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1.
正择时策略在中国基金业中有众多的信奉者与践行者,这一策略真的能为基金带来稳定的超额收益吗?基金经理是否真的具有优异的择时能力来酌定加减仓的正确时机呢?或者说,主动型股票基金在过去5年和7年中大面积、大幅度地战胜市场,有多少成分是源自择时策略呢?择时的正确率与正确度是衡量基金经理择时能  相似文献   

2.
评价基金绩效的主要方法有四类:对基金绝对收益水平的评价,包括基金单位净值、单位净值收益率、累计单位净值收益率、复权单位净值收益率等;经过风险调整的业绩测度指标,包括夏普测度,特雷纳测度,詹森测度等模型;对基金经理的投资能力的评价,主要是针对基金经理的择时能力和择股能力的评价包括TM模型、HM模型、CL模型、JK模型;基金绩效多因素分析法,主要是三因素和四因素分析法。此外还有晨星、中信等星级综合评价法。  相似文献   

3.
上海证券基金评价研究中心发布的2011年基金评级中,鹏华行业成长基金获评三年期选股择时能力五星级,同时鹏华普天收益基金获评三年及五年期择股能力五星级。  相似文献   

4.
基于开放式基金的运行机制,在各风险资产互不相关的假设下,建立了开放式基金在不许卖空情形下的投资组合模型,并给出了最优解和有效前沿。  相似文献   

5.
我国开放式基金发行遭“冷遇”的原因探究   总被引:1,自引:0,他引:1  
观察发达国家的成功经验,作为一种金融创新投资品种,开放式基金对证券市场乃至整个金融业的良性发展均起着重要作用。然而,我国自2001年9月11日第一只开放式基金面世以来,发行状况远未达到预期效果,开放式基金的内在能量也远未得到充分释放。鉴于此,本文从五个方面探究了导致我国开放式基金发行遭“冷遇”的制约因素:即基金管理公司对开放式基金的营销意识不高,营销理念不先进;开放式基金费率设计不尽合理;开放式基金产品定位不尽科学;交易渠道相对不便利;投资者的投资意识不浓。  相似文献   

6.
随着开放式基金的诞生,标志着我国基金业发展进入一个新的里程,开放式基金以其显著的特点:风险小、流动性好、资金效率高等,开放式基金的推出必将对投资者、货币市场和资本市场产生重大的冲击,开放式基金的时代已经来临,并将对金融市场产生重要而深远的影响。  相似文献   

7.
自从中国第一只开放式基金发行以来,开放式基金的发展一直受到赎回的严重制约。对影响开放式基金赎回行为的因素进行了全面深入的分析,为基金管理人控制赎回规模、减少流动性风险提供了切实可行的对策建议。  相似文献   

8.
开放式基金规模是基金管理的重要内容,对基金绩效产生重要影响,因此研究我国开放式基金规模问题具有较强的现实意义。在分析开放式基金规模与绩效关系的基础上,构建了开放式基金适度规模测度方法,并运用48只开放式基金数据进行实证分析。研究表明,中国开放式基金收益率与基金规模呈现二次曲线变动关系,开放式基金规模并非越大越好,而是存在适度的规模。根据经济适度规模分析思想,得出中国开放式基金适度规模。  相似文献   

9.
开放式基金的治理机制分析   总被引:2,自引:0,他引:2  
本运用现代经济学中的不完全合约以及预算软约束两个分析框架对开放式基金的治理机制进行分析,认为基于特殊的信息披露机制以及特有的赎回机制,开放式基金本身独特的合约安排可以自动引致一个有效地解决道德风险与逆向选择等委托代理问题的治理机制。对开放式基金而言,其治理机制的有效性是内生的。正因此,开放式基金具备了蓬勃发展的良好条件。  相似文献   

