Literature review on mutual funds
The author concluded that those funds which invested in the french market in 1964-69 generally achieved lower return at a given level of variance than that reflected in the u. Study was conducted by otten, and mark (2002) to compare the performance of european mutual fund industry with performance of united states fund industry. The url or doi link below will ensure access to this page funds: an influential review of studies in performance, persistence, investment styles, managerial skills, fund characteristics and behavioral alp university of st andrews - school of written: october 5, study seeks to review the most recent studies in the field of mutual funds (2005-2009).
Literature review on investors perception towards mutual funds
The authors concluded that the equity funds have neither the same risk nor the same return. The results showed that the performance of nine out of ten of the international mutual fund was higher than the u. Results showed that under sharpe (1966)’s and treynor (1965) indices the performance of portfolios of international mutual funds was higher than the u.
Paper measures the performance of various mutual funds with both unconditional and conditional form of capm, treynor- mazuy model and henriksson-merton model. Furthermore author reexamined the sharpe (1966) data with this additional requirement and found that average fund performance was not inferior to dow jones industrial average (djia) performance because the skewness of the dow jones industrial average (djia) return distribution was significantly less than fund ld (1973) developed a model to evaluate the investment performance of funds holding securities in two countries. Literature review on mutual ations1 department of commerce, delhi school of economics, university of delhi, new delhi, ibe/renew inr.
Studied construction of mutual fund portfolios, developed a multicriteria methodology and applied it to the greek market of equity mutual funds. Utadis multi-criteria decision aid method is employed in order to develop mutual fund’s performance models. A mutual fund is a pure intermediary which performs a basic function of buying and selling securities on behalf of its unit holders, which the latter also can perform but not as easily, conventionally, economically and profitably.
Female managers participate in excessive trading and are more risk-averse compared to their male ds: mutual fund performance, persistent return patterns, investment styles, managerial skills, mutual fund characteristics, behavioural classification: c1, c2, c3, c90, d21, d23, g1, g2, g3, n20, alp (contact author). Study also concluded that the large german stock mutual funds, on the average, performed better than the small ones. The researcher concluded that mutual funds with higher turnover fees and expenses, earn rates of return sufficiently high to offset the higher charges.
The authors concluded that investors may not fully take advantage of possible portfolio risk reduction and higher returns if international mutual funds were lan and ajay (2008) examined the risk-adjusted performance of us-based international equity funds from 1994-2003. This research used jensen measure, positive period weighting (ppw) measure and conditional jensen measure in order to evaluate the performance of these funds. Results also showed that good managers concentrate on evaluating risk and providing (1968) developed own measure known as jensen’s alpha to examine the risk- portfolios’ risk-adjusted performance and estimate the predictive ability of mutual fund managers.
Equity portfolio and the market index was higher than global portfolios from and olaf (2001) conducted a research to evaluate the open-ended mutual funds risk-adjusted performance. The results indicated that the european mutual funds especially small cap funds were able to add value and 4 out of 5 countries exhibit significant outperformance at an aggregate level. On the other hand conditional models suggested that conditional betas (but not alphas) are time-varying and dependent on the dividend yield aux and suzanne (2007) conducted a study to examine the risk adjusted returns of international mutual funds for the period of 2000-2006.
This study therefore aims to build on the current literature by assessing all these relevant studies. The results also showed that most of the funds were inclined to invest more in large and dennis (1999) analyzed the performance of european mutual funds from 1991 through december 1998. 1993), ‘efficiency with costly information: a reinterpretation of evidence from managed portfolios’, review of financial studies, 6, 1, 1–l (1995), ‘returns from investing in equity mutual funds 1971 to 1991’, journal of finance, 50, 2, 549–ld (1974), objectives and performance of mutual funds 1960-1969, journal of financial and quantitative analysis, 9, 3, ld (1973), mutual fund performance: evaluation of internationally-diversified portfolios, the journal of finance, 28, 5, and nicholas (1980), nonstationarity and evaluation of mutual fund performance, the journal of financial and quantitative analysis, 15, 3, 639 -, john and john (2005), performance of mutual funds.
The results showed that bond funds underperform relevant indexes post l (1995) conducted a research to analyze the performance of equity mutual funds for the period 1971 to 1991. However, no general, statistically significant relationships of either type were order to analyze the market-timing performance of mutual funds a study was conducted by henriksson (1984). Consequently, this study satisfies the need to synthesize the key contributions that have recently been made on the history of mutual funds by other papers.
1997), the performance of japanese mutual funds, the review of financial studies, 10, 2, , oliver and macro (2009), the performance of investment grade corporate bond funds: evidence from the european market, the european journal of finance, 15, 2, att and sheridan (1992), the persistence of mutual fund performance, the journal of finance, 47, 5, sson (1984), market timing and mutual fund performance: an empirical investigation, the journal of business, 57, 1, to (1989) efficiency with costly information: a study of mutual fund performance, 1965-1984, the quarterly journal of economics, 104, 1, (1968), the performance of mutual funds in the period 1945-1964, journal of finance, 23, 2, and cortez (2006), “conditional performance evaluation: evidence from the portuguese mutual fund market”, working paper, university of et al. Review on mutual fundsuploaded by simran487related interestsindex fundstock market indexmutual fundsbusiness economicsfinancial economicsrating and stats5. The results showed that value-weighted and equal-weighted portfolios of 800 mutual funds underperform the single-index benchmark by approximately 7.