The security selecting and market timing ability of security investment fund: The empirical analysis based on H-M model

The security selecting and market timing ability of fund managers are the main factors affecting fund performance and the important indicators to evaluate the manage ability of fund managers. The study and evaluate on the security selecting and market timing ability of mutual funds in China, both help investors to improve the investment income and help fund management companies to improve investment decisions, they promote the healthy development of Chinese fund industry also. Based on H-M model, this paper examines the security selecting and market timing ability of stock fund in China. The empirical results show that most of stock funds demonstrating market timing ability, and most of them are significant; Less of stock funds demonstrating security selecting ability. and most of them are not significant.