基金管理中英文對照外文翻譯文獻基金管理中英文對照外文翻譯文獻(文檔含英文原文和中文翻譯)大量資金的投入真的就好嗎？新的證據表明了關于共同基金流量，基金管理者的行為，業績的持續性三者之間的關系。摘要在堅持了很長的時間后，共同基金帶回了豐厚的利潤——這就是這篇文章想要的核心結果.此外，消費者行為和基金經理在解釋這些長期持續的伙伴關系上發揮了很大的作用。消費者們用去年贏得的基金去做大量的投資，而這些成功的基金管理者們再投資這些流動股票想著要再創新高，根據今年的排名情況，至少得到2年以后去了。相比之下，失去了基金的管理者們，他們似乎不愿意賣出他們虧損的股票去買那些漲勢好的股票，也許是因為錯置效應吧。這樣一來，漲勢好的仍在繼續，成功盈利的管理者們和那些虧損的管理者們也在繼續拉開離，直至一個比以前研究的還要長的時期。更令人驚訝的是，基金長期盈利所反映的不是都能用動量來解釋，我們找到了強有力的證據表明，與流相關的購買，尤其是成長型基金，推動了股票的價格。特別的是，用贏回的基金拿去購買的響應著持續性流動性的股票已經撼動了他們的大小，市場和一個為期四年的每年百分之二到百分之三的動量基準。根據橫截面分析表明，這些異常的回報與資金的流入密切相關，但卻不是因為過去段時間資金的表現，因此，對于研究表明的長期堅持的經理人在選擇股票上是有才能的。最后，在風格調整后的凈收益水平，我們并沒有發現他的持久性，與以往的研究結果一致。總的來說，在成功的經理人的帶領下的巨富是非常明智的，但是用跟風模仿策略來贏得股票基金與流相關的回報來交易似乎是最明智的策略。八百零八萬人現在在美國持有投資的共同基金，同那些超過百分之九十的這些投資基金的價值被作為活動管理資金。此外，積極管理的股票基金獲得了如預算所言的消費者流入量-新資金的凈流入量在2000年的時候為309000000000美元，這些資金所持有的能推動資金的總價值在2000年底將近4億美元。雖然，大多數的個人投資者是充分相信那些活躍投資者的職業道德的，一般來說，很多人對那些具有投資天賦的人具有偏執的信任，他們更愿意相信，在管理者們的活動領域，更高級的經濟管理人的存在能夠長時間的占領市場。特別是，晨星和理鉑的的激烈競爭正在靠提供定期基金排名來積極爭取他們的客戶，然而像金錢雜志封面上的共同基金經理人也成為了一種潮流。此外，投資美元的人并沒有很快放棄之前虧損的基金轉而去瘋狂的去追逐那些成功的基金管理人。這些性質是在浪費他們的金錢和時間還是這些金主們真的很聰明呢？在過去有很多的論文試圖解決這些問題，然后產生了各種各樣的結果。比如說，GrinblattandTitman發現部分的基金經理能夠始終如一的正常收入和支出，而像他們倆這樣的就只能在基金異常的時候出現負收入。Gruber和鄭先生堅持從消費者的視角來檢查其投資在基金中的資金流向，然后發現這些投資者真的是非常的明智-那就是，資金流的不成比例現象造成了未來的巨大收益。然而，這些投資效果甚好的錢的來源仍然是一個謎，這些明智的投資基金真的能夠勝任那些能干的基金經理嗎，還是僅僅只是基金收益的猛烈勢頭。最近，Carhar一直在堅持監測著共有基金的投資回報，目的就是為了維持價格的平衡。與之一起的人有FamaandFrenchJegadeeshandTitman(1993),DanielandTitman(1997),andMoskowitzandGrinblatt(1999)).卡哈爾發現了一點，更高級的資金的一直走在他們基準風格的前面，卡爾發現基金的最高回報率在一年當中的最低收入也達到了總基金量的百分之3.5.在接下來的一年當中，幾乎所有的整個年所記錄的的動量效應由SappandTiwari發現，在凈收益的水平上，金錢效應是由基金動量來顯示的而不是由于基金管理者的才能實現。因此，Teo和Woo發現了一個“傻錢效應”，那就是在很多年當中，高流入資金的的運作比低資金的運作要差。這樣一來，Carhart就認為錢多并不是很明智。而且最近的一些報道也是說找到了比卡爾更有說服力的結果。Chen,Jegadeesh,andWermers也發現了，那些被基金積極購買的股票打擊到了那些每年賣掉百分之二的活躍分子，而Bollen和Busse也發現了關于基金季度性的持久性表現證據。IsMoneyReally“Smart”?NewEvidenceontheRelationBetweenMutualFundFlows,ManagerBehavior,andPerformancePersistence.RussWermers*DepartmentofFinanceRobertH.SmithSchoolofBusinessUniversityofMarylandCollegePark,MD20742-1815(301)405-0572November2003*AbstractMutualfundreturnsstronglypersistovermulti-yearperiods—thatisthecentralfindingofthispaper.Further,consumerandfundmanagerbehaviorbothplayalargeroleinexplainingtheselong-termcontinuationpatterns—consumersinvestHeavilyinlast-year’swinningfunds,andmanagersofthesewinnersinvesttheseinflowsinmomentumstockstocontinuetooutperformotherfundsforatleasttwoyearsfollowingtherankingyear.Bycontrast,managersoflosingfundsappearreluctanttoselltheirlosingstockstofinancethepurchaseofnewmomentumstocks,