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Chinese Journal of Management Science ›› 2007, Vol. 15 ›› Issue (6): 7-12.

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Empirical Study on the Relationship between Holding Concentration and Performance of Close-End Fund

LIANG Bin1, CHEN Min2, MIAO Bai-qi1   

  1. 1. Department of Statistic and Finance, University of Science and Technology of China, Hefei 230026, China;
    2. Academy of Mathematics and Systems Science, CAS, Beijing 100080, China
  • Received:2007-06-06 Revised:2007-11-16 Online:2007-12-31 Published:2007-12-31

Abstract: This paper studies the relationship between the holding concentration and performance of close end fund We use Gini coefficient and Herfindahl index to measure the ho lding concentration of fund,and use three factors Jensen Alpha,Fama and French to measure the performance of fund We find that:the higher the holding concentration,the high the fund's performance.

Key words: Gini coefficient, Herfindahl index, Jensen Alpha, three factor model

CLC Number: