基金持有人聪明吗——国外相关研究最新进展述评

摘要

The investment abilty of fund manager determines the fund performance. The fund selection ability of shareholders determines their own investment earnings. In recent ten years, researches on shareholders＇ fund selection ability gradually increase with the development of the behavioral finance. Various methods are applied and different results are obtained in these researches. By means of reviewing these researches on the fund selection ability of investors, this paper analyzes the research methods, corresponding conclusions and new developments, and explores the causes which bring about the differences among these conchlsions.%基金经理的投资管理能力决定了基金的业绩。基金持有人是否聪明，即是否能够在众多的基金中选择风险控制能力强、盈利水平高的基金，决定了其投资基金的收益水平.近十余年来，随着行为金融学的兴起，对持有人基金选择能力的研究逐渐增多，出现了各种不同的研究方法，得到的结论也不尽相同，本文在梳理国外相关研究文献的基础上，阐述了国外最新的关于持有人基金选择能力研究的方法、主要结论以及最新进展，并探讨了不同研究所得结论存在差异的原因。