YATIRIM FONU PERFORMANS DEĞERLEMESİNDE GÜNCEL YAKLAŞIMLAR VE TEFAS SONRASI DÖNEM İÇİN TÜRKİYE ÖNERİSİ

2016 ◽  
Vol 3 (3) ◽  
Author(s):  
Fatih Temizel ◽  
Berfu Ece Bayçelebi
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Individual Investors ◽  
Data Sets ◽  
Investment Funds ◽  
High Performing ◽  
Accessible Information ◽  
Central Registry ◽  
Performance Valuation ◽  
Healthy Functioning

In recent years,number of mutual funds has shown a remarkable increase in Turkey. While the number and kind of mutual funds, which assess the collected funds on the basis of risk management, increases, it is becoming more important for investors to choose between several variety of funds. Especially after the activation of the Turkey Electronic Funds Exchange Platform (TEFAS) by Custody Bank and Central Registry Agency of Turkey in 2011/2015, mutual funds have becoma available for more effective use by individual investors. After the TEFAS platform which is enabling individual investors access high performing funds, the need of performance valuation studies which will contribute to making effective decisions between funds have been increased. Supporting mutual fund performanceand valuation issues with academic studies and gaining accessible information to system, will contribute to the healthy functioning of the fund market. For this reason, it is essential to apply the most appropriate performance valuation methods. In this work, the methods used in the performance measurement ofInvestment Fund Industry, data sets and periods of the studies in Turkey and the world are analyzed. From those analysis we try to discover the advantages/disadvantages of different approaches. Thus, arecent performance evaluation of investment funds traded on Turkey will be recommended.

A study of prominence for disposition effect: a systematic review

2019 ◽  
Vol 11 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Syed Aliya Zahera ◽  
Rohit Bansal
Keyword(s):  
Mutual Funds ◽  
Behavioral Finance ◽  
Mutual Fund ◽  
Institutional Investors ◽  
Disposition Effect ◽  
Individual Investors ◽  
Content Type ◽  
Experimental Market ◽  
The Individual ◽  
The Impact

Purpose The purpose of this paper is to study the disposition effect that is exhibited by the investors through the review of research articles in the area of behavioral finance. When the investors are hesitant to realize the losses and quick to realize the gains, this phenomenon is known as the disposition effect. This paper explains various theories, which have been evolved over the years that has explained the phenomenon of disposition effect. It includes the behavior of individual investors, institutional investors and mutual fund managers. Design/methodology/approach The authors have used the existing literatures from the various authors, who have studied the disposition effect in either real market or the experimental market. This paper includes literature over a period of 40 years, that is, Dyl, 1977, in the form of tax loss selling, to the most recent paper, Surya et al. (2017). Some authors have used the PGR-PLR ratio for calculating the disposition effect in their study. However, some authors have used t-test, ANNOVA, Correlation coefficient, Standard deviation, Regression, etc., as a tool to find the presence of disposition effect. Findings The effect of disposition can be changed for different types of individual investors, institutional investors and mutual funds. The individual investors are largely prone to the disposition effect and the demographic variables like age, gender, experience, investor sophistication also impact the occurrence of the disposition effect. On the other side, the institutional investors and mutual funds managers may or may not be affected by the disposition effect. Practical implications The skilled understanding of the disposition effect will help the investors, financial institutions and policy-makers to reduce the adverse effect of this bias in the stock market. This paper contributes a detailed explanation of disposition effect and its impacts on the investors. The study of disposition effect has been found to be insufficient in the context of Indian capital market. Social implications The investors and society at large can gains insights about causes and influences of disposition effect which will be helpful to create sound investment decisions. Originality/value This paper has complied the 11 causes for the occurrence of disposition effect that are found by the different authors. The paper also highlights the impact of the disposition effect in the decision-making of various investors.

scholarly journals Analisis Kinerja Reksadana Saham dan Reksadana Indeks dalam Penilaian Tingkat Efisiensi Pasar Modal di Indonesia

2021 ◽  
Vol 3 (2) ◽  
pp. 105-120
Author(s):  
Ainani Nur Aziqoh
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Investment Funds ◽  
Equity Funds ◽  
Reference Index ◽  
The Capital Market

