Short-Term Persistence in Mutual Funds Performance: Evidence from India

2007 ◽  
Author(s):  
Sanjay Sehgal ◽  
Manoj Jhanwar
Keyword(s):  
Mutual Funds ◽  
Short Term

scholarly journals The Rise of Institutional Investors

2019 ◽  
Author(s):  
Jan Fichtner
Keyword(s):  
Mutual Funds ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Private Equity ◽  
Short Term ◽  
Equity Funds ◽  
Private Equity Funds ◽  
Important Position ◽  
State Street ◽  
Asset Managers

During the last decades, institutional investors gained an ever more important position as managers of assets and owners of corporations. By demanding (short-term) shareholder value, some of them have driven the financialization of corporations and of the financial sector itself. This chapter first characterizes the specific roles that private equity funds, hedge funds, and mutual funds have played in this development. It then moves on to focus on one group of institutional investors that is rapidly becoming a pivotal factor for corporate control in many countries – the “Big Three” large passive asset managers BlackRock, Vanguard and State Street.

scholarly journals A Study of Investors’ Preference towards Mutual Funds in Kathmandu Metropolitan City, Nepal

2018 ◽  
Vol 4 (2) ◽  
pp. 130-138
Author(s):  
Rajan Bilas Bajracharya ◽  
Rushil Bhakta Mathema
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Money Market ◽  
Low Risk ◽  
Short Term ◽  
Statistical Tools ◽  
Chi Square ◽  
Metropolitan City ◽  
Chi Square Test ◽  
Structured Questionnaire

A Mutual Fund is an investment vehicle that pools funds from various investors and invests the funds in stocks, bonds, short-term money-market instruments, other securities or assets or some combination of these investments. The primary goal behind investment in mutual fund is to earn goods return with comparatively low risk. The main objective of this research is to identify investors’ preference towards mutual fund in Kathmandu metropolitan city. By using in structured questionnaire, Description statistical tools like chi-square test have been used for analyzing the data. The findings from this research are that the most of the investors are doubtful to invest the new age investment like mutual funds.

scholarly journals The Influence of Sharia Capital Market, Sharia Bonds (Sukuk), and BI Rate on Gross Domestic Products (GDP) in Indonesia

2020 ◽  
Vol 4 (2) ◽  
pp. 149-162
Author(s):  
Gebi Gita Marsi ◽  
Dyah Titis Kusuma Wardani
Keyword(s):  
Gross Domestic Product ◽  
Mutual Funds ◽  
Impulse Response Function ◽  
Domestic Product ◽  
Short Term ◽  
Correction Model ◽  
Vector Error Correction ◽  
Vector Error ◽  
Long Run ◽  
Domestic Products

This study aims to determine what affect GDP (Gross Domestic Product) in constant Indonesian prices. The dependent variable used is GDP (Gross Domestic Product), and the independent variables are Islamic stocks, Islamic mutual funds, Islamic bonds (Sukuk), and the BI rate. The data used in this study are monthly during the period 2016: 1-2018: 12 sourced from OJK, BI, and Ministry of Home Affairs. The estimation tool used in this study is the Vector Error Correction Model (VECM) using E-views 7.0. Estimation results show that in the short term, the GDP variable (Gross Domestic Product) itself, Islamic stocks, BI rate, and Islamic mutual funds significantly affect GDP (Gross Domestic Product). In the long run, the estimation results show that sharia stock variables and sharia mutual funds have a significant effect on GDP (Gross Domestic Product). While the sharia bond variable (Sukuk) and the BI rate do not significantly affect GDP (Gross Domestic Product). VECM estimation results in this study also produce important Says, namely IRF (Impulse Response Function) and VDC (Variance Decomposition).

scholarly journals Sistem Pendukung Keputusan Pemilihan Instrumen Investasi Bagi Individu Dengan Metode Topsis

2020 ◽  
Vol 5 (1) ◽  
Author(s):  
Enok Tuti Alawiah ◽  
Sefrika Sefrika ◽  
Martua Hami Siregar
Keyword(s):  
Mutual Funds ◽  
Research Method ◽  
Decision Problems ◽  
Money Management ◽  
Multi Criteria Decision Making ◽  
Ideal Solution ◽  
Short Term ◽  
Shortest Distance ◽  
Order Preference ◽  
Negative Ideal Solution

Abstrak -Ada berbagai cara nasabah dalam metode pengelolaan uang. Salah satunya adalah menabung dan investasi. Biasanya investasi memiliki tujuan jangka Panjang dan pendek serta memiliki berbagai macam instrument dengan timbal balik yang menarik. Penelitian ini bertujuan untuk membantu individu dalam memilih jenis investasi sesuai dengan kriteria pilihan yang ditawarkan yaitu investasi deposito, reksadana dan saving bond ritel (SBR).  Metode penelitian yag digunakan adalah Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). TOPSIS adalah metode pengambilan keputusan multikriteria yang didasarkan pada konsep bahwa alternatif yang terbaik tidak hanya memiliki jarak terpendek dari solusi ideal positif tetapi juga memiliki jarak terpanjang dari solusi ideal negatif. Konsep ini banyak digunakan untuk menyelesaikan masalah keputusan secara praktis. Hasil  penelitian yang telah dilakukan menghasilkan preferensi akhir sebesar 0,65 dengan kriteria C1 yaitu instrument deposito.Katakunci: deposito, reksadana, saving bond retail (SBR), sistem pendukung keputusan, TOPSIS.Abstract - There are various ways in which customers use money management methods. One of them is saving and investing. Usually investment has long and short term goals and has a variety of instruments with attractive reciprocity. This study aims to assist individuals in choosing the type of investment in accordance with the criteria of choice offered, namely investment deposits, mutual funds and retail savings bonds (SBR). The research method used is Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). TOPSIS is a multi-criteria decision-making method based on the concept that the best alternative not only has the shortest distance from a positive ideal solution but also has the longest distance from a negative ideal solution. This concept is widely used to solve practical decision problems. The results of research that have been carried out produce a final preference of 0.65 with C1 criteria, namely instrument deposit.Keywords: decision support systems, deposits, mutual funds, saving bond retail (SBR), TOPSIS.

