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題名 Factors Influencing Hedge Fund Investment Decisions for Sophisticated Investors in Hong Kong
作者 何亞萍
Ho, Jo-Anne
貢獻者 張力元
Trappey, Charles
何亞萍
Ho, Jo-Anne
關鍵詞 避險基金
香港
Hedge Fund Investment
Hong Kong
日期 2004
上傳時間 17-九月-2009 18:55:28 (UTC+8)
摘要 請參照英文摘要
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.
參考文獻 1. Aldcroft, Steward (2002) “The Market for Hedge Funds in Asia”, Investec Asset Management Hong Kong, working report, 1-5
2. Alexander, Gordon J; Jones, Jonathan D and Nigro, Peter (1997) “Investor Self‐Selection: Evidence from a Mutual Fund Survey”, Managerial and Decision Economics 18 Issue 7-8, 719-729
3. Alexander, Gordon J; Jones, Jonathan D and Nigro, Peter J (1998) “Mutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information”, Financial Services Review 7, 301–316
4. Barber, Brad; Odean, Terrance and Zheng, Zu (2000) “The Behavior of Mutual Fund Investors”, U.C. Berkeley, unpublished paper, 2, 28-29
5. BARRA RogersCasey (2001). “An Introduction to Hedge Funds: The First in the BRC Hedge Fund Series”, working paper, 3, 6-7, 16
6. Chandler, Beverly (2002) Hedge Funds Quantitative Insights, Wiley Finance, 3
7. Edwards, Franklin R. and Gaon, Stav (2003) “Hedge Funds: What Do We Know”, Journal of Applied Corporate Finance Volume 15 Number 4, 15, 17, 19-20
8. Fink, Arlene (1995) How to Analyze Survey Data, Sage, 36
9. Fung, William and Hsieh, David (1999) “A Primer on Hedge Funds”, Journal of Empirical Finance 6 1999, 310-312
10. Gallaher, Rory (2002) “The Regulation of Hedge Funds in Hong Kong”, Deacons Hong Kong, working report, 3
11. Jaeger, Robert (2003) All About Hedge Funds, The McGraw-Hill Companies, 27-32
12. Kumar, Ranjit (1999) Research Methodology: A Step-By-Step Guide for Beginners, Sage, 75,114-115,129-135,162,170-186
13. Lhabitant, Francois-Serge (2004) Hedge Funds Quantitative Insights, Wiley Finance, 1,4, 6-9
14. Liang, Bing (1998) “On the Performance of Hedge Fund”, Case Western Reserve University, working paper, 1, 21-22
15. Lin, Sherry S.L. (2002) “The Marketing of Hedge Funds in Taiwan”, Lee & Li Taipei, working report, 1-2
16. Malloy, Christopher J. and Zhu, Ning (2004) “Mutual Fund Choices and Investor Demographics”, London Business School, working paper, 12-13
17. Oppenheim, A.N. (1999) Questionnaire Design, Interviewing and Attitude Measurement, Pinter, 195-200
18. Owen, James P. (2000) The Prudent Investor’s Guide to Hedge Funds, John Wiley & Sons, 70-73
19. Rajeswari, T.R. and Moorthy, V.E. Rama (2001) “An Empirical Study on Factors Influencing the Mutual Fund/Scheme Selection by Retail Investors”, Sri Sathya Sai Institute of Higher Learning, working paper, 2,7,15-16
20. Roye, Paul F. and others (2003) “Implications of the Growth of Hedge Funds”, The U.S. Securities and Exchanges Commission, staff report,1, 5,15,103
21. Schneeweis, Thomas; Kazemi, Hossein and Martin, George (2001) “Understanding Hedge Fund Performance”, University of Massachusetts and Lehman Brothers, working report, 5, 11
Online Documents
22. Friedland, Dion “About Hedge Funds”, retrieved on 7 Dec, 2004, from Hedge Fund Association (www.thehfa.org)
23. Friedland, Dion “Advantages of Hedge Funds over Mutual Funds”, retrieved on 16 Jan, 2005, from Hedge Fund Association (www.thehfa.org)
24. Inglis, Dave “A Brief History of Hedge Funds”, retrieved on 24 Oct, 2004, from The Hughes Trustco Group Ltd. (www.hughestrustco.com)
25. Kong, Marie-Anne and Prime, Didier “Shaping the Regulatory Framework So Hedge Funds Can Achieve Scale”, November Issue 2004, retrieved on 24 Nov, 2004 from The Eurekahedge Monthly (www.eurekahedge.com)
26. “All About Hedge Funds”, retrieved on 24 Oct, 2004, from Van Hedge Fund Advisors International, LLC and/or its licensors, Nashville, TN, USA. (www.hedgefund.com)
27. “Hedge Fund Survey Press Release July 2000”, retrieved on 25 Oct, 2004 from Hong Kong Investment Funds Association (www.hkifa.org.hk)
28. “Hong Kong Securities and Futures Commission Press Release, 2 May, 2002”, retrieved on 16 December, 2004 from Hong Kong Securities and Futures Commission (www.sfc.hk)
