| 封闭式基金在牛市和熊市期间持股相关性研究 |
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| 引用本文： | 杨德平,杨春鹏,伍海华,姜伟.封闭式基金在牛市和熊市期间持股相关性研究[J].青岛大学学报(自然科学版),2007,20(2):76-79. |
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| 作者姓名： | 杨德平 杨春鹏 伍海华 姜伟 |
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| 作者单位： | 青岛大学,经济学院,青岛,266071 |
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| 基金项目： | 国家自然科学基金;青岛大学自然科学基金重点项目 |
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| 摘 要： | 根据国内封闭式证券投资基金每季度公布的数据,通过相关性分析,对比分析在牛市、熊市开始和结束时,基金持有股票的相关性,得出国内机构投资者有非理性的特性,并且在牛市期间,小规模基金的非理性程度要比大规模基金严重,熊市期间,则相反。
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| 关 键 词： | 机构投资者 封闭式基金 相关分析 非理性投资者 |
| 文章编号： | 1006-1037（2007）02-0076-04 |
| 收稿时间： | 2007-02-25 |
| 修稿时间： | 2007-02-25 |
Correlation Analysis of Close-End Funds Stock Ownerships in Bull Market and Bear Market |
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| YANG De-ping,YANG Chun-peng,WU Hai-hua,JIANG Wei.Correlation Analysis of Close-End Funds Stock Ownerships in Bull Market and Bear Market[J].Journal of Qingdao University(Natural Science Edition),2007,20(2):76-79. |
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| Authors: | YANG De-ping YANG Chun-peng WU Hai-hua JIANG Wei |
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| Institution: | College of Economics, Qingdao University, Qingdao 266071, China |
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| Abstract: | This paper uses the data that were published quarterly by close-end funds,adopts correlation analysis to analyze the ratio of stocks held by funds to the Net Present Value at the beginning and the end of both bull and bear markets.Results show that domestic institutional investors have characteristics of "Irrational investors".In bull market,the large scale funds are more irrational than the small funds,and vice versa in bear market. |
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| Keywords: | institutional investor close-end fund correlation analysis irrational investors |
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