Top Research Papers on Mutual Funds

In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have asset allocation abilities regarding their mutual fund investments? Are there differences in asset allocation...

We examine the effect of mutual fund fee structure on mutual fund exit mode and timing. The evidence presented herein is consistent with fee maximization by mutual fund sponsors or managers, increased conflicts of interest for funds charging 12b-1 fees and higher management fees, and a pecking order for mutual fund exit method. Specifically, mutual fund exits that result in decreased fee income are delayed relative to exits that do not and exit strategies that retain fee income are more likely than strategies that do not.

This study examines the effect of investment fund managers' characteristics in the form of tenure, and mutual fund characteristics with proxy turnover portfolios, market timing and stock selectivity on the performance of stock mutual funds. The research sample is 27 stock mutual funds in Indonesia that were active from 2013 to 2017. On the analysis of the relationships between the characteristics of investment managers and mutual funds characteristics on the performance of stock mutual funds, a series of OLS regressions were run. The panel data regression was included based on using the Eviews...

Generally, when an investor decides to study the investment options readily available in today's confusing, complex and risky environment, he thoroughly evaluates all the investment options. While evaluating such multiple options, prima facie, he naturally considers several factors like Past performance of the option under study, Risk adjusted returns from the invested plan, Share in the portfolio policy, Fund house, Back Returns i.e. percentage of Interest/Dividend and Consistent rate of return on investment, to mention a few. In the words of Warren Buffett, “Risk comes from not knowing what ...

India is emerging as the next big investment destination, courtesy its high savings and investment rate, as compared to other Asian economies. In present changing market environment, mutual funds are seen as a transparent and low cost investment option which attracts investorsand help in the growth of the industry. Normally, The Private Sector Mutual Funds have recorded much better performance as compared to the Public sector Mutual Funds mainly due to better Funds allocation, better Management and efficient performance of Portfolio Manager. Thus, this study is an effort to analyze and compare...

Mutual funds were first established in Iran in 2007 under Securities Market Act 2005 and have since grown significantly to one of the most important capital market intermediaries. Hence understanding and evaluating the performance of these funds are critical to both investors and fund managers. This research aims to examine the effects of various mutual fund attributes and characteristics, namely past performance, size, expenses ratio, turnover ratio, number of funds under fund manager’s management, and type of institution of fund founder, on their current performance. For this purpose, a samp...

Purpose: This study examined the performance of mutual fund and mutual fund manager in Pakistan during the period of Jul, 2006 to Jun, 2016. The objective is to found the funds’ performance through risk and return and ability to forecast the funds return by mutual fund manager. Methodology/Design: The data will be used from the authentic source of SBP publication (State Bank of Pakistan) and MUFAP (Mutual fund association of Pakistan) of 54 mutual funds working in Pakistan. The data will be analyzed by using Statistical tests of Sharpe ratio, Sortino ratio, Treynor measure and Information rat...

Abstract Purpose: This study aimed to examine the differences in the performance of Islamic mutual funds with mutual funds based on the Sharpe and Jensen method for the 2010-2020 period in the Indonesian Capital Market. Research Methodology: The study uses a quantitative approach to the type of comparative research. The data used is secondary data from OJK. The population used in this study is the capitalization of sharia mutual fund performance data with mutual funds, the period 2010-2020 (monthly data) in the Indonesian Capital Market. Data analysis was carried out using the Sharpe and Jense...

In an embodiment, an asset allocation mutual fund comprises assets invested, at any one time, substantially 100% in one of stocks, bonds or cash equivalents. As market conditions change, as indicated by changes in the output of Stock and bond models, substantially all of the assets may be shifted from one of these three asset classes to another. A method for allocating assets in a mutual fund, among the three asset classes, according to one embodiment includes, first deter mining whether a buy signal has been given on Stocks using a stock model. If a buy signal has been given on Stocks, Sub st...