perhapsduetoadispositioneffect.Thus,momentumcontinuestoseparatewinningfromlosingmanagersforamuchlongerperiodthanindicatedbypriorstudies.Evenmoresurprisingisthatpersistenceinwinningfundreturnsisnotentirelyexplainedbymomentum—wefindstrongevidencethatflow-relatedbuying,especiallyamonggrowth-orientedfunds,pushesupstockprices.Specifically,stocksthatwinningfundspurchaseinresponsetopersistentflowshavereturnsthatbeattheirsize,book-to-market,andmomentumbenchmarksbytwotothreepercentperyearoverafour-yearperiod.Cross-sectionalregressionsindicatethattheseabnormalreturnsarestronglyrelatedtofundinflows,butnottothepastperformanceofthefunds—thus,castingsomedoubtonpriorfindingsofpersistentmanagertalentinpickingstocks.Finally,atthestyle-adjustednetreturnslevel,wefindnopersistence,consistentwiththeresultsofpriorstudies.Onbalance,weconfirmthatmoneyissmartinchasingwinningmanagers,butthata“copycat”strategyofmimickingwinningfundstocktradestotakeadvantageofflow-relatedreturnsappearstobethesmarteststrategy.Eighty-eightmillionindividualsnowholdinvestmentsinU.S.mutualfunds,withover90percentofthevalueoftheseinvestmentsbeingheldinactivelymanagedfunds.Further,activelymanagedequityfundsgainthelion’sshareofconsumerinflows—flowsofnetnewmoneytoequityfunds(inflowsminusoutflows)totalled$309billionin2000,pushingtheaggregatevalueofinvestmentsheldbythesefundstoalmost$4trillionatyear-end2000.Whilethemajorityofindividualinvestorsapparentlybelieveinthevirtuesofactivemanagementingeneral,manyappeartoholdevenstrongerbeliefsconcerningthetalentsofsubgroupsoffundmanagers—theyappeartobelievethat,amongthefieldofactivemanagers,superiormanagersexistthatcan“beatthemarket”forlongperiodsoftime.Inparticular,MorningstarandLippercompetevigorouslyfortheattentionofthesetruebelieversbyprovidingregularfundperformancerankings,whilepopularpublicationssuchasMoneyMagazineroutinelyprofile“star”mutualfundmanagers.Inaddition,investordollars,whilenotveryquicktoabandonpastlosingfunds,aggressivelychasepastwinners(see,forexample,SirriandTufano(1998)).Arethese“performance-chasers”wastingtheirmoneyandtime,orismoney“smart”?Severalpastpapershaveattemptedtotacklethisissue,withsomewhatdifferingresults.Forexample,GrinblattandTitman(1989a,1993)findthatsomemutualfundmanagersareabletoconsistentlyearnpositiveabnormalreturnsbeforefeesandexpenses,whileBrownandGoetzmann(1995;BG)attributepersistencetoinferiorfundsconsistentlyearningnegativeabnormalreturns.Gruber(1996)andZheng(1999)examinepersistencefromtheviewpointofconsumermoneyflowstofunds,andfindthatmoneyis“smart”—thatis,moneyflowsdisproportionatelytofundsexhibitingsuperiorfuturereturns.However,theexactsourceofthesmartmoneyeffectremainsapuzzle—doessmartmoneycapturemanagertalentor,perhaps,simplymomentuminstockreturns?Morerecently,Carhart(1997)examinesthepersistenceinnetreturnsofU.S.mutualfunds,controllingforthecontinuationattributabletopricedequitystyles(see,forexample,FamaandFrench(1992,1993,1996),JegadeeshandTitman(1993),DanielandTitman(1997),andMoskowitzandGrinblatt(1999)).Carhartfindslittleevidenceofsuperiorfundsthatconsistentlyoutperformtheirstylebenchmarks—specifically,Carhartfindsthatfundsinthehighestnetreturndecile(oftheCRSPmutualfunddatabase)duringoneyearbeatfundsinthelowestdecilebyabout3.5percentduringthefollowingyear,almostallduetotheone-yearmomentumeffectdocumented1SappandTiwari(2002)findevidencethat,atthenetreturnlevel,thesmart-moneyeffectcanbeexplainedbymomentumandnotbymanagertalent,whileTeoandWoo(2001)findevidenceofa“dumbmoney”effect—thatis,highinflowfundsunderperformlowinflowfundsovermulti-yeartimeperiods.1byJegadeeshandTitman(1993)andtotheunexplainedpoorperformanceoffundsinthelowestprior-yearreturndecile.Thus,Carhart(1997)suggeststhatmoneyisnotverysmart.RecentstudiesfindsomewhatmorepromisingresultsthanCarhart(1997).Chen,Jegadeesh,andWermers(1999)findthatstocksmostactivelypurchasedbyfundsbeatthosemostactivelysoldbyovertwopercentperyear,whileBollenandBusse(2002)findevidenceofpersistenceinquarterlyfundperformance.Bibliography[1]Badrinath,S.G.,andSunilWahal,2002,“MomentumTradingbyInstitutions,”JournalofFinance,57,pp.2449-2477.[2]Berk,JonathanB.,andRichardC.Green,“MutualFundFlowsandPerformanceinRationalMarkets,”WorkingPaper.[3]Bollen,NicolasandJeffreyBusse,2002,“Short-TermPersistenceinMutualFundPerformance,”WorkingPaper.[4]Brown,StephenJ.andWilliamN.Goetzmann,1995,“PerformancePersistence,”JournalofFinance,50,pp.679-698.[5]Brown,StephenJ.,WilliamN.Goetzmann,RogerG.Ibbotson,andStephenA.Ross,1992,“SurvivorshipBiasinPerformanceStudies,”ReviewofFinancialStudies,5,pp.553-580.[6]Carhart,Mark,1997,“OnPersistenceinMutualFundPerformance,”JournalofFinance,52,pp.57-82.[7]Chen,Hsiu-Lang,NarasimhanJegadeesh,andRussWermers,1999,“TheValueofActiveMutualFundManagement:AnExaminationoftheStockholdingsandTradesofFundManagers,”JournalofFinancialandQuantitativeAnalysis,forthcoming.[8]Clements,Jonathan,2001,“ResistingtheLureofManagedFunds,”WallStreetJournal,February27,pageC1.[9]Cohen,RandolphB.andChristopherK.Polk,1998,“TheImpactofIndustryFactorsinAsset-PricingTests,”WorkingPaper.