Performance of Securities Investment Funds in China

Xiaoqing Eleanor Xu

Emerging Markets Finance and Trade, 2005, vol. 41, issue 5, 28-42

Abstract: Using daily data from May 2000 to January 2004, this study examines the risk, return, securities selection, and market timing performance of China's securities investment funds (SIFs), in comparison with the performance of the SIFs in the United States. Our results indicate that China investment funds show superior market timing performance, while U.S. fund managers display stronger securities selection ability. These results imply that the potential synergy for Sino-U.S. joint venture investment funds could be tremendous. Additional analysis of the trading volume of closed-end funds in China illustrates that investors' interests in SIFs are strongly and positively related to fund performance. Results also indicate that Chinese investors favor professionally managed funds more than direct investment in stocks during negative market conditions.

Keywords: China; market timing; securities investment funds; security selection (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://mesharpe.metapress.com/link.asp?target=contribution&id=EJEKEWLGGPNBBCDF (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:41:y:2005:i:5:p:28-42

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MREE20

Access Statistics for this article

More articles in Emerging Markets Finance and Trade from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().