The server is under maintenance between 08:00 to 12:00 (GMT+08:00), and please visit
later.
We apologize for any inconvenience caused
Fund Market Structure,Interest Rate and Stock Index
Author(s): TONG Yuan-song, WANG Guang-wei, School of Commerce, Soochow University, Department of Economic Management, Wuxi Open University
Pages: 51-
61
Year: 2016
Issue:
3
Journal: Modern Finance and Economics-Journal of Tianjin University of Finance and Economics
Keyword: fund market structure; market interest rates; stock index; partial stocks fund;
Abstract: To collect quarterly data from 2004 to 2015,this paper used structured vector autoregressive model(SVAR)to research the relationship between fund market structure,market interest rates and stock index.The results show that market share of partial bond funds is less,relatively stable;The proportions of partial stocks fund and monetary market fund is volatile,and they are related;Market interest rates is the granger reason of stock index and partial stocks fund,with the latter two influencing each other closely;Current market interest rates and partial stocks fund ratio have significant positive influences on stock index level,and the current stock index has significant positive influence to the partial stocks fund proportion;If interest rates increase and partial stocks fund proportion increases,next quarter stocks fell.It is necessary to guide the partial stocks fund for long term investment.Fund companies should pay attention to the difference of the partial stocks fund development,reinforce the theme investment,and expand sales via the Internet.
Citations
No citation found