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从“竞赛假设”理论的前提条件入手,采用分段线性模型对基金业绩与流量的关系进行检验,实证结果表明,基金流量和基金业绩表现之间存在正向且非对称的关系,但这种不对称性对样本是敏感的。进一步的检验结果表明,基金业绩与流量的不对称性对竞赛行为有正向影响,并且上半年业绩差的基金经理是否提高其下半年资产组合的风险水平高度依赖于基金业绩与流量关系的不对称程度。
Starting from the prerequisites of “contest hypothesis” theory, the article uses the piecewise linear model to test the relationship between fund performance and the flow rate. The empirical results show that there is a positive and asymmetrical relationship between the fund flow and fund performance This asymmetry is sample sensitive. Further test results show that the fund performance and the flow of asymmetry have a positive impact on the competition behavior, and poor performance in the first half of the fund managers to enhance their risk level in the second half of the portfolio is highly dependent on the relationship between fund performance and the flow is not Symmetry.