Investigating the Performance of the Domestic New-Issued Funds

[[abstract]]本研究主要探討新募集基金在率先募集成立的情況下，其績效表現是否確實優於其他隨後成立的基金。本研究採取的樣本自西元2000年1月1日至2011年3月31日，台灣地區投信公司所公開發行的跨國投資股票開放型基金。其中選取基礎建設基金四檔、日本基金兩檔、巴西拉丁美洲基金五檔、新興市場類四檔、原物料資源類基金十一檔、大中華主題基金六檔、時尚品牌投資類基金四檔、生技醫療類基金五檔、環保綠能投資類基金六檔、農業商機類基金四檔、資產證券化基金六檔、印度基金三檔，合計六十檔基金樣本。研究發現：新募集之基金績效並未明顯優於其他後發起之基金，而基金成立時的規模大小，也未必影響基金的績效表現。建議投資人在選擇基金時，可多參考當時的總體經濟環境以及個人的屬性偏好來做投資決策。[[abstract]]This study investigates the issue that whether a firstly issued fund has better investment performance than that of the subsequently issued funds In this study the observation period is set during January 1 2000 to March 31 2011 and all transnational-open-end stock funds publicly issued by Taiwaness securities investment trust companies are included in our samples There are total 60 samples in this study The empirical results indicate that the investment performance of the new-issued funds are not significantly better than that of the subsequently issued funds Meanwhile the fund size is not a key factor affecting the investment performance We suggest that for the fund investors making a good investment decision must base on the macroeconomic information and personal investment preferenc