Full Text:   <2824>

CLC number: O212.4

On-line Access: 

Received: 2003-04-30

Revision Accepted: 2003-09-01

Crosschecked: 0000-00-00

Cited: 0

Clicked: 4663

Citations:  Bibtex RefMan EndNote GB/T7714

-   Go to

Article info.
1. Reference List
Open peer comments

Journal of Zhejiang University SCIENCE A 2004 Vol.5 No.5 P.533-538


Empirical study on mutual fund objective classification

Author(s):  JIN Xue-jun, YANG Xiao-lan

Affiliation(s):  College of Economics, Zhejiang University, Hangzhou 310027, China

Corresponding email(s):   cec_jxj@zju.edu.cn

Key Words:  Mutual funds classification, Distance analysis, Discriminant analysis

Share this article to: More

JIN Xue-jun, YANG Xiao-lan. Empirical study on mutual fund objective classification[J]. Journal of Zhejiang University Science A, 2004, 5(5): 533-538.

@article{title="Empirical study on mutual fund objective classification",
author="JIN Xue-jun, YANG Xiao-lan",
journal="Journal of Zhejiang University Science A",
publisher="Zhejiang University Press & Springer",

%0 Journal Article
%T Empirical study on mutual fund objective classification
%A JIN Xue-jun
%A YANG Xiao-lan
%J Journal of Zhejiang University SCIENCE A
%V 5
%N 5
%P 533-538
%@ 1869-1951
%D 2004
%I Zhejiang University Press & Springer
%DOI 10.1631/jzus.2004.0533

T1 - Empirical study on mutual fund objective classification
A1 - JIN Xue-jun
A1 - YANG Xiao-lan
J0 - Journal of Zhejiang University Science A
VL - 5
IS - 5
SP - 533
EP - 538
%@ 1869-1951
Y1 - 2004
PB - Zhejiang University Press & Springer
ER -
DOI - 10.1631/jzus.2004.0533

Mutual funds are usually classified on the basis of their objectives. If the activities of mutual funds are consistent with their stated objectives, investors may look at the latter as signals of their risks and incomes. This work analyzes mutual fund objective classification in China by statistical methods of distance analysis and discriminant analysis; and examines whether the stated investment objectives of mutual funds adequately represent their attributes to investors. That is, if mutual funds adhere to their stated objectives, attributes must be heterogeneous between investment objective groups and homogeneous within them. Our conclusion is to some degree, the group of optimized exponential funds is heterogeneous to other groups. As a whole, there exist no significant differences between different objective groups; and 50% of mutual funds are not consistent with their objective groups.

Darkslateblue:Affiliate; Royal Blue:Author; Turquoise:Article


[1] Brown, S.J., Goetzmann, W.N., 1997. Mutual fund styles.Journal of Financial Economics,43(3):373-399.

[2] diBartolomeo, D., Witkowski, E., 1997. Mutual fund misclassification: evidence based on style analysis.Financial Analysts Journal,53(5):32-43.

[3] Kim, M., Shukla, R., Tomas, M., 2000. Mutual fund objective misclassification.Journal of Economics and Business,52:209-203.

[4] Najand, M., Prather, L.J., 1999. The risk level discriminatory power of mutual fund investment objectives: additional evidence.Journal of Financial Markets,2:307-328.

[5] Sharpe, W.F., 1966. Mutual fund performance.Journal of Business,39:119-138.

Open peer comments: Debate/Discuss/Question/Opinion


Please provide your name, email address and a comment

Journal of Zhejiang University-SCIENCE, 38 Zheda Road, Hangzhou 310027, China
Tel: +86-571-87952783; E-mail: cjzhang@zju.edu.cn
Copyright © 2000 - 2024 Journal of Zhejiang University-SCIENCE