Theory of Mutual Funds: The Effect of Principal Agency Conflicts on Mutual Fund Size

2002 ◽  
Author(s):  
Tomasz P. Bednarczyk ◽  
Dirk Eichler
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Agency Conflicts ◽  
Fund Size

scholarly journals FAKTOR INTERNAL YANG BERPENGARUH TERHADAP KINERJA REKSADANA SYARIAH DI INDONESIA PERIODE 2014-20171)

2020 ◽  
Vol 6 (1) ◽  
pp. 114
Author(s):  
Farah Faadilah ◽  
Puji Sucia Sukmaningrum
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Coefficient Of Determination ◽  
Expense Ratio ◽  
Turnover Ratio ◽  
Equity Funds ◽  
Endogenous Variables ◽  
Negative Effect ◽  
Fund Size ◽  
Positive Effect

This study aims to determine the effect of fund size, expense ratio and turnover ratio. The data used in this research is the net asset value data and shariah mutual fund prospectus of 4 shariah equity funds for the period 2014-2017. This study describes using multiple linear regression test to prove the relationship between exogenous and endogenous variables. The result of the test shows that partially fund size and positive effect is not significant on the performance of Islamic stock mutual funds, the expense ratio has no significant negative effect on the performance of Islamic equity mutual funds, while the turnover ratio has a significant positive effect on the performance of sharia mutual funds. While simultaneously fund size, expense ratio and turnover ratio have a significant influence with the coefficient of determination of 25,06%% while the remaining 74,94%  influenced by other variables not included in this study.Keywords: Sharia Mutual Funds Performance, Turnover Ratio, Cash Flow, Expense Ratio

scholarly journals Pengaruh Risiko Sistematis, Market Timing, dan Ukuran Dana Terhadap Kinerja Reksa Dana Pendapatan Tetap Syariah di Indonesia (Periode 2014-2018)

2020 ◽  
Vol 6 (12) ◽  
pp. 2409
Author(s):  
Febrita Kusumastiti ◽  
Muhammad Nafik Hadi Ryandono
Keyword(s):  
Mutual Funds ◽  
Significant Influence ◽  
Mutual Fund ◽  
Market Timing ◽  
Systematic Risk ◽  
Coefficient Of Determination ◽  
Fixed Income ◽  
Fund Size ◽  
The Relationship ◽  
Regression Tests

The purpose of this study is to determine the effect of the systematic of risk, market timing, and fund size toward sharia fixed income mutual funds in Indonesia period 2014-2018 partially and simultaneously. This research uses a quantitative approach and uses multiple linear regression tests to determine the relationship between exogenous variables and endogenous variable. The result of this research shows that systematic risk and fund size are partially have significant influence to the sharia fixed income mutual funds performance. Meanwhile, market timing is partially have insignificant influence to the sharia fixed income mutual funds performance. While simultaneously, systematic risk, market timing and fund size have significant influence to the sharia fixed income mutual funds performance with the coefficient of determination is 31,9% while the remaining 68,1% is influenced by other variables not included in this research.Keywords: Sharia Mutual Fund Performance, Systematic Risk, Market Timing, Fund Size

scholarly journals The Performance of Sharia Equity Fund Investment Manager

2020 ◽  
Vol 1 (1) ◽  
pp. 81
Author(s):  
Anni Maftukhah
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Linear Regression Analysis ◽  
Fund Raising ◽  
Ratio Method ◽  
Equity Fund ◽  
Turnover Ratio ◽  
Investment Manager ◽  
Fund Investment ◽  
Fund Size

Sharia mutual funds are fund raising activities from investors to be managed by investment managers with sharia-based management, namely by not investing funds in companies whose types and scope of business are not in accordance with Islamic sharia. This study was conducted to determine the effect of turnover ratio, expenses ratio, fund size, managerial tenure, and fund selection skills on the performance of sharia mutual fund investment managers in Indonesia. The data used in this study are monthly Net Asset Value, BI rate, IHSG, annual turnover data, annual expenses ratio data, and prospectus of 9 sharia stock mutual funds from December 2014 to December 2018. Samples were taken based on the purposive sampling method during this research. The measurement of the performance of sharia equity fund investment managers uses the Sharpe Ratio method. The method used is multiple linear regression analysis and classic assumption tests using descriptive statistical tests, multicollinearity tests, and heteroscedasticity tests using EVIEWS 10 statistical software. The results of this study indicate that turnover ratio, fund size, fund selection skills significantly influence performance Islamic mutual fund investment manager. While expenses and managerial tenure ratios do not significantly influence the performance of investment managers in Islamic mutual funds.