29. “Investor Survey Results Press Release 2000 and 2004”, retrieved on 2 Oct, 2004 from The Hennessee Hedge Fund Advisory Group (www.hennesseegroup.com)
30. “Taiwan Financial Supervisory Commission Law and Regulations, amended on 13, Oct, 2003”, retrieved on 16 December, 2004 from Taiwan Securities and Futures Commission (www.selaw.com.tw)
描述 碩士
國立政治大學
國際經營管理碩士班(IMBA)
91933021
93
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0919330211
資料類型 thesis
dc.contributor.advisor 張力元zh_TW
dc.contributor.advisor Trappey, Charlesen_US
dc.contributor.author (作者) 何亞萍zh_TW
dc.contributor.author (作者) Ho, Jo-Anneen_US
dc.creator (作者) 何亞萍zh_TW
dc.creator (作者) Ho, Jo-Anneen_US
dc.date (日期) 2004en_US
dc.date.accessioned 17-九月-2009 18:55:28 (UTC+8)-
dc.date.available 17-九月-2009 18:55:28 (UTC+8)-
dc.date.issued (上傳時間) 17-九月-2009 18:55:28 (UTC+8)-
dc.identifier (其他 識別碼) G0919330211en_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) 91933021zh_TW
dc.description (描述) 93zh_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 1
1.1 Research Motive 1
1.2 Research Objective 3
1.3 Research Question 4
Chapter 2 Literature Review 7
2.1 About Hedge Funds 7
2.1.1. Definition of Hedge Funds 8
2.1.2. History of Hedge Funds 9
2.1.3. Types of Hedge Funds and Strategies 12
2.1.4. Current Market Conditions 16
2.1.5. Legal and Regulatory Issues 18
2.1.5.1 Hong Kong 18
2.1.5.2 Taiwan 21
2.1.6. Hedge Funds versus Mutual Funds 22
2.2 Previous Research 25
2.2.1. Mutual Fund Shareholders and Characteristics 26
2.2.2. Factors Influencing Mutual Fund Selection 27
2.2.3. Mutual Fund Choices and Investor Demographics 28
2.2.4. The Behavior of Mutual Fund Investors 29
2.2.5. BARRA RogersCasey: Introduction to Hedge Funds 30
2.2.6. Implications of the Growth of Hedge Funds 30
2.3 Industry Surveys 31
2.3.1. Hong Kong Investment Funds Association 2002 Survey 31
2.3.2. Hennessee Group 2000 Survey 35
2.3.3. Hedge Fund Center 2002 Survey 35
2.4 Summary of Literature Review 36
2.5 Hypotheses 39
2.6 Research Design 42

Chapter 3 Research Methods 44
3.1 Sampling 44
3.2 Measurement Procedures 45
3.3 Data Collection 47
3.4 Data Analysis 48
3.5 Limitations 49
Chapter 4 Results 50
4.1 Delivery and Response 50
4.2 Investor’s Understanding 51
4.3 Investment Return 53
4.4 Investment Risk 56
4.5 Past Performance 59
4.6 Transparency 62
4.7 Skill and Experience of Fund Managers 65
4.8 Most Important Factor 68
4.9 The Aspect That Needs Most Improvement 69
4.10 Investor’s Profile 70
4.11 Summary of Results 72
Chapter 5 Discussion 77
5.1 Conclusion 77
5.2 Suggestions to the Investors in Taiwan 79
5.3 Suggestions to the Hedge Fund Industry in Taiwan 80
Appendix: Hedge Fund Investor Survey 81
Reference 85		zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0919330211en_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 Investmenten_US
dc.subject (關鍵詞) Hong Kongen_US
dc.title (題名) Factors Influencing Hedge Fund Investment Decisions for Sophisticated Investors in Hong Kongzh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Aldcroft, Steward (2002) “The Market for Hedge Funds in Asia”, Investec Asset Management Hong Kong, working report, 1-5zh_TW
dc.relation.reference (參考文獻) 2. Alexander, Gordon J; Jones, Jonathan D and Nigro, Peter (1997) “Investor Self‐Selection: Evidence from a Mutual Fund Survey”, Managerial and Decision Economics 18 Issue 7-8, 719-729zh_TW
dc.relation.reference (參考文獻) 3. Alexander, Gordon J; Jones, Jonathan D and Nigro, Peter J (1998) “Mutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information”, Financial Services Review 7, 301–316zh_TW
dc.relation.reference (參考文獻) 4. Barber, Brad; Odean, Terrance and Zheng, Zu (2000) “The Behavior of Mutual Fund Investors”, U.C. Berkeley, unpublished paper, 2, 28-29zh_TW
dc.relation.reference (參考文獻) 5. BARRA RogersCasey (2001). “An Introduction to Hedge Funds: The First in the BRC Hedge Fund Series”, working paper, 3, 6-7, 16zh_TW
dc.relation.reference (參考文獻) 6. Chandler, Beverly (2002) Hedge Funds Quantitative Insights, Wiley Finance, 3zh_TW
