Who Are the Winner in the Fund Market? An Empirical Analysis on the Survey Data of the Individual Fund Investors
基于2008年底43家基金公司35866份问卷，研究发现家庭月收入、投资历史和资金时间约束显著影响个人投资者在基金市场的盈利，而年龄和金融资产规模影响不大。
The individuals' investment performance in mutual funds is quite different.We investigate the relationship between investors' characteristics and their profits in the Chinese fund market.The results are based on the 35866 questionnaires from 43 major mutual-fund management firms at the end of 2008.The comparison and the Multinomial Logit Model results show that three factors affect individual investors' performance:the family monthly income,the investment history and his time constraint of the capital.Other characteristics such as the investors' age,the total sizes of their financial asset have little effect on their performance.