This article is a condensed version of a lecture presented February 2008 at the 27th Annual Manuel F. Cohen Memorial Lecture at the George Washington University Law School in the United States.

: This research paper provides an overview of the mutual fund industry in India, including its various aspects such as history, growth, types, advantages, and challenges. The mutual fund industry has experienced significant growth in recent years. Over a period of time it has been equipped with a diverse range of products and professional management. However, the industry faces many challenges such as lack of awareness, regulatory changes, market volatility, and lack of transparency. The paper concludes that the mutual fund professional or companies need to address these challenges and work to...

The reform of the pension system results of the need of investing for pension fund.Pension fund is striving to invest on capital market.Facing of high risk in the capital market,countries of the world have choosed the way that putting the pension fund into mutual fund.This text analyzed the interaction and mutualism between pension fund and mutual fund,and advanced some suggestions to promoting the mutualism between the two.

Using data on Spanish mutual funds, we show that bank-affiliated funds provide funding support to their parent company via purchases of bonds in the primary market. Support from affiliated funds is more sizeable in crisis times and for riskier banks. These trades generate negative abnormal returns and thus benefit banks at the expense of fund investors. To minimize negative effects on their asset management business, banks concentrate the burden of funding support in funds without performance fees and those catering to retail investors. We provide evidence consistent with funding support hel...

Mutual funds provide various facilities that make saving and investing simple, accessible and affordable, by using professional management, diversification, variety of products, liquidity, affordability, convince. Moreover, strict government regulation and full disclosure of information makes the investment more secures in India. In India mutual funds market the key area of interest of market experts are understanding the investor's expectations and meeting those expectations. The mutual fund sector is one of the fast growing sectors in Indian economy and has tremendous potential for sustained...

The Indian mutual fund industry witnessed a remarkable performance in the past 30 years. After independence, with the joint effort of the Indian government and the Reserve Bank of India, the establishment of Unit Trust of India marked the beginning of the mutual fund industry in India. With the opening of mutual fund industry in India, investors started taking the advantage of multiple investment opportunities. This leads to increase in savings to the funds along with banks. Mutual funds have given consistent favorable returns over the past year despite of slow growth. For making an investment...

This is a survey article. In it we review the modern literature on the characteristics and performance of mutual funds. Key articles on open end stock and bond funds, closed end funds and exchange traded funds are reviewed. Topics range from measuring and predicting performance to explaining pricing and growth.

Besides critical advertising, theoretical experience is of no interest. Classroom theoretical experiments are not adequate to determine the working or purpose of science. This will therefore become important in line with some quest challenge function. Practical job Theoretical experiments are augmented, i.e. they cover what is left loosely between groups. This opens a scholar to the good will of encounters. I finished my project "MUTUAL FUNDS" during the quest process I had the choice of evaluating precious items, which I would be able to study through theoretical courses. In short, my entire ...

This article examines those mutual funds classified by Morningstar as “Alternative.” It follows an earlier article appearing in the Winter 2014 issue of The Journal of Alternative Investments, “Hedge Funds versus Mutual Funds: An Examination of Equity Long/Short Funds,” which concluded that the market exposures and performance of these equity long/short mutual funds did not materially differ from private placement hedge funds, at least as represented by broad hedge fund indexes. This issue’s article examines a second investment style within Morningstar’s “Alternative” mutual fund classificatio...

An Overview of Mutual Funds.- Performance of Mutual Funds.- Mutual Fund Fees and Expenses.- Style Analysis.- Fund Flows.- Specialty Funds.- Other Issues.

Mutual fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time.

Using a comprehensive sample of Canadian open end equity mutual funds and investors our results show that the lackluster performance in comparison to some well recognized bench marks like the TSE 300 and the 90 day T-Bill rates, is even lower when one accounts for the timing of entry and exit by mutual fund investors. Two possible explanations for this are the lack of performance persistence and the tendency among investors to chase winners and reluctance to exit from loosing funds.

