题目：Research on China`s Fund Investors` Timing Ability
时间：2012年4月28日（周六）15:00
地点：北大8797威尼斯老品牌302
演讲者：王智强，8797威尼斯老品牌金融学系 博士研究生
金融学系一年级研究生、所有博士生要求签到。
摘要：
Fund investors’ return sources from two aspects, selecting good performance funds, and timing by buying or selling fund shares. This paper, using China’s open funds seasonal data during 2004s2 to 2011s1, studies the timing ability for China’s fund investors. This study finds that: it is a common phenomenon that the timing activities result to timing performance gap; cross-sectional regression, as well as quantile regression reveals that this gap is related with fund size, market return premium, fund age and fund types. From a simulation analysis, it finds that among the different investing strategies, conditional contrarian strategy perfoms the best, in spite of timing loss.