[10]Daniel,Kent,MarkGrinblatt,SheridanTitman,andRussWermers,1997,“MeasuringMutualFundPerformancewithCharacteristic-BasedBenchmarks,”JournalofFinance,52,pp.1035-1058.[11]Daniel,KentandSheridanTitman,1997,“EvidenceontheCharacteristicsofCross-SectionalVariationinCommonStockReturns,”JournalofFinance,52,pp.1-33.[12]Edelen,Roger,1999,“InvestorFlowsandtheAssessedPerformanceofOpen-EndMutualFunds,”JournalofFinancialEconomics,53,pp.439-466.[13]Fama,EugeneF.andKennethR.French,1992,“TheCross-SectionofExpectedStockReturns,”JournalofFinance,47,pp.427-465.[14]Fama,EugeneF.andKennethR.French,1993,“CommonRiskFactorsintheReturnsonStocksAndBonds,”JournalofFinancialEconomics,33,pp.3-56.[15]Fama,EugeneF.andKennethR.French,1996,“MultifactorExplanationsofAssetPricingAnomalies,”JournalofFinance,51,pp.55-84.[16]Fama,EugeneF.andJamesD.MacBeth,1973,“Risk,Return,andEquilibrium:EmpiricalTests,”JournalofPoliticalEconomy,81,pp.607-636.[17]Ferson,WayneE.andKennethKhang,2000,“ConditionalPerformanceMeasurementUsingPortfolioWeights:EvidenceforPensionFunds,”WorkingPaper.[18]Ferson,WayneE.andRudiW.Schadt,1996,“MeasuringFundStrategyAndPerformanceInChangingEconomicConditions,”JournalofFinance,51,pp.425-461.[19]Grinblatt,MarkandBingHan,2002,“TheDispositionEffectandMomentum,”WorkingPaper.[20]Grinblatt,MarkandSheridanTitman,1989,“MutualFundPerformance:AnAnalysisofQuarterlyPortfolioHoldings,”JournalofBusiness,62,pp.394-415.[21]Grinblatt,MarkandSheridanTitman,1992,“ThePersistenceofMutualFundPerformance,”JournalofFinance,47,pp.1977-1984.[22]Grinblatt,MarkandSheridanTitman,1993,“PerformanceMeasurementwithoutBenchmarks:AnExaminationofMutualFundReturns,”JournalofBusiness,66,pp.47-68.[23]Grinblatt,MarkandSheridanTitman,1994,“AStudyofMonthlyMutualFundReturnsandPerformanceEvaluationTechniques,”JournalofFinancialandQuantitativeAnalysis,29,pp.419-444.[24]Grinblatt,Mark,SheridanTitman,andRussWermers,1995,“MomentumInvestmentStrategies,PortfolioPerformance,andHerding:AStudyofMutualFundBehavior,”AmericanEconomicReview,Volume85(5),pp.1088-1105.[25]Gruber,MartinJ.,1996,“AnotherPuzzle:TheGrowthinActivelyManagedMutualFunds,”JournalofFinance,51,pp.783-810.[26]Hendricks,Darryll,JayenduPatel,andRichardZeckhauser,1993,“HotHandsinMutualFunds:ThePersistenceofPerformance,1974-88,”JournalofFinance,48,pp.93-130.[27]Jegadeesh,NarasimhanandSheridanTitman,1993,“ReturnstoBuyingWinnersandSellingLosers:ImplicationsforStockMarketEfficiency,”JournalofFinance,48,pp.65-91.[28]Keim,DonaldB.andAna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