Mutual funds are designed to raise investment funds. The objectives of this study are: to determine the performance of mutual funds on the LQ-45 index is higher than the performance of equity funds in the Indonesian capital market and to measure the level of efficiency in the capital market using CAPM modeling and using Net Active Value (NAV) data per year for the 2015 period. -2019. To determine whether a mutual fund is good or bad, it is not measured by how much the return has been generated or by how big or small the risk of fluctuation is, but this is seen from how much the mutual fund performs with its reference index. If the performance of index mutual funds is better or the performance of stock mutual funds is lower overall, the capital market can be said to be efficient. The results of this study indicate that the performance of the LQ-45 index mutual funds is smaller than the performance of the more superior stock mutual funds above. So it can be concluded that the Indonesian capital market is an inefficient Indonesian capital market.  

STRATEGI GERILYA DALAM MENGGUGAH KESADARAN MASYARAKAT ATAS INSTRUMEN INVESTASI PADA PRODUK PASAR MODAL SYARIAH KHUSUSNYA REKSA DANA SYARIAH

2019 ◽  
Vol 2 (2) ◽  
Author(s):  
Sri Anugrah Natalina
Keyword(s):  
Mutual Funds ◽  
Portfolio Management ◽  
Capital Market ◽  
Mutual Fund ◽  
Supervisory Board ◽  
Investment Portfolio ◽  
Investment Funds ◽  
Implementation Evaluation ◽  
Investment Patterns ◽  
Selection Of

Indonesia's financial market is a potential target, because there are still many Indonesian who in their investment patterns do not reflect the diversity and choice of modern investment instruments. This becomes a "homework" to be completed. The maximum absorption of investment funds from Indonesian society that is still conventional can "excite" the capital market again. Shariah mutual funds have a special appeal compared to other types of mutual funds. Shariah mutual funds are currently not limited to Muslims because the general public, who have seen the benefits of investment based on the selection of sector and company with certain criteria, are more promising and minimize risk. Investment portfolio management works based on the framework for investment management which covers the process of planning, implementation, evaluation and adjustment. In mutual funds, investment managers are responsible for investment activities, which include analysis and selection of investment types, and taking necessary actions for the benefit of investors. If there is a problem in the future and the investor wants to change the form of his investment, then he can do the resale of the Shariah mutual fund shares to the mutual fund company where he invests. The Shariah Supervisory Board oversees the transactions of Mutual Fund issuing companies, because the halal returns / funds obtained through mutual funds depend heavily on investment activities carried out by investment managers. The advantage of investing in Shari'ah mutual funds is that it can be done in retail so that the initial investment can be adjusted to financial capability and its value is small. Other benefits include the relatively higher yield of deposits and tax free, as well as the existence of routine audits and supervision by the Shariah Supervisory Board (DPS). Key words: Syariah Mutual Funds, Portfolio Management, Shariah Supervisory Board

scholarly journals Mutual Funds: An Outrageous Progression in Investment

2021 ◽  
Vol 12 (2) ◽  
pp. 1110-1112
Author(s):  
V.B. Karuna Moorthy, Et. al.
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Large Scale ◽  
Individual Investors ◽  
The Public ◽  
Money Flow ◽  
Key Factor ◽  
Current Scenario ◽  
Small Investors ◽  
Fund Investment

Mutual funds are the key factor for the financial arbitrator. Corporations, governments, and individual investors are benefitted out of mutual funds on a large scale. Mutual funds seem to be an attractive scheme of investment among society. The new money flow in terms of investment yields enhanced results in mutual fund investment. Mutual funds attract small investors to benefit greatly due to diversified capabilities. Shareholders are benefited through mutual funds in numerous ways. This paper tries to analyse the importance of mutual funds and their need in this current scenario. Further, this paper also tries to investigate the ways in improving the growth of mutual fund investment plans among the public.

