开放式基金赎回现象研究综述
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上海财经大学学报 2007 年 第 09 卷第 03 期, 页码：93 - 99
摘要
参考文献
摘要
与成熟市场不同,我国开放式基金投资者的申购和赎回行为未能发挥“优胜劣汰”机制。面临赎回压力较大的是业绩良好的基金而不是业绩较差的基金,这种现象被我们称为中国开放式基金“赎回之谜”。这将使基金管理人面临大量抛售股票的困境,造成证券市场非理性下挫,形成恶性循环。这一问题值得深入研究。本文对有关开放式基金赎回的国内外文献进行了综述,在借鉴和吸收前人研究成果的基础上提出了对于我国基金“赎回之谜”可供进一步研究的问题和可行的思路。
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[4]Caporale G.Maria,Nikolaos Philippas and Nikitas Pittis.Feedbacks Between Mutual Fund Flows and Se-curity Returns:Evidence from the Greek Capital Market[J].Applied Financial Economics,2004,14:981~989.
[5]Chakarabarti,A.and H.Rungta.Mutual Funds Industry in India:An In-depth Look into the Problems ofCredibility,Risk and Brand[J].The ICFAI Journal of Applied Finance,2000,6:27~45.
[6]Dangl,Thomas,Youchang Wu and Josef Zechner.Mutual Fund Flows and Optimal Manager Replace-ment.University of Vienna Working Paper,2004.
[7]Fortune,Peter.Mutual Funds,Part II:Fund Flows and Security Returns[J].New England EconomicReview,1998,Jan/Feb.,3~22.
[8]Goetzmann,William N.and Massimo Massa.Daily Momentum And Contrarian Behavior Of Index FundInvestors[J].Journal of Financial and Quantitative Analysis,2002,37:375~389.
[9]Goetzmann,William N.and R.G.Ibbotson.Do Winners Repeat?Patterns in Mutual Fund Behavior[J].Journal of Portfolio Management,1994,Winter,9~18.
[10]Greene,Jason T.,Charles W.Hodges,and David A.Rakowski.Redemption Policies and Daily MutualFund Flows,Working Paper,2001.
[11]Ippolito,R.A.Consumer Reaction to Measures of Poor Quality:Evidence From the Mutual Fund Indus-try[J].Journal of Law and Economics,1992,35:45~70.
[12]Kempf,Alexander and Stefan Ruenzi.Family Matters:The Performance Flow Relationship in the MutualFund Industry,Working Paper,University of Cologne,2004.
[13]Nanda,Vikram,M.P.Narayanan and Vincent A.Warther.Liquidity,Investment Ability,and MutualFund Structure[J].Journal of Financial Economics,2000,57:417~443.
[14]Rea,John and Richard Marcis.Mutual Fund Shareholder Activity During US Stock Market Cycles,1944-95[J].Investment Company Institute Perspective,1996,2:1~16.
[15]Roston,Marc N.Mutual Fund Managers and Lifecycle Risk:An Empirical Investigation.Ph.D.Thesis,1996,University of Chicago
[16]Santini,D.L.,and J.W.Aber.Determinants of Net New Money Flows to the Equity Mutual Fund In-dustry[J].Journal of Economics and Business,1998,50:419~429.
[17]Sirri,E.R.and Peter Tufano(1998),Costly Search and Mutual Fund Flows,Journal of Finance 53:1589~1622.
[18]Sunder,S.Growth Prospects of Mutual Funds and Investor Perception with Special Reference to KathariPioneer Mutual Fund.Project Report,1998,Andhral University.
[19]Warther,Vincent.A.Aggregate Mutual Fund Flows and Security Returns[J].Journal of Financial Eco-nomics,1995,39:209~235.
[20]陈慧群.行为金融学对投资基金现象之解释[J].市场周刊,2004,(7).
[21]郭晓亭,林略,冉向东.开放式基金赎回量的估算方法探讨[J].经济师,2004,(1).
[22]李曜.从行为金融学看基金的赎回现象、分红及基金经理选择[J].南京大学2003年行为金融学国际研讨会入选论文.
[23]李曜,于进杰.开放式基金赎回机制的外部效应[J].财经研究,2004,(12).
引用本文
陆蓉, 赵乾明, 谢新厚. 开放式基金赎回现象研究综述[J]. 上海财经大学学报, 2007, 9(3): 93–99.
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