楊朝成臺灣大學：財務金融學研究所廖婉婷Liao, Wan-TingWan-TingLiao2007-11-282018-07-092007-11-282018-07-092006http://ntur.lib.ntu.edu.tw//handle/246246/60761This paper investigates the relationships between mutual fund flows and various determinants. High past performance funds and low fee funds enjoy high fund flows, and these finding are consistent with previous literature results. This paper also explores the impacts of search costs on fund flows using fund company size and availability of internet trading platform as proxies. Funds in larger fund companies are positively related to fund flows, because the greater presence of larger fund companies reduces investors’ search costs. Funds in companies that offer internet trading platforms are also positively related to fund flows, because of the higher visibility accompanying the internet trading platform. The control variable, log of lag total net assets, also captures a significant impact.誌謝 i 中文摘要 ii Abstract iii I. Introduction 1 II. Literature Review 5 A. Past-Performance 5 B. Fee Level 6 C. Search Cost 7 III. Data and Methodology 10 A. Market Survey 10 B. Data Source 12 1. Flow 13 2. Performance 13 3. Fees 14 4. Search Costs 14 C. Data Description 18 D. Model Specification 21 IV. Empirical Result 24 A. Fees 24 B. Past Performance 25 C. Search Cost 26 V. Conclusion 38 REFERENCES 41en-US基金流量報酬費用搜尋成本mutual fund flowsreturnsfeessearch coststhesis