% • [High-Risk Group] One standard deviation increase in realized loss would increase risk-taking by 2.98% SEC Classification : ใชภ้ายใน (Internal) Results – Bull vs. Bear Markets 19 SEC Classification

market conditions:  Period 1: Mar 2000 to Oct 2000 – bear market  Period 2: Nov 2000 to July 2001 – neutral market  Period 3: Nov 2001 to Jun 2002 – bull market • Exclude opening transactions and trades

markets instead of bull markets. Nevertheless, only one-third of the equity mutual funds in this study can reveal the excess returns compared to benchmark. For the per- sistence of equity mutual fund