The models that inspect fund managers ’ abilities of selecting stocks and time includes T-M model and H-M model . The multi-factor performance evaluation models include Fama-French ’ s three-factor model and Carhart ’ s four-factor model .
Firstly , I explore whether there is “ smart money ” effect when investors invest funds by using a one-factor model , a Fama-French three-factor model and a Carhart benchmark model that includes the three Fama-French factor and a momentum factor respectively .
Hearing improvement was especially obvious in the range of high frequencies ( around 4kHz ), with Carhart \'s notch disappeared and air-bone conduction gap became smaller , even vanished , Postoperatively , tinnitus was disappeared in 9 out of 18 ears with this symptom before operation .
It is very practically and theoretically significant for both investors , regulators and researchers.This essay chooses the four factors Carhart model to make an empirical research in performance of equity open-end fund in our country . It is established on the basis of Fama-French model by increasing momentum factor , effectively making up for the defects which the former models cannot explain .
For example , in Carhart four-factor model , the information provided by the market excess return factor , scale factor , the value factor and momentum factor reflect the market climate conditions , while the general performance indicators not fully consist of the risk factors , so the given performance may be bias .
