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12、 /4M? tFOF 20J310.10%6.69%5.45%1.511.858.72%4.D0%3.53%1.782.479.28%5.19%3.08%1.793.0120142.80%4.32%4.94%0.650.52.98%1T8%3.90%0.790764.483.27285.3T1 520159.31%5.42%8.25%1.721.138.73%4.70%2.72%1.863.2110.40%4 43%2.84%2.353.6720168.28%2.98%2.07%2.?74.001v081.88%3.697.5243 182.2442.363.36201712.21%3.34K

13、1.26K3.669.6712.6193.02K0.IK4.1813.9412.67%3.04%0.904.1614.0820182.47%4.O7S2.8790.610.862.18S2.839a1.7590.77.243.882.53t.05%1.533.6820197.89%4.57S4.26S1.731.853.77S3.08S2.94S1.221.285.22962.93%2.19961.782.39202019.S8%4.11%2.31%4.768.4819.36%3.3891.99%5.729.7115.2S%3.49%t.51%4.3810.1020217.39%6.40%3.

14、5S%1.162.0812.66%5.47%2.66%2.314.7013.64%5.10%2.32%2.675.87202203110.05%4.07%1.40%0.00.030.54%2.37%0.93%0.230.S9I.282.080.470.612.7CIF&8.0664.79%11.51961.680.708.44%3.88%3.D0%2.182.178.63%3.76%3.08%2.292.80wA-f-1A4At HFOF?a,.%*.,6IAtOFoFaB9.Jr+eeFoFa o2o1sua+e,.u/Brap e,=A xBc-rex&*ea-rx=Tg&geA &.%a

15、i,*a&A/JBzlaepAaTrb1,1z:72.2%_ o3 jCarhart1997 Carhart, Mark M. . On persistence !n mutual fund performance. Journal of Finance 52(1997).Chen 2004 Chen, Joseph , H. Hong , and H. J. D. Kubik . “Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization. American Economic Re

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17、):1915-1947.Pan201 5 Pan, Xuhui , K. Wang , and B. B. Zykaj . Does Institutional Ownership Predict Mutual Fund Performance? An Examination of Undiscovered Holdings within 13F Reports. Social Science Electronic Publishing.Indro 1999 Indro, Daniel C., et at. Mutual fund performance: does fund size mat

18、ter?. Financial Analysts Journal 55.3 (1999): 74-87.Kacperczyk2008 Kacperczyk, Marcin, Clemens Sialm, and Lu Zheng. Unobserved actions of mutual funds. The Review of Financial Studies 21.6 (2008): 2379-2416.Liao2017 Liao, Li , X. Zhang , and Y. Zhang . Mutual fund managers timing abilities. Pacific-Basin Financ

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