| dc.contributor.advisor | 張力元 | zh_TW |
| dc.contributor.advisor | Trappey, Charles | en_US |
| dc.contributor.author (Authors) | 何亞萍 | zh_TW |
| dc.contributor.author (Authors) | Ho, Jo-Anne | en_US |
| dc.creator (作者) | 何亞萍 | zh_TW |
| dc.creator (作者) | Ho, Jo-Anne | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 17-Sep-2009 18:55:28 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 18:55:28 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 18:55:28 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0919330211 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/33962 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營管理碩士班(IMBA) | zh_TW |
| dc.description (描述) | 91933021 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | 請參照英文摘要 | zh_TW |
| dc.description.abstract (摘要) | With progressing transparency of investment activity and structure flexibility, hedge fund has provided investors an attractive investment option. The hedge fund market in Asia appears to have room for further expansion with improving regulatory environment and increasing availability of different products in retail establishments. The research objective is to provide the general investing public and the hedge fund industry in Taiwan more insightful information of how sophisticated investors in Hong Kong relate to hedge fund investment, in order to provide more references for individuals’ hedge fund investment decisions and reflections for the industry to improve marketing strategy. Due to the likeness of the financial climate in both markets, Taiwan could use existing successful implementations and references in Hong Kong for better preparation for hedge funds to enter.A few important factors influencing both mutual fund and hedge fund investment decisions have been identified from previous researches and surveys conducted by academic scholars and industry professionals. A hedge fund survey is conducted to test these factors and further evaluate other causes influencing hedge fund investment decisions. A total of 31 sophisticated investors in Hong Kong, mostly financial professionals, with 45% current hedge fund investors have participated.Regression statistics analysis is used for the correlation between the multi-dimension construct measurement towards each factor and the actual percentage of investment in hedge fund of the investors. “Investment risk” has shown moderate positive correlation. “Investment return” and “past performance” have shown fair degree of positive correlation. “Investor’s understanding”, “transparency” and “skill and experience of fund managers” have shown very little or no relationship.Non-parametric statistics analysis is used for the testing of the multi-dimension construct measurements of the factors between current hedge fund investors and non hedge fund investors with p-values. The measurement of “investment return” for current hedge fund investors is greater than non hedge fund investors. The measurements of “investor’s understanding”, “investment risk”, “past performance”, “transparency” and “skill and experience of fund managers” of current hedge fund investors are not greater than non hedge fund investors.“Skill and experience of fund managers” has been ranked as the most important factor influencing individual hedge fund investment decisions. “Investor’s understanding” has been ranked as the most important aspect that needs improvement for the hedge fund industry. For current hedge fund investors, 43% have hedge fund investment which accounts for 15%-30% of their total assets. Seventy-two percent of current hedge fund investors are likely to increase allocation to hedge fund investment. Sixty-four percent of non hedge fund investors are likely to invest in hedge funds.This thesis comes to the conclusion that these factors are clearly variables that influence investor’s hedge fund investment decisions. Nevertheless, investors are advised to have thorough understanding of the characteristics specifically related to hedge funds when making investment decisions. It is hoped that the hedge fund industry and regulators would incorporate these aspects for hedge fund product design and marketing. This thesis proposes several aspects to the investors and hedge fund industry in Taiwan with suggestions. | en_US |
| dc.description.tableofcontents | Chapter 1 Introduction 11.1 Research Motive 11.2 Research Objective 31.3 Research Question 4Chapter 2 Literature Review 72.1 About Hedge Funds 72.1.1. Definition of Hedge Funds 82.1.2. History of Hedge Funds 92.1.3. Types of Hedge Funds and Strategies 122.1.4. Current Market Conditions 162.1.5. Legal and Regulatory Issues 182.1.5.1 Hong Kong 182.1.5.2 Taiwan 212.1.6. Hedge Funds versus Mutual Funds 222.2 Previous Research 252.2.1. Mutual Fund Shareholders and Characteristics 262.2.2. Factors Influencing Mutual Fund Selection 272.2.3. Mutual Fund Choices and Investor Demographics 282.2.4. The Behavior of Mutual Fund Investors 292.2.5. BARRA RogersCasey: Introduction to Hedge Funds 302.2.6. Implications of the Growth of Hedge Funds 302.3 Industry Surveys 312.3.1. Hong Kong Investment Funds Association 2002 Survey 312.3.2. Hennessee Group 2000 Survey 352.3.3. Hedge Fund Center 2002 Survey 352.4 Summary of Literature Review 362.5 Hypotheses 392.6 Research Design 42Chapter 3 Research Methods 443.1 Sampling 443.2 Measurement Procedures 453.3 Data Collection 473.4 Data Analysis 483.5 Limitations 49Chapter 4 Results 504.1 Delivery and Response 504.2 Investor’s Understanding 514.3 Investment Return 534.4 Investment Risk 564.5 Past Performance 594.6 Transparency 624.7 Skill and Experience of Fund Managers 654.8 Most Important Factor 684.9 The Aspect That Needs Most Improvement 694.10 Investor’s Profile 704.11 Summary of Results 72Chapter 5 Discussion 775.1 Conclusion 775.2 Suggestions to the Investors in Taiwan 795.3 Suggestions to the Hedge Fund Industry in Taiwan 80Appendix: Hedge Fund Investor Survey 81Reference 85 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0919330211 | en_US |
| dc.subject (關鍵詞) | 避險基金 | zh_TW |
| dc.subject (關鍵詞) | 香港 | zh_TW |
| dc.subject (關鍵詞) | Hedge Fund Investment | en_US |
| dc.subject (關鍵詞) | Hong Kong | en_US |
| dc.title (題名) | Factors Influencing Hedge Fund Investment Decisions for Sophisticated Investors in Hong Kong | zh_TW |
| dc.type (資料類型) | thesis | en |
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