This study examines cross-sectional differences among money market mutual funds (MMMFs) in the context of sponsoring fund families. The study finds that flows to family non-MMMFs are negatively related to family MMMF flows, and family non-MMMF cash flow volatility is positively related to family MMMF cash flow volatility. This suggests that families can offset cash transactions between MMMFs and non-MMMFs and that families place non-MMMFs cash in family MMMFs. Furthermore, loads positively affect cash flow volatility of MMMFs, suggesting that fund family investors also use family MMMFs as cash...

We address how mutual funds vote on shareholder proposals and identify factors that help determine support of wealth-increasing shareholder proposals. We examine 213,579 voting decisions made by 1799 mutual funds from 94 fund families for 1047 shareholder proposals voted on between July 2003 and June 2005. In an analysis of voting across funds within the same fund family, we find significant divergence in voting within families, emphasizing the importance of focusing on voting by individual funds. We also find that, in general, mutual funds vote more affirmatively for potentially wealth-increa...

The mutual fund industry is a lot like the film star of the finance business. Though it is perhaps the smallest segment of the industry, it is also the most glamorous - in that it is a young industry where there are changes in the rules of the game every day, and there are constant shifts and upheavals. The mutual fund is structured around a fairly simple concept, the mitigation of risk through the spreading of investments across multiple entities, which is achieved by the pooling of a number of small investments into a large bucket. Yet it has been the subject of perhaps the most elaborate an...

A mutual fund is a type of professionally managed collective investment vehicle that pools money from many investors to purchase securities. Our study is about analyzing the various schemes involved in Tata mutual funds and the study needed Beta, Alpha, Standard deviation, Mean, Sharpe ratio and Treynor ratio for analyzing the vari- ous schemes. The conclusion is that from every technique we have used Sharpe ratio clearly explains about the priority of investment so we can use that tool to analyze the funds and it can be prescribed to the clients of the company which leads to good profit for b...

PERFORMANCE OF MUTUAL FUNDS IN INDIA: A STUDY ON SELECT MUTUAL FUNDS Abstract of the Thesis Submitted to Assam University in Partial Fulfillment of theof the Thesis Submitted to Assam University in Partial Fulfillment of the Requirement for the Degree of Doctor of Philosophy in Commerce

slamic finance industry has been expanded in the last decade and has branched out itself from banking to other financial sectors like Islamic Assets Management and Islamic Insurance Companies. Islamic finance industry growth over the past decade is impressive comparative to conventional sector particularly at the time of financial crisis. The focus of this research study is to assess the performance of Islamic and Conventional mutual funds in Pakistan for the period of 7 years ranging from 2007 to 2013. The research also studied the impact of NAV on mutual funds and how the volatility influenc...

In India the various investment avenues are provided by the capital market to the investors, to support them to invest in different investment tools and to make assured the profitable return. Mutual fund is subject to market risk and the mutual fund vary from fund to fund. In this context, the performance evaluations of mutual funds has become essential. Therefore, one of the main important issue is choosing profitable mutual fund for investment. This study, deals with the equity mutual funds that are offered by the various fund houses in India for investment. In the terms of risk return relat...

This study aims to find out and describe Stock Mutual Fund, Fix Income Mutual Fund, and Mixed Mutual Fund. This study use a quantitative descriptive approach to describe Mutual Fund’s performance. The study population was the all of the Mutual Fund with the sample of 78 Mutual Fund listed on Otoritas Jasa Keuangan (OJK) in accordance with predetermined criteria. The result of this study indicates that Sharpe and Treynor Method can be implemented in analyzing the performance of Stock Mutual Fund, Fix Income Mutual Fund, and Mixed Mutual Fund. Sharpe and Treynor Method shows the same result (out...

This study contributes to the academic literature on faith-based mutual funds, by offering a comparative investigation of Islamic vs. conventional funds’ performance sensitivity to changes in a list of seventeen relevant funds’ attributes, all in the context of the Saudi market. The performance measures investigated are the excess return, selectivity and timing. The study took place from 2011 to 2015, with a sample of 200 Active Saudi funds, 137 Islamic and 63 conventional. Findings indicated that fund size, management fees, expense ratio cash and price-earnings ratio were irrelevant to both I...

