Earticle

초록

영어

This study investigates the impact of incubation on the effectiveness of copycat funds in the largest emerging market, China. The empirical findings are as follows. First, unlike the U.S., the overall findings exclude the possibility of successfully copying equity funds in China. Second, an advisory company’s fund incubation makes it harder to free-ride on new funds than old funds. Third, incubation is generally undertaken for new funds in a bullish market so that copycat returns of new-minus-old funds have a negative correlation with market returns. Fourth, the effect of long Chinese Lunar Year holiday impairs the performance of primitive funds, consequently, copying is effective in January and February. Finally, logit analysis shows that copying is successful for those funds with low performance and low turnover ratios.

목차

Abstract
 1. Introduction
 2. Regulations for fund set-up and holdings disclosure in China
  2.1 Set-up rules and practices
  2.2 Holdings-disclosure rules and practices
 3. Data and copycat fund returns
  3.1 Data
  3.2 Calculation of copycat fund returns
 4. Empirical evidence
  4.1 Effectiveness of copycat funds and the impact of incubation
  4.2 Annual analysis of market conditions with regard to copying equity funds
  4.3 Calendar-month analysis of market conditions with regard to copying equity fund
  4.4 Determinants of successful copycat funds
 5. Concluding remarks
 Reference
 Table
 Figure

저자

• Yaping Wang [ College of Business Pusan National University ]
• Miyoun Paek [ College of Business Pusan National University ]
• Kwangsoo Ko [ College of Business Pusan National University ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330