Abstract
ABSTRACTThe objective of this research was to apply a bootstrap statistical analysis to examine the performance of mutual funds in China. This study used a sample of 434 open-end domestic equity mutual funds that existed for at least two years in China. The results of the empirical analysis show that Chinese mutual funds had significant superior risk-adjusted returns based on the traditional Jensen and Carhart models, respectively. Furthermore, the results of a bootstrap analysis show that most of the good performance of Chinese mutual funds, based on the traditional Jensen and Carhart models, may have not resulted from sampling variation (luck) and statistical assumption errors. Stock-picking abilities of Chinese equity fund managers may actually exist.
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