Mutual funds as one of the investment instruments in Indonesia continue to grow and try to provide product choices with the maximum possible return. Investors need good mutual fund knowledge in order to be able to take the right steps according to the type of each investor in investing. This research aims to analyze the performance of money market mutual funds, fixed income mutual funds, mixed mutual funds, and stock mutual funds in Indonesia in the period 2015-2020. This performance measurement is done using Sharpe's Measure, Treynor's Measure, Jensen's Measure, and Appraisal Ratio. The resul...

ABSTRACT While most of the mutual fund performance literature focuses on returns only, a recent strand examines the activity level of portfolio managers and how this activity affects portfolio performance. We add to this literature in two ways. First, we examine asset allocation mutual funds, noting there are few studies examining this type of fund. We note our method of examination can be modified for any type of fund. Second, we use a weight-based method that separates fund performance into components, one of which provides a new measure of manager activity. Because this new measure is a com...

Using the sample of mutual funds from December 2002 to November 2007,this article constructs winners' and losers' portfolio of Jegadeesh and Titman to do persistence analysis.We find that there is dissipating persistence of mutual fund in China.And the excess profit of relative strength strategy is due to their high systematic-risk and delayed price reactions to information.It is suggested that mutual fund market is not a weak-form efficient market,and four-factor model is a better choice of evaluating the performance of mutual funds.

A popular strategy to assess mutual funds is to look at past returns and rank funds based on their risk and return characteristics. This simple approach has its advantages but it is uni-dimensional in nature and misses important characteristics that may impact future returns. We propose investors use fund characteristics to create more intuitive and sensible portfolios which are diversified across investment styles and generate better risk-adjusted performance compared to a market cap weighted Index. The research findings using fifteen years of monthly data since 2000 show that a concentrated ...

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Mutual funds are financial intermediaries that pool savings of individual investors with a diverse tax consumers. In spite of the fact that a lot of funds are held basically by individuals who are taxable investors, quite a large amount of mutual funds’ assets are apprehended by certain retirement funds which are taxable. The main idea of the study investigated the investment strategies as well as the performance of mutual funds which are held by different tax customers is distinct from each other in Ghana. It was found in the study that, funds which are basically held by the taxable investors...

Can investors receive diversification benefits from holding more than a single mutual fund in their portfolios? Simulation analysis shows that the time-series diversification benefits are minimal but that the expected dispersion in terminal-period wealth can be substantially reduced by holding multiple funds. Portfolios with as few as four growth funds halve the dispersion in terminal-period wealth for 5- to 19-year holding periods. In addition, downside risk measures decline as funds are added to portfolios. These advantages to multiple-fund portfolios are especially meaningful for investors ...

Resources and search strategies for mutual fund data and information are provided.

From the aspect of investor attention, fund promotion can enhance fund visibility, repeated reference and brand fame. This study tests whether fund promotion is bittersweet to the mutual fund industry, i.e., driving down the abnormal return earned by smart money (dubbed as the smart money erosion hypothesis) on the one hand and enticing fund managers to employ promotion strategies to attract new customers, boost market share, and achieve fund market dominance (dubbed as the market dominance hypothesis) on the other hand. Using a unique and comprehensive dataset of Chinese mutual funds during 2...

Mutual Funds through its professional managers enable small investors to enjoy benefits of capital market with small amount. This study with special focus on Performance-Chasing Behavior and Mutual Funds in an Emerging Economy like Pakistan. The data of 100 open-end Mutual Funds, for the period 2013 to 2018 was collected from Mutual Fund Association of Pakistan; while the risk free rates data was collected from State Bank of Pakistan and Stock data from Pakistan Stock Exchange for predicting the results, Ratio and models were used to understand its suitability. The study has certain implicatio...

