Do Focused Funds Offer Superior Performance in an Emerging Market? Evidence from Taiwan's Stock Market

References

• Bekaert, G., and M. S. Urias. 1996. "Diversification, Integration and Emerging Market Closed-End Funds." Journal of Finance 51, no. 3: 835-869.
   Google Scholar
• Berk, J. B., and R. C. Green. 2004. "Mutual Fund Flows and Performance in Rational Markets." Journal of Political Economy 112, no. 6: 1269-1295.
   Google Scholar
• Brands, S.; S. J. Brown; and D. R. Gallagher. 2005. "Portfolio Concentration and Investment Manager Performance." International Review of Finance 5, nos. 3-4: 149-174.
   Google Scholar
• Brennan, M. J. 1975. "The Optimal Number of Securities in a Risky Asset Portfolio When There Are Fixed Costs of Transacting: Theory and Some Empirical Results." Journal of Financial and Quantitative Analysis 10, no. 3: 483-496.
   Google Scholar
• Carhart, M. M. 1997. "On Persistence in Mutual Fund Performance." Journal of Finance 52, no. 1: 57-82.
   Google Scholar
• Chen, J.; H. Hong; M. Huang; and J. Kubik. 2004. "Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization." American Economic Review 94, no. 5: 1276-1302.
   Google Scholar
• Cohen, R.; J. D. Coval; and L. Pástor. 2005. "Judging Fund Managers by the Company They Keep." Journal of Finance 60, no. 3: 1057-1096.
   Google Scholar
• Coval, J. D., and T. J. Moskowitz. 2001. "The Geography of Investment: Informed Trading and Asset Prices." Journal of Political Economy 109, no. 4: 811-842.
   Google Scholar
• Fama, E. F., and K. R. French. 1993. "Common Risk Factors in the Returns on Stocks and Bonds." Journal of Financial Economics 33, no. 1: 3-56.
   Google Scholar
• Fisher, L., and J. H. Lorie. 1970. "Some Studies of Variability of Returns on Investments in Common Stocks." Journal of Business 43, no. 2: 99-134.
   Google Scholar
• Francis, J. C. 1986. Investments: Analysis and Management. New York: McGraw-Hill.
   Google Scholar
• Goo, Y.-J., and F.-H. Chang. 2010. "Is There a Favoritism Strategy in Taiwan Mutual-Fund Companies? Evidence from Taiwan Domestic-Equity Funds." Emerging Markets Finance & Trade 43, no. 1: 87-95.
   Google Scholar
• Grinblatt, M., and S. Titman. 1989. "Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings." Journal of Business 62, no. 3: 393-416.
   Google Scholar
• Grinblatt, M.; S. Titman; and R. Wermers. 1995. "Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior." American Economic Review 85, no. 5: 1088-1105.
   Google Scholar
• Gupta, M., and N. Aggarwal. 2009. "Mutual Fund Portfolio Creation Using Industry Concentration." IUP Journal of Management Research 8, no. 3: 7-20.
   Google Scholar
• Harvey, C. R. 1994. "Conditional Asset Allocation in Emerging Markets." Working Paper no. 4623, National Bureau of Economic Research, Cambridge, MA.
   Google Scholar
• İmişiker, S., and Ü. Özlale. 2008. "Assessing Selectivity and Market Timing Performance of Mutual Funds for an Emerging Market: The Case of Turkey." Emerging Markets Finance & Trade 44, no. 2: 87-99.
   Google Scholar
• Indro, D. C.; C. X. Jiang; M. Y. Hu; and W. Y. Lee. 1999. "Mutual Fund Performance: Does Fund Size Matter?" Financial Analysts Journal 55, no. 3: 74-87.
   Google Scholar
• Jensen, M. C. 1968. "The Performance of Mutual Funds in the Period 1945-1964." Journal of Finance 23, no. 2: 389-416.
   Google Scholar
• Jiang, G. J.; T. Yao; and T. Yu. 2007. "Do Mutual Funds Time the Market? Evidence from Portfolio Holdings." Journal of Financial Economics 86, no. 3: 724-758.
   Google Scholar
• Kacperczyk, M.; C. Sialm; and L. Zheng. 2005. "On the Industry Concentration of Actively Managed Equity Mutual Funds." Journal of Finance 60, no. 4: 1983-2011.
   Google Scholar
• Kyle, A. S. 1988. "Trading Halts and Price Limits." Review of Futures Markets 7, no. 3: 426-434.
   Google Scholar
• Lee, C., and S. Rahman. 1990. "Market Timing, Selectivity, and Mutual Fund Performance: An Empirical Investigation." Journal of Business 63, no. 2: 261-278.
   Google Scholar
• Lintner, J. 1965. "The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets." Review of Economics and Statistics 47, no. 1: 13-37.
   Google Scholar
• Markowitz, H. M. 1952. "Portfolio Selection." Journal of Finance 7, no. 1: 77-91.
   Google Scholar
• Mossin, J. 1966. "Equilibrium in a Capital Asset Market." Econometrica 34, no. 4: 768-783.
   Google Scholar
• Sapp, T., and X. S. Yan. 2008. "Security Concentration and Active Fund Management: Do Focused Funds Offer Superior Performance?" Financial Review 43, no. 1: 27-49.
   Google Scholar
• Scharfstein, D. S., and J. C. Stein. 1990. "Herd Behavior and Investment." American Economic Review 80, no. 3: 465-479.
   Google Scholar
• Sharpe, W. F. 1964. "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk." Journal of Finance 19, no. 3: 425-442.
   Google Scholar
• Sharpe, W. F. 1966. "Mutual Fund Performance." Journal of Business 39, no. 1: 119-138.
   Google Scholar
• Shawky, H. A., and D. M. Smith. 2005. "Optimal Number of Stock Holdings in Mutual Fund Portfolios Based on Market Performance." Financial Review 40, no. 4: 481-495.
   Google Scholar
• Treynor, J. L. 1965. "How to Rate Management of Investment Funds." Harvard Business Review 43, no. 1: 63-75.
   Google Scholar
• Van Nieuwerburgh, S., and L. Veldkamp. 2008. "Information Acquisition and Under-Diversification." Working Paper no. 13904, National Bureau of Economic Research, Cambridge, MA.
   Google Scholar
• Wermers, R. 2000. "Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transactions Costs, and Expenses." Journal of Finance 55, no. 4: 1655-1695.
   Google Scholar