期刊
ENTROPY
卷 17, 期 12, 页码 8073-8088出版社
MDPI
DOI: 10.3390/e17127861
关键词
complex fund network; fund strategy; time period; timescale
资金
- National Natural Science Foundation of China [71571065, 71272208, 71073049, 71210107022]
- Program for New Century Excellent Talents in University [NCET-13-0193]
- Ministry of Education in China of Humanities and Social Science Project [14YJA630077]
Earlier investment practices show that there lies a discrepancy between the actual fund strategy and stated fund strategy. Using a minimum spanning tree (MST) and planar maximally-filtered graph (PMFG), we build a network of open-ended funds in China's market and investigate the evolution characteristics of the networks over multiple time periods and timescales. The evolution characteristics, especially the locations of clustering central nodes, show that the actual strategy of the open-ended funds in China's market significantly differs from the original stated strategy. When the investment horizon and timescale extend, the funds approach an identical actual strategy. This work introduces a novel network-based quantitative method to help investors identify the actual strategy of open-ended funds.
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