Popularity and Fund Performance

[[abstract]]本文主要研究共同基金績效及基金經理人績效之持續性。研究樣本為國內「財團法人台北金融研究發展基金會」主辦之傑出基金及傑出經理人『金鑽獎』之歷屆得獎基金。資料期間為1997年1月1日至2008年12月31日共12年。在許多相關文獻中，共同基金及經理人績效持續性並未有一定的結論，且學術論文方法艱深難懂，許多研究採用之績效衡量指標並不常見，故難以造福投資大眾。因此本文以較簡便的方法提供給投資人作為決策時的參考。 本文分析得知，整體而言，大部分的基金在得獎之後三年內的績效具有明顯的規律性，與得獎當年比，相對績效排名呈現些微遞減的規律情況。當年得獎的基金，其後續兩年的績效排名確實表現較佳，表示基金績效具有短期的持續性，但相對績效排名有逐年遞減的趨勢，具有平均覆歸的現象。經理人方面，不論其留在原基金或跳槽改操其他基金，皆得到一致的結果，即經理人績效不具持續性，基金績效與經理人無關。[[abstract]]The purpose of this study is to test the performance persistence of mutual funds and fund managers This study used the most common performance measures to examine the performance persistence of past awarded funds and fund managers of“gold medal” held by “Taipei Foundation of Finance” during January 1997 to December 2008 Investors can hardly benefit from numerous previous studies because of the following three reasons: First they don’t have equivalent conclusions about performance persistence Second the complicated methodologies in those studies are very difficult for investors Third the employed performance measures are unavailable in practice Thus this study attempts to find an easy way for investors to select among funds In general the analysis in this study indicates that most of the awarded funds performed regularly in the following years Those awarded funds performed well in the following two years after they got the award indicates that their performances are persistent but their performances of ranking is decreasing However the performancesof fund managers don’t persist There’s no direct relationship between fund managers and fund performance