À繫¿¬±¸ Á¦ ±Ç È£ (2012³â 9¿ù)
Asian Review of Financial Research, Vol., No..
pp.195~227
pp.195~227
Mutual Funds Herding under Financial Crises : Evidence from Taiwan Stock Markets
Yu-Fen Chen Department of Business Administration, Da-Yeh University
Sheng-Yung Yang Department of Finance, National Chung-Hsing University
Fu-Lai Lin Department of Finance, Da-Yeh University
This paper intends to investigate herding behavior of mutual fund managers participated in Taiwan stock market, especially as they were facing the regional and global financial crises in 1997 and 2008. Furthermore, it identifies fund managers¡¯ optimal choices of trading strategies as they are facing the shallow-dish characteristics in Taiwan stock market. The empirical results reveal that fund managers do herd as they are picking up their portfolios. Instead of pursuing stocks with high speculative intensity, mutual fund managers adhere to the prudent rule to trade. However, the trading styles are not robust during the period of 1997 Asian financial crisis.
Yu-Fen Chen
Sheng-Yung Yang
Fu-Lai Lin
This paper intends to investigate herding behavior of mutual fund managers participated in Taiwan stock market, especially as they were facing the regional and global financial crises in 1997 and 2008. Furthermore, it identifies fund managers¡¯ optimal choices of trading strategies as they are facing the shallow-dish characteristics in Taiwan stock market. The empirical results reveal that fund managers do herd as they are picking up their portfolios. Instead of pursuing stocks with high speculative intensity, mutual fund managers adhere to the prudent rule to trade. However, the trading styles are not robust during the period of 1997 Asian financial crisis.
mutual funds,herding,propensity to herd,momentum trading,prudent rule,speculative intensity
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