| 机构投资者博彩吗?——来自机构投资者持股偏好和基金业绩的证据; Do Institutional Investors Gambling?——Evidence from Stockholding Preference of Institutional Investors and Fund Performance | |
| 胡锋 ; 李媛媛 | |
| 2015-10-02 | |
| 关键词 | 彩票类股票 机构投资者 持股偏好 Lottery-type Stock Institutional Investor Stockholding Preference |
| 英文摘要 | 利用2003~2014年间中国沪深两市的A股上市公司日交易数据,采用多元回归及lOgISTICS等模型,实证研究了机构投资者对彩票类股票的持股偏好以及长期持有彩票股对其业绩的影响。研究发现:(1)与非彩票类股票相比,机构投资者较少倾向持有彩票类股票,表现得较为理性。在各类机构投资者中,证券投资基金的投机性较强。(2)长期持有彩票类股票显著降低了基金的业绩,这为基金经理遵循理性、稳健的投资原则提供了新的实证支持。; By using the daily trade data of China A- share listed companies from 2003 to2014,and the multiple regression and Logistics models,the paper makes an empirical study on the stockholding preference of institutional investors in lottery- type stocks and the influence of long time holding the stocks on their performance.Research shows:( 1) compared with non- lottery- type stocks,few institutional investors tend to hold lottery- type stocks,for they are more rational.Among different types of institutional investors,the speculation of securities investment fund is strong.( 2) long term holding of the stocks significantly decreases fund performance,which gives new empirical evidence for fund managers to follow rational and moderate investment rules.; 国家自然科学基金项目(面上项目)“全球金融风暴背景下中国企业财务决策行为研究”(70972110) |
| 语种 | zh_CN |
| 内容类型 | 期刊论文 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/103321]  |
| 专题 | 管理学院－已发表论文 |
| 推荐引用方式 GB/T 7714 | 胡锋,李媛媛. 机构投资者博彩吗?——来自机构投资者持股偏好和基金业绩的证据, Do Institutional Investors Gambling?——Evidence from Stockholding Preference of Institutional Investors and Fund Performance[J],2015. |
| APA | 胡锋,&李媛媛.(2015).机构投资者博彩吗?——来自机构投资者持股偏好和基金业绩的证据.. |
| MLA | 胡锋,et al."机构投资者博彩吗?——来自机构投资者持股偏好和基金业绩的证据".(2015). |
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