Liquidity factor in Chinese capital market is constructed in this paper, and the impact of liquidity and liquidity risk on performance are investiqated from the angle of holding assets. There exist liquidity premium and liquidity risk premium in performance. The results show liquidity risk can not only be used to predict performance, but also identify the fact that whether managers have skill of active management. An effective means is provided for investors to make decisions.
SU Xin, ZHOU Yong
. Liquidity, Liquidity Risk and Performance——A Empirical Study on Chinese Open-End Mutual Funds[J]. Chinese Journal of Management Science, 2015
, 23(7)
: 1
-9
.
DOI: 10.16381/j.cnki.issn1003-207x.2015.07.001
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