The Performance of CSR Mutual Funds and Investment Decision-Making

2016 ◽  
Vol 1 (2) ◽  
pp. 229
Author(s):  
Jen-Der Day ◽  
Thuy Mai Trinh Nguyen ◽  
Chia Nan Wang ◽  
George Yungchih Wang
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Investment Decision ◽  
Statistical Significance ◽  
Forecast Accuracy ◽  
Sharpe Ratio ◽  
Decision Table ◽  
Information Ratio ◽  
Investment Funds ◽  
Investment Decision Making

<p>Nowaday, Corporate Socially Responsible (CSR) mutual funds are becoming a popular investment option for investors. However, no any research confirms whether CSR Mutual fund activity is better than market index or not. Besides, we should have one method can help con sequently investors in making the decision to select appropriate investment funds. In this study, we measure the financial performance of a sample of 15 CSR mutual funds in the world, with the monthly return over the period 2008-2013, then we propose the dession table. We first use the measures to evaluate the performance of mutual funds such as Alpha (α), Sharpe Ratio (SR), and Information Ratio (IR). And then, we use the obtained decision table to evaluate the predictability by each measure. The results indicate that only 3 of the 15 CSR mutual funds achieve good performance results based on the statistical significance of the two measures Sharpe Ratio and Information Ratio. In addition, the IR is suggested to evaluate and make investment decisions in the future and it also is the best one among the three measures. The decision table suggest investors a measure forecast accuracy way.</p>

Do Ethical Funds Underperform Conventional Funds? - Empirical Evidence from India

Think India ◽  
2015 ◽  
Vol 18 (3) ◽  
pp. 10-19
Author(s):  
Vanita Tripathi ◽  
Varun Bhandari
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Information Ratio ◽  
Socially Responsible ◽  
Investment Funds ◽  
Ethical Investing ◽  
Paired Samples ◽  
Ethical Investments ◽  
Equity Index ◽  
Ethical Funds

One of the significant developments in the investing community is the rise of socially responsible or ethical investments during last two decades. Because of the increasing size and importance of ethical mutual funds, this paper seeks to evaluate and compare the performance of ethical mutual funds with general funds and benchmark index (S&P BSE Shariah 500 Equity Index) in the Indian market. The sample comprises six ethical fund schemes and three general fund schemes of Tauras mutual fund over the period 2009-2014 using weekly NAVs. The study uses return, risk, risk-adjusted measures (Sharpe ratio, Treynor ratio, Jensens alpha and information ratio), Famas decomposition measure, paired samples t-test, and growth regression equation to accomplish the objectives. The findings suggest that some of the ethical funds generated significantly higher return than other funds and benchmark index. Despite having higher risk, ethical funds outperformed other funds and benchmark index on the basis of various risk-adjusted measures and net selectivity returns. This indicates that the compromise made with respect to diversification by investing in ethical funds was well rewarded in terms of higher returns in Indian context. Our findings lend support to the case of ethical investing in India. Mutual funds and other investment funds should launch schemes which invest in socially responsible or ethical stocks.

Water-related mutual funds: investment performance and social role

2015 ◽  
Vol 11 (3) ◽  
pp. 502-512 ◽  
Author(s):  
Marta Alvarez ◽  
Javier Rodríguez
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Social Role ◽  
Individual Investors ◽  
Socially Responsible ◽  
Investment Performance ◽  
Content Type ◽  
Value Of Water ◽  
Socially Responsible Mutual Funds ◽  
Open Question

Purpose – The purpose of this paper is to examine the performance and diversification value of water-related funds. As pollution, climate change and accelerated population growth threaten water resources worldwide, such resources have become a sought-after asset. For most investors, it is impractical to physically hold water as part of a portfolio; therefore, an open question is how to better gain exposure to this asset. The authors propose a look at water-related mutual funds, an issue not found addressed in the literature. In addition to the investment potential of these funds, investors might be drawn to them as part of a more comprehensive socially responsible agenda. Design/methodology/approach – In the present study, the authors identify and measure the risk-adjusted performance and diversification value of open-end funds dedicated to investments in water-related securities. Jensen’s alpha is used to measure risk-adjusted performance, whereas diversification value is examined by implementing a methodology widely used in the mutual fund literature. Findings – Consistent with previous studies on the performance of ethical or socially responsible mutual funds, the authors found that their sample of water-related mutual funds neither outperform nor underperform two benchmarks. However, the authors also found that they offer potential diversification gains for international mutual funds’ portfolios. Research limitations/implications – Open-end water-related mutual funds have only been recently created, and currently, very few funds are available to investors. These facts limit the sample size and the length of the return series examined. Originality/value – The authors have not found a paper that examines the performance and diversification value of water-related mutual funds. These funds present themselves as a practical way for individual investors to gain exposure to the commodity of water.

