Further,Multi-horizon H-M model is acquired by introducing wavelet analysis to the traditional H-M model,using multi-scale of wavelet function to match the multi-horizon. Then multi-horizon evaluation model of market timing ability is created.
进一步地将小波分析引入到传统的H-M模型中,利用小波函数的多尺度与不同的投资期限对应,对模型进行多期改造,从而获得择时能力的多期评价模型。
参考来源 - 基于小波分析的多期择时能力模型及实证研究·2,447,543篇论文数据，部分数据来源于NoteExpress
The study on security selecting ability and market timing ability of the investment funds.
基金证券选择能力和市场时机选择能力的研究；
In addition, stock selection ability is markedly inversely related to market timing ability.
此外，选股能力和择时能力之间存在强烈的负相关性。
The result shows that the conclusion of the three models is basically the same: China's open-end funds lack the market timing ability but possess certain selectivity ability.
从结果上来看，三个模型得出了基本一致的结论，中国开放式基金缺乏市场择时能力，但具有一定的选股能力。
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