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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 胡星陽 | |
| dc.contributor.author | Brandon Chung-Lan Wu | en |
| dc.contributor.author | 吳中嵐 | zh_TW |
| dc.date.accessioned | 2021-06-08T01:17:00Z | - |
| dc.date.copyright | 2014-08-21 | |
| dc.date.issued | 2014 | |
| dc.date.submitted | 2014-08-12 | |
| dc.identifier.citation | Aldcroft, Stewart. Taiwan – Asia’s Mutual Funds Giant. Citibank: Markets and Securities Services. Accessed 20 March 2014.
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18647 | - |
| dc.description.abstract | AllianceBernstein Global High Yield Portfolio (“AB GHY”) is the most popular mutual fund distributed in Taiwan. Its assets under management (“AUM”) exceeded NTD 812.2 billion by May 31, 2013 with 50.44% of total assets from Taiwanese investors. This thesis explores various factors contributing the success of AB GHY in Taiwan, especially the importance of first mover’s advantage. The global trend of investment in mutual funds over the past 2 decades can be strongly reflected in the Taiwan industry, where by 2014 the AUM of mutual funds in Taiwan reached NTD$ 5,110 billion. Offshore funds are found to have better competitive advantages over onshore funds due to regulatory complication, differing registrations process, distribution models and Taiwan investors’ behaviors. In particular, high yield bond funds enjoy the highest growth rates due to its specificity to investor needs. When compared with other high yield bond funds, AB GHY has significantly better brand awareness owing to stable dividend mechanism and longer term superior fund performance. Looking deeper at the theory of first mover’s advantage and its implications on the success of AB GHY, it is found that customers’ preference formation and persistence enjoyed by being the first entrant lead to the success of AB GHY. Satisfactory experience in investing AB GHY forges the brand loyalty. As the first high yield bond fund introducing stable dividend mechanism to Taiwan, AB GHY secures the chance to define the product concept, influencing investment decision-making processes of investors. The first mover advantages have helped sustain the success of AB GHY in the past decade. Imitation and entry barriers were found to have limited impact, therefore competition on fund performance and dividend rate of similar products will most likely determine the market leader of high yield bond funds in the future. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T01:17:00Z (GMT). No. of bitstreams: 1 ntu-103-R00749013-1.pdf: 1331983 bytes, checksum: 8952f0f4d8cc28b50bf66f747e9cc67d (MD5) Previous issue date: 2014 | en |
| dc.description.tableofcontents | List of Charts and Tables 4
Chapter 1: Introduction to Thesis 6 Section 1.1: Initiation of Research 6 Section 1.2: Scope of Research 7 Section 1.3: Purpose of Research 11 Section 1.4: Research Methodology 13 Section 1.5: Structure of Thesis 14 Chapter 2: Overview of Mutual Funds Industry 16 Section 2.1: Structure, Management and Operation of Mutual Fund 16 Section 2.2: Benefits of Investing in Mutual Funds 17 Section 2.3: Investment in Mutual Funds as a Global Trend 20 2.3.1. Global Phenomena of Mutual Fund Growth 20 Source: ICI and EFAMA (as of fourth quarter of 2013) 23 2.3.2. Factors Influencing Mutual Fund Development Worldwide 23 Section 2.4: Taiwan Asset Management Industry Overview 25 2.4.1. Onshore Funds 26 2.4.2. Offshore Funds 30 2.4.3. Mutual Fund Distribution in Taiwan 36 2.4.4 Comparison between Offshore Fund and Onshore Fund in Taiwan 43 2.4.5 Taiwanese Mutual Fund Investor Behavior 48 2.4.6 Taiwan Macro-Environment Affecting Mutual Fund Investment 52 Section 2.5: Factors Resulting in Popularity of High yield Bond Fund in Taiwan 56 2.5.1 Macro-Economic Environment 57 2.5.2 Prohibition on Selling Structured Notes in Taiwan 58 2.5.3 Investor’s Pursuit of Stable High Income 59 2.5.4 Higher Dividends - Product Innovation and Service Customization 60 2.5.5 Fund Performance 63 2.5.6 Distributor’s Promotion 64 Chapter 3: Factors Leading to Success of AllianceBernstein Global High Yield Portfolio 65 Section 3.1: Study of AllianceBernstein Global High Yield Portfolio 65 3.1.1 Introduction to AllianceBernstein Global High Yield Portfolio 65 3.1.2 Comparison between AllianceBernstein Global High Yield Portfolio and Other High Yield Bond Funds 76 Section 3.2: Survey of Financial Advisors 88 Section 3.3: Interview with Industry Experts 90 Chapter 4: First-Mover Advantages 99 Section 4.1: Literature Review 99 4.1.1 General Concept of First-Mover Advantages 99 4.1.2 Entry Barriers 102 4.1.3 Consumer Preference Formation 104 4.1.4 Uncertainty of First-Mover Advantages 104 4.1.5 Application of First-Mover Advantages Theory to Financial Industry 106 4.1.6 Application of First-Mover Advantages Theory to Emerging Markets 107 Section 4.2: Application of First-Mover Advantages Theory to AllianceBernstein Global High Yield Portfolio 108 4.2.1 Whether AllianceBernstein Global High Yield Portfolio benefits from its first entrance to the market 110 4.2.2 Whether AllianceBernstein Global High Yield Portfolio could enjoy long-lasting first-mover advantages 119 Chapter 5: Conclusion 127 Section 5.1: Discussion of Research 127 Section 5.2: Importance of First-Mover Advantage 134 Section 5.3: Possibility to Replicate Success of Stable Dividend Mechanism 136 Section 5.4: Recommended Future Research 137 References 140 Appendix 143 Appendix I. Survey Questionnaire for Financial Advisors 143 | |
| dc.language.iso | en | |
| dc.title | 聯博全球高收益債券基金在我國成功原因之探討 | zh_TW |
| dc.title | Factors Contributing to Success of AllianceBernstein Global High Yield Portfolio in Taiwan | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 102-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳業寧,何耕宇 | |
| dc.subject.keyword | 高收益債券基金,高收益債券,境外基金,投信基金, | zh_TW |
| dc.subject.keyword | high yield bond fund,high yield bond,offshore fund,onshore fund,SITE fund, | en |
| dc.relation.page | 145 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2014-08-13 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 企業管理碩士專班 | zh_TW |
| 顯示於系所單位： | 管理學院企業管理專班(Global MBA) | |
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| ntu-103-1.pdf 未授權公開取用 | 1.3 MB | Adobe PDF |
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