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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/98050完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳彥行 | zh_TW |
| dc.contributor.advisor | Yan-Shing Chen | en |
| dc.contributor.author | 許哲禎 | zh_TW |
| dc.contributor.author | Che-Chen Hsu | en |
| dc.date.accessioned | 2025-07-23T16:35:50Z | - |
| dc.date.available | 2025-07-24 | - |
| dc.date.copyright | 2025-07-23 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-07-15 | - |
| dc.identifier.citation | Adhikari, B., and A. Agrawal. 2018. Peer influence on payout policies. Journal of Corporate Finance 48:615–636.
Agarwal, V., N. M. Boyson, and N. Y. Naik. 2009. “Hedge funds for retail investors? an examination of hedged mutual funds.” Journal of Financial and Quantitative Analysis 44: 273–305. Ali, A., and D. Hirshleifer. 2023. Behavioral risk preferences and dividend changes: Exploring the role of investor sentiment. Journal of Behavioral and Experimental Finance 39:100749. Baker, M., and J. Wurgler. 2004. A catering theory of dividends. Journal of Finance 59:1125–1165. Baker, M., and J. Wurgler. 2009. The stock market and corporate investment: A test of catering theory. Review of Financial Studies 22:1879–1900. Baker, M., B. Mendel, and J. Wurgler. 2016. Dividends as reference points: A behavioral signaling approach. Review of Financial Studies 29:697–738. Carhart, M. M. 1997. On persistence in mutual fund performance. Journal of Finance 52:57–82. Chen, J., H. Hong, M. Huang, and J. D. Kubik. 2004. “Does fund size erode mutual fund performance? the role of liquidity and organization.” American Economic Review 94: 1276–1302. Christoffersen, S. E. K., and H. Xu. 2017. “Investor attrition and fund flows in mutual funds.” Journal of Financial and Quantitative Analysis 52: 867–893. Chu, Y., R. Fu, and X. Liu. 2024. Local peer influence on dividend payout decisions. Journal of Banking & Finance 153:107634. Grennan, K. 2019. Dividend payments as a response to peer influence. Journal of Financial Economics 131:549–570. Ham, C., S. Kaplan, and S. Utke. 2021. Attention to dividends, inattention to earnings? Review of Accounting Studies 26:878–912. Hartzmark, S. M., and D. H. Solomon. 2019. The dividend disconnect. Journal of Finance 74:2153–2199. Hillert, A., G. Müller, and M. Schneider. 2023. Dividends, trust, and firm value. Review of Accounting Studies 28:75–109. Hong, H., and D. Sraer. 2021. Monetary policy and reaching for income. Journal of Finance 71:3029–3077. Kumar, A., Z. Lei, and C. Zhang. 2022. Dividend sentiment, catering incentives, and return predictability. Journal of Corporate Finance 72:102157. Rosa, C. 2024. The impact of monetary policy on REITs. Journal of Real Estate Finance and Economics 68:45–73. Xiao, J., M. Li, and Y. Chen. 2017. Catering to behavioral demand for dividends and its potential effects on mutual fund performance. Journal of Behavioral Finance 18:361–374. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/98050 | - |
| dc.description.abstract | 本文探討2009至2023年間台灣境內股票型基金股利政策之成因與影響。實證結果顯示，短期利率下行促使基金提高配息，而同業競逐行為亦進一步鞏固整體殖利率上行趨勢。從需求面觀之，高配息有助吸引資金流入，並緩解績效低落時之申贖壓力，顯示股利政策兼具行銷與風險緩衝功能。惟此策略亦伴隨代價，高配息基金之長期績效相對遜色，顯示過度追求股息恐損及未來報酬。 | zh_TW |
| dc.description.abstract | This thesis explores the determinants and consequences of dividend payouts by Taiwan’s domestic equity mutual funds from 2009 to 2023. Empirical results show that lower short-term rates drive higher payouts, while peer behavior reinforces industry-wide shifts toward dividends. On the investor side, higher dividend yields attract greater inflows and reduce outflows from underperforming funds, indicating that dividends function both as a marketing tool and a buffer against redemptions. However, these benefits carry a trade-off. Funds with elevated payouts tend to underperform over the long run, suggesting that dividend strategies may compromise future returns. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-07-23T16:35:50Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-07-23T16:35:50Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
摘要 ii Abstract iii Table of Contents iv 1. Introduction 1 2. Literature Review and Hypothesis 4 2.1. Drivers of Dividend Yield 4 2.1.1. Investor Preference and the Catering Theory of Dividend 4 2.1.2. Peer Influence on Dividend Policy 5 2.2. Dividends, Fund Flows, and Performance Sensitivity 6 2.2.1. Investor Response to Dividend Yields 6 2.2.2. Dividend Payments and Performance Sensitivity 7 2.3. Dividend Payments and Subsequent Fund Performance 7 3. Methodology 8 3.1. Data 8 3.2. Model 9 3.2.1. Determinants of Dividend Yield Growth 9 3.2.2. Investor Response to Dividend Yield 10 3.2.3. Dividend Payments and Performance Sensitivity 10 3.2.4. Dividend Yield and Future Fund Performance 11 4. Empirical Results 11 4.1. The Rise of High Dividend-Paying Funds 11 4.2. What Drives the Growth of Dividend Yield? 12 4.3. Investor Reaction to the Dividend Yield Increase 13 4.4. How Dividend Payment Influences Performance Sensitivity 14 4.5. How Dividend Payment Influences Fund Performance 15 5. Conclusion 16 References 18 Appendix 20 | - |
| dc.language.iso | en | - |
| dc.subject | 績效敏感度 | zh_TW |
| dc.subject | 基金績效 | zh_TW |
| dc.subject | 基金流量 | zh_TW |
| dc.subject | 股利政策 | zh_TW |
| dc.subject | 共同基金 | zh_TW |
| dc.subject | fund performance | en |
| dc.subject | mutual fund | en |
| dc.subject | dividend policy | en |
| dc.subject | fund flows | en |
| dc.subject | performance sensitivity | en |
| dc.title | 迎合、競爭與代價：低利率環境的共同基金配息策略 | zh_TW |
| dc.title | Catering, Competition, and Consequences: Mutual Fund Dividend Strategies amid Declining Interest Rate | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 陳宗岡;蔡宜均 | zh_TW |
| dc.contributor.oralexamcommittee | Tsung-Kang Chen;Yi-Chun Tsai | en |
| dc.subject.keyword | 共同基金,股利政策,基金流量,績效敏感度,基金績效, | zh_TW |
| dc.subject.keyword | mutual fund,dividend policy,fund flows,performance sensitivity,fund performance, | en |
| dc.relation.page | 27 | - |
| dc.identifier.doi | 10.6342/NTU202501698 | - |
| dc.rights.note | 同意授權(限校園內公開) | - |
| dc.date.accepted | 2025-07-16 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 財務金融學系 | - |
| dc.date.embargo-lift | 2025-07-24 | - |
| 顯示於系所單位： | 財務金融學系 | |
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