| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6347 |
| 来源ID | Working Paper 6347 |
| The Japanese Open-End Fund Puzzle | |
| Stephen J. Brown; William N. Goetzmann; Takato Hiraki; Toshiyuki Otsuki; Noriyoshi Shiraishi | |
| 发表日期 | 1998 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Recent empirical evidence has suggested that the Japanese mutual fund industry has" underperformed dramatically over the past two decades. Conjectured reasons for" underperformance range from tax-dilution effects to high fees, high turnover and poor asset" management. In this paper, we show that this underperformance is largely due to tax-dilution" effects, and not necessarily to poor management. Using a broad database of funds which" includes investment trusts closed to new investment, we show that once an instrument for the" time-varying tax-dilution exposure is included in a factor model, there is little evidence of poor" risk-adjusted performance. A style analysis of the industry demonstrates that managers appear to" pursue tax-driven dynamic strategies. |
| URL | https://www.nber.org/papers/w6347 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563853 |
| 推荐引用方式 GB/T 7714 | Stephen J. Brown,William N. Goetzmann,Takato Hiraki,et al. The Japanese Open-End Fund Puzzle. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6347.pdf（1529KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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