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Research on Behavior of Chinese Security Investment Fund

Author: HanZuo
Tutor: ChenSu
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: The security investment fund investment style investment strategy Herding Behavior feedback bargain
CLC: F832.51
Type: Master's thesis
Year: 2008
Downloads: 351
Quote: 0
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As the rapid and firm development, security investment fund has been the largest institution investor. Its increasing asset scale and impact on market have attracted the attention of regulators and investors in the market. For the research upon the security funds more and more, the main concentrate two aspects with the establishment of result system and results in the results system of the fund. For the research of investment behavior mainly lays particular emphasis on the Herding behavior. This paper mainly researches the Herding behavior and feedbacks bargain and the influence of the behavior upon the stock market.The paper mainly divided into three parts. The first part is the first and second chapter, i.e. introduction and cultural heritage overviews; the second part is the substantial evidence analysis, about the Herding behavior and feedback trade analysis from different angles; The Forth part is about policy suggestion.First, we introduce the basic conceptions, classification of the mutual fund and the history of security investment fund’s development in china.In the second chapter, the author looks back the relative theoretical and empirical papers in home and abroad on behavior of securities investment fund. We make a detailed statement on causes and empirical results of herding behavior and investment strategy to the investment funds.Taking all stock funds in our country before 2005 as the samples in the third part, we make empirical analysis on the herding behavior and investment strategies of open-ended fund along with its impact on market using the comparatively approved methods.In the fourth chapter, the writer makes the reason analysis form the problems existing in capital market and the investment fund itself according the results in the fourth chapter and put forward several corresponding advices.On the selection of the research data, in consideration of continuity comparability of data, we taking all stock funds in our country before 2005 as the samples, sum to 132 security fund. The time segment is from January 2005 to August 2007. In the method of research, mainly adopt the describable statistics analysis, related analysis and diverse return to return etc. research conclusion is:1. On the research of the Herding behavior, taking the samples, we make empirical analysis on the herding, and the results show that investment funds in China have obvious herding. Besides, the writer also makes the comparative empirical test to the investment fund through classifying sample stock from several aspects like stock size, stock performance. And results show that the Herding behavior is mainly about the big stock, and good performance before;2. On the research of feedback bargain strategy we discover that the phenomenon to buy high stock and to sell low stock is seriously, and that the positive feedback is mainly on the whole. Besides, we also make the comparative empirical test to the investment fund through classifying sample stock from several aspects like stock size, stock attribute. And results show that the feedback bargain strategy is mainly on the small stock and the low PE stock;3. At research of the influence of the behavior upon the market, we discover the Herding behavior is the most factors upon the market in Herding behavior, property proportion and stock concentration degrees.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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