading behaviors in fund families.
Keywords/Search Tags:fund family, Positive feedback trading, Joint shareholding, Contagion
PDF Full Text Request
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