摘要
基于开放式基金的净现金流数据,系统研究了我国基金投资者的择时能力。研究结果显示,我国的基金投资者并不具备良好的择时能力,在基金收益波动比较大时,投资者的择时能力表现更差。通过与美国的研究结果进行比较发现,我国基金投资者的择时能力比美国基金投资者差很多。
This paper studies the timing ability of Chinese mutual fund investors. The result shows that Chinese mutual fund investors do not own good timing ability. Moreover, it is found that even the investors who can choose the funds with good performance do not have good timing ability. Besides, when the volatility of funds＂ return is larger, investors show a worse timing ability. Finally, compared to the US findings, we show that Chinese investors own a worse timing ability.
出处
《山西财经大学学报》
CSSCI
北大核心
2010年第6期30-37,共8页
Journal of Shanxi University of Finance and Economics
