An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China
In recent years open-end funds have replaced closed-end funds as the dominant products in China fund market in terms of both aggregate assets and growth rates. In this case it is widely concerned whether open-end funds really outperform closed-end funds. Thus this dissertation selects 26 open-end fu...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2009
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| Online Access: | https://eprints.nottingham.ac.uk/22963/ |
| _version_ | 1848792484506763264 |
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| author | Huang, ya |
| author_facet | Huang, ya |
| author_sort | Huang, ya |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | In recent years open-end funds have replaced closed-end funds as the dominant products in China fund market in terms of both aggregate assets and growth rates. In this case it is widely concerned whether open-end funds really outperform closed-end funds. Thus this dissertation selects 26 open-end funds and 13 closed-end funds from 10 fund management companies and then compares their performance from Sep 2004 to Aug 2009 with average rate of return, Sharp ratio, Treynor measure, Jensen’s alpha, T-M model as methodologies. According to the empirical test, it is concluded that as for sharp ratio and selectivity, open-end funds are significantly superior to closed-end funds; but regarding other measures, no obvious difference is detected. Lastly, based on the study results some suggestions for investors, fund managers and related authorities are raised. |
| first_indexed | 2025-11-14T18:45:08Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-22963 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T18:45:08Z |
| publishDate | 2009 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-229632018-01-25T09:33:16Z https://eprints.nottingham.ac.uk/22963/ An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China Huang, ya In recent years open-end funds have replaced closed-end funds as the dominant products in China fund market in terms of both aggregate assets and growth rates. In this case it is widely concerned whether open-end funds really outperform closed-end funds. Thus this dissertation selects 26 open-end funds and 13 closed-end funds from 10 fund management companies and then compares their performance from Sep 2004 to Aug 2009 with average rate of return, Sharp ratio, Treynor measure, Jensen’s alpha, T-M model as methodologies. According to the empirical test, it is concluded that as for sharp ratio and selectivity, open-end funds are significantly superior to closed-end funds; but regarding other measures, no obvious difference is detected. Lastly, based on the study results some suggestions for investors, fund managers and related authorities are raised. 2009-09-21 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/22963/1/%E5%85%A8%E6%96%87.pdf Huang, ya (2009) An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China. [Dissertation (University of Nottingham only)] (Unpublished) |
| spellingShingle | Huang, ya An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China |
| title | An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China |
| title_full | An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China |
| title_fullStr | An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China |
| title_full_unstemmed | An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China |
| title_short | An Empirical Study on Comparison in Fund Performance between Open-end Funds and Closed-end Funds in China |
| title_sort | empirical study on comparison in fund performance between open-end funds and closed-end funds in china |
| url | https://eprints.nottingham.ac.uk/22963/ |