其他摘要:Through the measurement regression model depending on weekly and monthly data of the returns and volume of 25 closed-end fund and the Shanghai bonds from March 2008 to December 2011 and three kinds of popular indicators (Investor Confidence Index, AR targets, indicators of psychological line PSY during the same period, we can find four important conclusions: 1) Whether long-term or the short-term, the market sentiment indicator and the Fund show a positive correlation; 2) In the short term, the fund’s transac-tion and the returns of the fund show a positive correlation, but in the long term, the fund’s transaction can’t explain the retunes of the Fund; 3) The returns of the fund and the returns of the bonds show a negative cor-relation; 4) Current sentiment indicator explain the returns of the funds for the same period, but the power of the explanation is weak for the next period.
关键词:行为金融;人气指标;封闭式基金
其他关键词:Behavioral Finance; Sentiment Indicators; Closed-End Fund