Research on Liquidity Preferences of Mutual Fund
This paper discusses the relationship between expected volatility and liquidity preferences of open-end mutual fund. I use actively managed stock open-end mutual funds in Chinese market for empirical analysis and found that expected volatility is expected to affect liquidity preferences of mutual fund; not only that, managers will be expected to hold more liquidity assets in their portfolio when market fluctuates.
KeywordsOpen-end Mutual Fund Liquidity Preferences Volatility
First of all, I want to express my deep respect and sincere thanks to Prof. Gui Yongping. This paper was completed under the guidance of Prof. Gui. Although he was always in busy, he still spared his time to give me academic guidance and help, especially to provide me with a good learning environment, so I benefit from benefits.
Moreover, to my wife, who gave me great support and encouragement in my life, the confidence and strength she gave me to study hard.
Finally, I’ll also thanks to all my classmates, friends, teachers and loved ones who care about me, support me and help me.
- 2.Yao, Y. (2009). Research on liquidity and stock portfolio investment management[D]. Shanghai: Shanghai Jiao Tong University.Google Scholar
- 3.Tian, G. A. (2013). An empirical study on factors affecting mutual fund flows[D]. Harbin: Harbin Institute of Technology.Google Scholar
- 4.Zhang, Q. (2007). Research on liquidity risk of mutual fund[D]. Beijing: University of International Business and Economics.Google Scholar
- 5.Dai, K. (2008). Liquidity risk analysis and management strategy of mutual fund[D]. Chengdu: Southwestern University of Finance and Economics.Google Scholar
- 9.Zheng, Z., & Huang, Y. (2010). Volatility forecast: GARCH model and implied volatility[J]. The Journal of Quantitative & Technical Economics, 1, 140–150.Google Scholar