scholarly journals A Review of Main Strands on the Flow-Performance Relationship of Mutual Funds

2021 ◽  
Vol 7 (3) ◽  
pp. 245-256
Author(s):  
Dariusz Filip
Keyword(s):  
Mutual Funds ◽  
Behavioral Finance ◽  
Mutual Fund ◽  
Developing Economies ◽  
Developed Countries ◽  
Future Research ◽  
Individual Investors ◽  
Review Of Literature ◽  
Relationship Of ◽  
Net Flows

This paper is a review of literature for findings on the flow–performance relationship of mutual funds. It is noted that the discussed issue has been examined virtually exclusively in developed countries. There are no or only fragmentary findings of this kind in developing economies. Based on a survey of empirical findings, it is possible to outline the main directions of research within the strands examined by contemporary researchers and explain the basic assumptions when formulating hypotheses. Moreover, the evaluation of the existing literature lets to offer several propositions for future research. It is a preliminary paper that systematises the analysed subject matter and an introduction to an empirical study dedicated to small European mutual fund markets. Keywords: mutual funds, performance, net flows, individual investors, behavioral finance

Do Ethical Funds Underperform Conventional Funds? Empirical Evidence from India

2015 ◽  
Vol 4 (2) ◽  
Author(s):  
Vanita Tripathi ◽  
Varun Bhandari
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Information Ratio ◽  
Socially Responsible ◽  
Investment Funds ◽  
Ethical Investing ◽  
Paired Samples ◽  
Ethical Investments ◽  
Equity Index ◽  
Ethical Funds

One of the significant developments in the investing community is the rise of socially responsible or ethical investments during last two decades. Because of the increasing size and importance of ethical mutual funds, this paper seeks to evaluate and compare the performance of ethical mutual funds with general funds and benchmark index (S&P BSE Shariah 500 Equity Index) in the Indian market. The sample comprises six ethical fund schemes and three general fund schemes of Tauras mutual fund over the period 2009-2014 using weekly NAVs. The study uses return, risk, risk-adjusted measures (Sharpe ratio, Treynor ratio, Jensens alpha and information ratio), Famas decomposition measure, paired samples t-test, and growth regression equation to accomplish the objectives. The findings suggest that some of the ethical funds generated significantly higher return than other funds and benchmark index. Despite having higher risk, ethical funds outperformed other funds and benchmark index on the basis of various risk-adjusted measures and net selectivity returns. This indicates that the compromise made with respect to diversification by investing in ethical funds was well rewarded in terms of higher returns in Indian context. Our findings lend support to the case of ethical investing in India. Mutual funds and other investment funds should launch schemes which invest in socially responsible or ethical stocks.

A STUDY OF FACTORS THAT AFFECT THE SELECTION OF MUTUAL FUND SCHEMES BY INDIVIDUAL INVESTORS – WITH REFERENCE TO PUNE CITY

2018 ◽  
Vol 6 (26) ◽  
Author(s):  
Gauri Prabhu
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Investment Decision ◽  
Individual Investors ◽  
Risk Averse ◽  
Factors Affecting ◽  
Investment Plan ◽  
The Common ◽  
Selection Of

Mutual Fund is a form of investment where a common investor can participate in the Indian capital market with professional fund management irrespective of the amount invested. A large number of people are moving towards mutual fund investments through the route of systematic investment plan. The Indian mutual fund industry is growing steadily and this is reflected in the increase in Assets under management of various fund houses. The investment in Mutual funds is a relatively safer option for risk averse investors as they are less risky than directly investing in stocks. This research paper aims at finding out the factors affecting investment decision of mutual funds and the preference of investors to particular schemes of mutual funds. The findings will help mutual fund companies to identify the parameters which influence the investment decision of the common investor and also the preferences of particular schemes and fund houses by the investors

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