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An Analysis of the Investment Concentration of Equity Mutual Funds in China

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  • Hsin-Hung Chen
  • Long-Hui Chen

Abstract

This study examines the relationship between the investment concentration and performance of equity mutual funds in China. The analysis of stock-picking abilities indicates that the industry concentration levels and the risk levels have significant positive effects on the stock picking abilities of Chinese mutual funds. The analysis of market-timing abilities reveals that the risk levels have significant positive effects on the market timing abilities of Chinese mutual funds. The test results of the performance persistence of Chinese mutual funds show that the positive performance persistence of concentrated equity is generally higher than that of diversified equity funds.

Suggested Citation

  • Hsin-Hung Chen & Long-Hui Chen, 2017. "An Analysis of the Investment Concentration of Equity Mutual Funds in China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(3), pages 511-520, March.
    • Handle: RePEc:mes:emfitr:v:53:y:2017:i:3:p:511-520
    DOI: 10.1080/1540496X.2015.1093846
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    Cited by:

    1. Fiza Qureshi & Ali M. Kutan & Habib Hussain Khan & Saba Qureshi, 2019. "Equity fund flows, market returns, and market risk: evidence from China," Risk Management, Palgrave Macmillan, vol. 21(1), pages 48-71, March.
    2. Amit Pandey & Anil Kumar Sharma, 2023. "Effect of Index Concentration on Index Volatility and Performance," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(3), pages 559-585, September.
    3. Qureshi, Fiza & Kutan, Ali M. & Ghafoor, Abdul & Hussain Khan, Habib & Qureshi, Zeeshan, 2019. "Dynamics of mutual funds and stock markets in Asian developing economies," Journal of Asian Economics, Elsevier, vol. 65(C).

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