Presenter ： Chia-Yi Abi Lin Instructor ： Dr. Pi-Ying Teresa Hsu Date ： June 01, 2011
Methodology 3 - Participants - Procedures - Instruments - Statistical Analysis Contents Literature Review 2 - Flows - Research Gap - Purposes of the study - Research Question - Background Introduction 1
- Younger funds have higher flows on average and a greater sensitivity to prior period returns.
(Chevalier & Ellison, 1997)
Flows-Size The size of previous-period market has a strong influence on fund’s flows . (Roston, 1996)
Annual net flows are negatively related to fund expenses .
(Sirri & Tufano, 1998)
Research Gap No providing empirical evidence of differentiating the high and low of flows Few studies have focused on using Taiwanese data from Taiwan Economic Journal (TEJ) database.
- To analyze the relationship between the performance and outflows in mutual fund
Purposes of the Study
- To investigate the outflows are more sensitive to bad performance in illiquid funds than in liquid funds
Based on the prior studies, there is a significant positive relationship between performance and flows, conditional on low past performance, are funds that hold illiquid assets experienced more outflows than funds that hold liquid assets?