دانلود مقاله ISI انگلیسی شماره 101923
ترجمه فارسی عنوان مقاله

توانایی های زمان بندی مدیران صندوق تعاونی

عنوان انگلیسی
Mutual fund managers' timing abilities
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
101923 2017 44 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 44, September 2017, Pages 80-96

پیش نمایش مقاله
پیش نمایش مقاله  توانایی های زمان بندی مدیران صندوق تعاونی

چکیده انگلیسی

This paper examines Chinese mutual fund managers' abilities to time market, market volatility, and market-wide liquidity. Using a sample of Chinese mutual funds, we employ both cross-sectional and bootstrap analyses and find strong evidence that, during 2001–2011, Chinese mutual fund managers demonstrated the ability to time market returns, volatility, and market liquidity. We also find top timers outperform bottom timers by 6–7% annually in out-of-sample tests, manifesting the practical meaning of timing ability. We then conduct robustness checks of our findings and the results are the same.