scholarly journals KARAKTERISTIK REKSA DANA DAN KINERJA REKSA DANA SAHAM DI INDONESIA

2017 ◽  
Vol 22 (1) ◽  
Author(s):  
Christiana Fara Dharmastuti ◽  
Bernadus Dwiprakasa
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Fixed Effect Model ◽  
Positive Influence ◽  
Expense Ratio ◽  
Equity Mutual Funds ◽  
Effect Model ◽  
Investment Models ◽  
Fund Size ◽  
Interesting Alternative

A mutual fund is one of the interesting alternative modes of investment models for the investors that do not have much time, knowledge and expertise in calculating the risk and investment return. This study is aimed to understand the influence of the mutual fund’s characteristics: the expense ratio, fund size, turnover ratio, and the mutual fund’s age towards the mutual fund’s performance in Indonesia. This study has been conducted using the Fixed Effect Model with the White cross-section as the coefficient covariance method at 34 active equity mutual funds that existed in Indonesia during the 2012-2013 period. The result of this study has indicated that the expense ratio and the multi fund’s age have a significant negative towards the the equities mutual funds in Indonesia while the fund size and the turnover ratios have a significant positive influence towards the the equity’s mutual fund’s performance in Indonesia.

The Persistence of Fee Dispersion among Mutual Funds

2020 ◽  
Author(s):  
Michael J Cooper ◽  
Michael Halling ◽  
Wenhao Yang
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Value Added ◽  
Economic Effects ◽  
Equity Funds ◽  
Strong Negative Association ◽  
International Equity ◽  
Fund Industry ◽  
Mutual Fund Industry ◽  
Fund Size

Abstract Previous work shows large differences in fees for S&P 500 index funds and other funds and suggests that investors suffer wealth losses investing in high-fee funds when similar low-fee funds are available. In contrast, the neoclassical model of mutual funds (Berk and van Binsbergen, 2015, J. Financ. Econ., 118, 1–20) argues that percentage fees are irrelevant, as fund size will adjust in equilibrium such that net alphas are equal to zero. We show that fees matter from an investor perspective. We document (i) a strong negative association between net-of-fee fund performance and fees in a sample of all US and international equity funds, (ii) economically large, robust, persistent, and pervasive fee dispersion in the mutual fund industry, and (iii) important economic effects for investors. During the sample period, the mutual fund industry has generated a total value lost (i.e., a negative net value added) of 125 billion USD, coming predominantly from high-fee funds.

scholarly journals Regime-Switching Determinants of Mutual Fund Performance in South Africa

Economies ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 161
Author(s):  
Richard Apau ◽  
Peter Moores-Pitt ◽  
Paul-Francois Muzindutsi
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Regime Switching ◽  
Fund Performance ◽  
Market Conditions ◽  
Fund Managers ◽  
Fund Flow ◽  
Equity Mutual Funds ◽  
Systemic Factors ◽  
Fund Size

This study assesses the effect of fund-level and systemic factors on the performance of mutual funds in the context of changing market conditions. A Markov regime-switching model is used to analyze the performance of 33 South African equity mutual funds from 2006 to 2019. From the results, fund flow and fund size exert more predictive influences on performance in the bearish state of the market than in the bullish state. Fund age, fund risk, and market risk were found to be the most significant factors driving the performance of active portfolios under time-varying conditions of the market. These variables exert more influence on fund performance under bearish conditions than under bullish conditions, emphasizing the flight-to-liquidity assets phenomenon and risk-aversion behavior of fund contributors during unstable conditions of the market. Consequently, fund managers need to maintain adequate asset bases while implementing policies that minimize dispersions in fund returns to engender persistence in performance. This study provides novel perspectives on how the determinants of fund performance change with market conditions as portrayed by the adaptive market hypothesis (AMH).

A study on performance evaluation of equity mutual funds schemes in India

2020 ◽  
Vol 07 (02) ◽  
pp. 2050017
Author(s):  
Ruchi Arora ◽  
T. V. Raman
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Secondary Data ◽  
Information Ratio ◽  
Portfolio Evaluation ◽  
The Past ◽  
Equity Mutual Funds ◽  
Secondary Data Sources ◽  
Fund Investment ◽  
Fund Size

Mutual Funds give a platform for everyone to participate within the Indian capital market with skilled fund management no matter the number endowed. In the past few years, among the various financial products in India, Mutual Funds have emerged as the favorite. There is no doubt that acceptance of mutual funds as an investment vehicle has certainly increased among investors as many investors are earning from mutual fund — as result of increase in information and awareness among investors. Smaller amount of risk is associated with mutual fund investment than directly investing in stocks. Fund manager needs to provide returns in order to construct a diversified portfolio. They take into account numerous factors like, fund size, scheme type, returns, risk, etc. The paper attempts to analyze portfolio evaluation of selected equity diversified schemes using volatility measures such as quantitative factors like Standard Deviation, Beta and the ratios such as Sharpe, Treynor, Jensen’s Alpha, Information ratio, Fama’s Measure, Expense ratio measures. Data for research are collected from the secondary data sources and selected from 30 Mutual Fund schemes 10 AMCs.

scholarly journals Performance of Public Mutual Funds (PMFs) in Emerging Economies: A Case of Bangladesh

2016 ◽  
Vol 11 (6) ◽  
pp. 296
Author(s):  
Leo Vashkor Dewri ◽  
Md. Rashidul Islam
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Investment Decision ◽  
Fund Performance ◽  
Dividend Payout ◽  
Asset Value ◽  
Price Earnings Ratio ◽  
Fund Size ◽  
Better Than ◽  
Fund Return

<p>Public Mutual fund (PMF) is an instrument for pooling the funds by issuing units to the investors and investing funds in the capital market to achieve their objectives. To invest in mutual funds is a complicated trade for investors as individual assets are belongs to verity of risks and they are dubious on return on investment. There are only 43 Mutual Funds are available to choose from where the investors can invest. To take the investment decision, the investors need to know which funds are performing better than others, gives more return, which fund is more risky etc. In this study the performance evaluation of public mutual funds carried out by considering fund age, fund size, fund return, fund dividend payout, fund price earnings ratio and fund net asset value (NAV). There are only eight PMFs are available in Bangladesh. For analysis purposes the study investigates 1999 to 2015 operations of PMF. Therefore, this study analyzes 128 a firm years, for measuring PMFs performance. The study reveals that fund size, fund return, fund dividend payout and P/E ratio has significant relation on fund performance. Whereas, fund age and fund NAV has insignificant relation on fund performance.</p>

scholarly journals Mutual fund governance and fund performance

2008 ◽  
Vol 5 (4) ◽  
pp. 384-392 ◽  
Author(s):  
Emery A. Trahan
Keyword(s):  
Corporate Governance ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Good Governance ◽  
Fund Performance ◽  
Information Ratio ◽  
Determining Factors ◽  
Fund Governance ◽  
Fund Size

The increased wealth invested in mutual funds and recent scandals at many fund firms have led to increased scrutiny of mutual fund governance. We examine measures of the strength of mutual fund governance and the relation of these measures to fund performance. We utilize the Morningstar Stewardship Grade and its determining factors to measure the quality of a fund’s governance and the information ratio to measure risk adjusted performance. We find that strong corporate governance is associated with better risk-adjusted performance, after controlling for investment objective, expenses, and fund size. The key governance components related to performance are board quality, managerial incentives, and fees. Our results support the notion that, in the mutual fund industry, good governance is consistent with good performance.

scholarly journals Analiza wpływu wybranych czynników na popyt na usługę zarządzania funduszem inwestycyjnym

Ekonomia ◽  
2018 ◽  
Vol 24 (2) ◽  
pp. 23-38
Author(s):  
Adam Łukojć ◽  
Iwona Białomazur
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Financial Statements ◽  
Fund Flows ◽  
Fund Management ◽  
Investment Performance ◽  
Main Factors ◽  
Mutual Fund Flows ◽  
Fund Size ◽  
The Impact

Analysis of the impact of selected determinants on the demand for mutual fund management servicesThe authors try to identify the main factors impacting the value of inflows to mutual funds in Poland. The inflows to mutual funds are compared to the following data: costs total expense ratios, investment performance in the current and previous year, and fund size. The data was collected from 451 financial statements of Polish mutual funds, for the years 2012–2016. The funds belong to three categories: bond, equity, small, and mid cap equity. The findings suggest that the connection between the funds fees — the price — and inflows to funds is relatively weak. Investment performance in the same year is the only factor that shows significant correlation with mutual fund flows.

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