Mutual Funds are the most common form of investment for the average household. They offer a fair amount of return for a limited amount of risk. Segregated Funds, which are, simply put, mutual funds with additional features, have grown in popularity as of late. It is something of great interest to understand the risks and returns of the fund types and better grasp the advantages and disadvantages to each. By selecting 5 mutual and segregated funds of similar investment patterns and breakdowns, and performing various statistical analyses on their prices and returns, this paper verifies which fun...

Conflicts of interest among mutual fund managers, fund sponsors, and fund shareholders have attracted attention recently in the popular press and from academics, politicians, and legal experts. However, little is known empirically about the relation between mutual fund returns and mutual fund governance. Our objective is to determine whether better governance leads to improved performance. The authors investigate this relation using Morningstar criteria that measure the effectiveness of governance, traditional portfolio performance measures, and the M2 performance measure. They find that, in g...

Financial market in India offers wide variety mutual fund products to the retail investors to satisfy their requirements, financial goals and risk tolerance level. It is very difficult to offer one type of fund to satisfy all the requirements of investors. Retail investors are heterogeneous in terms of their socio-economic/demographic profile, preferences, and beliefs. The mutual fund preference of investors mainly depends on the investment objectives, and risk appetite of the investors. It has been observed that wrong selection of mutual fund/schemes will not satisfy the requirements of the i...

This dissertation comprises of three chapters on mutual funds. The first chapter establishes the role of managers in the deceptive practice of window dressing. Employing comprehensive career history of U.S. mutual fund managers, I find strong jointly significant manager fixed effects, which are robust after addressing endogenous matching concerns. I use the connected sample instead of the classical movers sample to substantially enlarge the sample size and reduce the selection bias that long exists in the stream of literature. The estimated manager fixed effects are significant in making out-o...

The mutual fund Axis Equity are reviewed in detail with a brief introduction of the fund houses itself. A mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The objective are be used to performance mutual funds In this research paper an attempt is made to analyze the performance of the growth oriente equity diversified schemes on the basis of return and risk evaluation. The analysis was achieved by assessing various fina...

A Thesis submitted to the Department of Economics of the College of Social Sciences and Humanities, Kwame Nkrumah University of Science and Technology, in partial fulfillment of the requirement for the award of Master of Science Degree in Economics,(Banking and Finance Option), 2016

This paper examines the influence of the survivorship bias on performance persistence in Canadian mutual funds. Our sample covers the period of January 1986 till December 1999. Spreads of the survivorship bias on mutual fund returns are gauged by comparing the difference between the sample of surviving funds and the sample of surviving and defunct funds. The comparisons are conducted first only on equity funds, and later on funds in all categories. Contingency tables are used to address the question of performance persistence. Cross Product Ratios (CPR) are obtained for all funds, active and i...

The driving force of mutual fund is the safety of the principal guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. A mutual fund collects the savings from small investors, invest them in government and other corporate securities and earn income through interest and dividends besides capital gains. under

This paper evaluates the performance mutual funds in Pakistani, during five year from 2009 to 2013. Mutual funds’ performance were analyzed using various evaluation technique; Sharp, Treynor, Jensen’s Alpha. The purpose of this study is to provide guidelines to the managers of Pakistani mutual funds and benefit small investors by pointing out the significant variables influencing the fund performance. An effort has been made to measure the fund performance by using Sharpe ratio Treynor, Jensen’s Alpha The annual sample data are collected for five mutual funds company listed on Mutual Fund Asso...

This paper explores the relationship between mutual fund performance and age of fund. We analyze a sample of long-established mutual funds; comparing raw returns, objective adjusted, and market adjusted returns at different age progressions. Through statistical analysis, we find there is no significant relationship between fund age and raw returns as well as objective adjusted return. However, a strong negative correlation between fund age and market adjusted return is evident. As fund age progresses, market adjusted returns deteriorate. We also discover a significant positive relationship bet...