dc.relation.reference (參考文獻) 7. Edwards, Franklin R. and Gaon, Stav (2003) “Hedge Funds: What Do We Know”, Journal of Applied Corporate Finance Volume 15 Number 4, 15, 17, 19-20zh_TW
dc.relation.reference (參考文獻) 8. Fink, Arlene (1995) How to Analyze Survey Data, Sage, 36zh_TW
dc.relation.reference (參考文獻) 9. Fung, William and Hsieh, David (1999) “A Primer on Hedge Funds”, Journal of Empirical Finance 6 1999, 310-312zh_TW
dc.relation.reference (參考文獻) 10. Gallaher, Rory (2002) “The Regulation of Hedge Funds in Hong Kong”, Deacons Hong Kong, working report, 3zh_TW
dc.relation.reference (參考文獻) 11. Jaeger, Robert (2003) All About Hedge Funds, The McGraw-Hill Companies, 27-32zh_TW
dc.relation.reference (參考文獻) 12. Kumar, Ranjit (1999) Research Methodology: A Step-By-Step Guide for Beginners, Sage, 75,114-115,129-135,162,170-186zh_TW
dc.relation.reference (參考文獻) 13. Lhabitant, Francois-Serge (2004) Hedge Funds Quantitative Insights, Wiley Finance, 1,4, 6-9zh_TW
dc.relation.reference (參考文獻) 14. Liang, Bing (1998) “On the Performance of Hedge Fund”, Case Western Reserve University, working paper, 1, 21-22zh_TW
dc.relation.reference (參考文獻) 15. Lin, Sherry S.L. (2002) “The Marketing of Hedge Funds in Taiwan”, Lee & Li Taipei, working report, 1-2zh_TW
dc.relation.reference (參考文獻) 16. Malloy, Christopher J. and Zhu, Ning (2004) “Mutual Fund Choices and Investor Demographics”, London Business School, working paper, 12-13zh_TW
dc.relation.reference (參考文獻) 17. Oppenheim, A.N. (1999) Questionnaire Design, Interviewing and Attitude Measurement, Pinter, 195-200zh_TW
dc.relation.reference (參考文獻) 18. Owen, James P. (2000) The Prudent Investor’s Guide to Hedge Funds, John Wiley & Sons, 70-73zh_TW
dc.relation.reference (參考文獻) 19. Rajeswari, T.R. and Moorthy, V.E. Rama (2001) “An Empirical Study on Factors Influencing the Mutual Fund/Scheme Selection by Retail Investors”, Sri Sathya Sai Institute of Higher Learning, working paper, 2,7,15-16zh_TW
dc.relation.reference (參考文獻) 20. Roye, Paul F. and others (2003) “Implications of the Growth of Hedge Funds”, The U.S. Securities and Exchanges Commission, staff report,1, 5,15,103zh_TW
dc.relation.reference (參考文獻) 21. Schneeweis, Thomas; Kazemi, Hossein and Martin, George (2001) “Understanding Hedge Fund Performance”, University of Massachusetts and Lehman Brothers, working report, 5, 11zh_TW
dc.relation.reference (參考文獻) Online Documentszh_TW
dc.relation.reference (參考文獻) 22. Friedland, Dion “About Hedge Funds”, retrieved on 7 Dec, 2004, from Hedge Fund Association (www.thehfa.org)zh_TW
dc.relation.reference (參考文獻) 23. Friedland, Dion “Advantages of Hedge Funds over Mutual Funds”, retrieved on 16 Jan, 2005, from Hedge Fund Association (www.thehfa.org)zh_TW
dc.relation.reference (參考文獻) 24. Inglis, Dave “A Brief History of Hedge Funds”, retrieved on 24 Oct, 2004, from The Hughes Trustco Group Ltd. (www.hughestrustco.com)zh_TW
dc.relation.reference (參考文獻) 25. Kong, Marie-Anne and Prime, Didier “Shaping the Regulatory Framework So Hedge Funds Can Achieve Scale”, November Issue 2004, retrieved on 24 Nov, 2004 from The Eurekahedge Monthly (www.eurekahedge.com)zh_TW
dc.relation.reference (參考文獻) 26. “All About Hedge Funds”, retrieved on 24 Oct, 2004, from Van Hedge Fund Advisors International, LLC and/or its licensors, Nashville, TN, USA. (www.hedgefund.com)zh_TW
dc.relation.reference (參考文獻) 27. “Hedge Fund Survey Press Release July 2000”, retrieved on 25 Oct, 2004 from Hong Kong Investment Funds Association (www.hkifa.org.hk)zh_TW
dc.relation.reference (參考文獻) 28. “Hong Kong Securities and Futures Commission Press Release, 2 May, 2002”, retrieved on 16 December, 2004 from Hong Kong Securities and Futures Commission (www.sfc.hk)zh_TW
dc.relation.reference (參考文獻) 29. “Investor Survey Results Press Release 2000 and 2004”, retrieved on 2 Oct, 2004 from The Hennessee Hedge Fund Advisory Group (www.hennesseegroup.com)zh_TW
dc.relation.reference (參考文獻) 30. “Taiwan Financial Supervisory Commission Law and Regulations, amended on 13, Oct, 2003”, retrieved on 16 December, 2004 from Taiwan Securities and Futures Commission (www.selaw.com.tw)zh_TW