Market and Style Timing: German Equity and Bond Funds
用参数和非参数方法检验了1990-2009年间500多只德国股票基金和350多只债券基金的市场与风格择时能力，发现股票基金在1990-1999和2000-2009两个时期均无成功的市场择时者，但非参数方法在2000-2009年识别出更少的失败者；参数方法显示存在成功的风格择时，尤其在2000-2009年，同时债券基金在该时期有正负择时证据。
We apply parametric and non-parametric estimates to test market and style timing ability of individual German equity and bond mutual funds using a sample of over 500 equity and 350 bond funds, over the period 1990-2009. For equity funds, both approaches indicate no successful market timers in the 1990-1999 or 2000-2009 periods, but in 2000-2009 the non-parametric approach gives fewer unsuccessful market timers than the parametric approach. There is evidence of successful style timing using the parametric approach, and unsuccessful style timing, particularly in the 2000-2009 period. There is evidence of positive and negative bond timing in the 2000-09 period.