| The open-end fund now is the dominant species of all the public offering funds.It sets a low threshold for all investors,and easy to be purchased or redeemed,and it is numerous in variety,that’s why it is preferred by the majority of investors.Nowadays,the open-end fund has changed a lot in the way of application,information disclosure and management.However,there is a strange ‘Redemption’ in China’s open-end fund market,namely the open-end fund investors will more tend to redeem the fund with good performance,but not redeem the fund with bad performance.This makes it difficult for managers to operate their funds,and also discourages their enthusiasm to improve fund’s performance,and this may cause adverse impacts on the interest of investors,fund companies and even corrode China’s financial system.To analyze whether there is a "redemption vision" in China’s open-end fund market,251open-end equity funds and 165 open-end bond funds were selected for study.The data range from the 3rd quarter of 2013 to the 1st quarter of 2019,including 23 quarters.The independent variables is the fund’s performance.The dependent variables include the total net redemption rate and also individual investors’ net redemption rate,and latter one is set to find out whether individual investors are more prone to unreasonable redemption behavior.Using the panel data model to test models,it was found that there is "redemption vision" in open-end equity funds,but in open-end bond funds,it was only made by individual investors.In order to further avoid the occurrence of redemption anomaly,several suggestions were put forward.Firstly,fund investors should improve their investment literacy,professional knowledge and the ability to collect valuable information;Secondly,fund managers should not only contribute to the operation of funds,but also focus on investors’ behavior.Thirdly,related departments should help to improve the education level of investors and the mechanism of security market. |
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