10.
本文是对我国开放式基金市场风险的度量进行研究,找到一种能有效测度我国开放式基金市场风险的模型,给投资者和投资机构提供参考。考虑到金融时间序列数据的波动性以及概率分布,本文运用了GARCH类模型和SV类模型,并分别基于正态分布和T分布进行了建模,进而将其应用于计算VaR值。通过实证结果对比表明,基于SV—T模型计算得到的VaR值更具有准确性,是较优的基金风险测度模型。  相似文献   

11.
《海外英语》2007,(5):44-45
It is worthy of noting that, whilst Crookston Castle witnessed the earlier and happier portion of Mary's variegated life,  相似文献   

12.
《海外英语》2007,(4):36
There are numbers of crossroads on our long and unpredictable life journey where we totally have no idea about which direction to choose. No matter what our decision is, we should not turn back, but face the music and go ahead instead. I am this kind of girl who always does try without regretting, one example is how I dealt with my love.  相似文献   

13.
王菲 《华章》2007,(12):273-273
Migration occurs behind a variety of reasons and has a great effect on the whole world. People may migrate in order to improve their economic situation, or in order to escape civil strife, persecution, and environmental disasters. The impact of migration is complex, bringing both benefits anddisadvantages. This paper briefly talks about the causes of migration, the allocation of benefits, and the ways in which individual countries and the international community deal with this important subject.  相似文献   

14.
裴水妹 《华章》2007,(11):196
Sister Carrie is one of the most controversial characters in American literature.Thought as a "fallen woman" firstly,she was defined as a "new woman" by some critics later. However, by digging into the motivaton behind the whole process of Carrie's "success", the relationship between Carrie and her creator (the author), the social conditions of then American, it can be found that Carrie has never been free-standing on her thought and she has never found her real-sdf even after becoming a famous actress. In a society dominated by mass consumerism Carrie is only an adherent of her own desires. She also is a representative of all those country girls flooded into cities, a symbol and a sacrifice of the urbanization of America in a time countryside was overcome by cities.  相似文献   

15.
16.
1.IntroductionOne-cyclecontrolmethod,whichwasproposedaboutonedecadeago[1],hasbecomeanattractivemethodinspecialfieldssuchaspowerfactorcorrection[2-6],switchingamplifiers[7,8],etc.Themainideaofthiscontrollerisbasedonintegrationofdiodevoltageinone-cycleandforcesittobeexactlyequaltothereferencevalue.Themainadvantageofthiscontrollerisitsrealtimeabilitytorejectthevariationofinputvoltage[1].Despitethisgreatability,ithasnogoodperformancesinrejectingofloaddisturbanceandfollowingreferencecommands.Espec…  相似文献   

17.
Today, Sunday morning, I sit thinking and typing at my computer. My thoughts are in my homeland, India and my body is in China. The body is here and mind there for a good reason. Mr. Hu is president and I am resident and both are in each other's countries (what a difference the absence of one small letter makes!). Mr. Hu will return in a few days and I will stay on longer.  相似文献   

18.
STORIES     
正A One day a pig went to the stable(马棚)to see his good friend,an oldhorse,and was going to stay there forthenight.Night came and it was time forsleep.The pig went into the straw heap(稻草堆)and lay comfortably.A longtime passed,but the horse was stillstanding there and did not move.Thepig asked the horse why he did not go tosleep."Standing like this is the begin-ning ofsleeping,"answered the horse.  相似文献   

19.
正1.Any fool can count the seeds in an apple.Only God can count all the apples in one seed.2.Happy families are all alike;every unhappy family is unhappy in its own way.3.Memories are the key not to the past,but to the future.4.Sometimes in the dark you see what you want to see.5.There is a great difference between  相似文献   

20.
正Scope and Policy The Journal of Chongqing University-English Edition(JCQU-E)is a peerreviewed journal publishing research articles in multiple disciplines of science and technology,covering civil and environmental engineering,chemical engineering,biotechnology,mechanical and electrical engineering,computer and data processing,mining,metallurgy,materials science,and interdisciplines thereof.  相似文献   

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