| Abstract | 第1-6页 |
| 摘要 | 第6-7页 |
| Introduction | 第7-8页 |
| 1. Background | 第8-16页 |
| ·Introduction to U.S. mutual fund history and market | 第8-11页 |
| ·Introduction to Chinese mutual fund history and market | 第11-12页 |
| ·The purchase and redemption pattern of mutual fund in China | 第12-14页 |
| ·Significance of the thesis | 第14-16页 |
| 2. Literature review | 第16-19页 |
| ·Determinants of mutual fund’s investors’purchase patterns | 第16-17页 |
| ·Determinants of mutual fund’s investors’redemption patterns | 第17-18页 |
| ·The test investors’ “smart money” effect | 第18-19页 |
| 3. Determinants of mutual fund’s investors’purchase and redemption patterns13 | 第19-36页 |
| ·Issues to be solved in this section | 第19页 |
| ·Definition and feature of the main determinants | 第19-26页 |
| ·Trend of the stock market | 第20页 |
| ·Fund performance | 第20-21页 |
| ·Fund unit price | 第21-22页 |
| ·Fund dividend distribution | 第22-23页 |
| ·Fund fees | 第23-25页 |
| ·Others | 第25-26页 |
| ·Fama-MacBeth multivariable regression model construction | 第26-36页 |
| ·Variables chosen and source | 第26-28页 |
| ·Construction of this model | 第28-30页 |
| ·Statistical result | 第30-33页 |
| ·Statistical and practical interpretation | 第33-36页 |
| 4. Test on investors’“smart money effect” | 第36-50页 |
| ·Definition of “smart money effect” | 第36-37页 |
| ·Data source and description | 第37-39页 |
| ·Risk-adjusted return measures | 第39-45页 |
| ·Flow-based trading strategy construction | 第45-46页 |
| ·Statistical results and interpretation | 第46-50页 |
| 5. Conclusion, summary and interpretation | 第50-53页 |
| ·Summary of conclusions | 第50-51页 |
| ·Suggestions to related parties | 第51-52页 |
| ·Significance of further research | 第52-53页 |
| Bibliography | 第53-56页 |
| Acknowledge | 第56-58页 |