scholarly journals Portfolio Managers on the Colombian Open-End Mutual Fund Industry: Performance, downside risk and persistence

2019 ◽  
Vol 32 (59) ◽  
Author(s):  
Fredy Alexander Pulga Vivas ◽  
María Teresa Macías Joven
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Risk Measures ◽  
Downside Risk ◽  
Investment Strategies ◽  
Short Term ◽  
Past Performance ◽  
Investment Trusts ◽  
Bond Funds ◽  
Equity Funds

This study explores whether Colombian mutual funds deliver abnormal risk-adjusted returns and delves on their persistence. Through traditional and downside risk measures based on Modern Portfolio Theory and Lower Partial Moments, this article evaluates the performance of 146 mutual funds categorized by investment type and fund manager. This assessment suggests that mutual funds underperform the market and deliver real returns. Similarly, bond funds underperform equity funds, and investment trusts underperform brokerage firms as managers. Furthermore, bond funds and funds managed by investment trusts exhibit short-term performance persistence. These results suggest that investors may pursue passive investment strategies, and that they must analyze past performance to invest in the short-term.

Can mutual fund managers predict security prices to beat the market?The case of Greece during the debt crisis

2019 ◽  
Vol 12 (3) ◽  
pp. 40-62
Author(s):  
Drosos Koutsokostas ◽  
Spyros Papathanasiou ◽  
Nikolaos Eriotis
Keyword(s):  
Mutual Funds ◽  
Debt Crisis ◽  
Market Timing ◽  
Performance Persistence ◽  
Stock Selection ◽  
Short Term ◽  
Index Funds ◽  
Fund Managers ◽  
Equity Mutual Funds ◽  
Term Performance

The purpose of this paper is to examine the performance of Greek equity mutual funds, elaborating on stock selection in parallel with market timing measures, in comparison with the performance of ETFs and index funds for the period 01/24/2008-05/12/2017, and the short-term performance persistence of actively managed funds for the period 05/12/2015-05/12/2017. Using all domestic equity mutual funds at our disposal and daily data, the authors apply multi-factor models to estimate risk-adjusted returns and to evaluate the selectivity and market timing ability of fund managers. In order to investigate short-term performance persistence, the coexistence of stock selection and market timing strategy is allowed and a battery of parametric and nonparametric tests is implemented. Results show that actively managed mutual funds underperformed the market index, as well as passively managed ETFs and index funds, primarily due to the managers’ inability to time the market. Furthermore, a winner-picking strategy to outperform a-buy-the-market-and hold policy is questioned.

Geschäfts- und Risikopolitik von Hedgefonds im Vergleich zu anderen Finanzintermediären: Sind Hedgefonds besonders gefährlich?

2000 ◽  
Vol 1 (3) ◽  
pp. 301-318
Author(s):  
Günter Franke
Keyword(s):  
Interest Rates ◽  
Mutual Funds ◽  
Term Structure ◽  
Hedge Funds ◽  
Hedge Fund ◽  
Short Term ◽  
Market Control ◽  
Systemic Risks ◽  
Default Risks ◽  
Proprietary Trading

Abstract Hedge funds are characterized by short-term investments in over- or undervalued financial instruments. Their policy is highly dynamic as opposed to the more long-term investments of mutual funds. On average, the risk taken by hedge funds appears to be higher than that taken by mutual funds, although quite risky mutual funds also exist. Banks sometimes take large default risks, as evidenced by various banking crises. Also banks trade heavily on the term structure of interest rates. Hence, in these respects it appears that banks take risks that are at least as high as hedge funds. In short-term proprietary trading, banks and hedge funds face similar challenges. Overall, hedge funds cannot be regarded as more dangerous than banks. Since hedge funds trade with professional investors and banks, there is little reason to protect these counterparties by special regulation. Moreover, most hedge funds are rather small players and do not seem to act in herds. Therefore, the probability of systemic risks created by hedge funds appears to be very low. As a consequence, market control of hedge funds supported by more transparency appears to be preferable to specific hedge fund regulation.

scholarly journals ANALYSIS OF THE INFLUENCE OF SHARIA FINANCIAL SECTOR ON INDONESIAN NATIONAL INCOME 2011-2020

2021 ◽  
Vol 8 (5) ◽  
pp. 630
Author(s):  
Naufal Haidar Farras ◽  
Darwanto Darwanto
Keyword(s):  
Mutual Funds ◽  
National Income ◽  
Stock Index ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Short Term ◽  
Distributed Lag ◽  
Negative Effect ◽  
Positive Effect

ABSTRAKPenelitian ini bertujuan untuk menganalisis pengaruh variabel sektor keuangan syariah terhadap Pendapatan Nasional Indonesia yang masih terkenal belum maksimal. Variabel sektor keuangan syariah terdiri dari indeks saham syariah, reksadana syariah, obiligasi syariah, serta perbankan syariah. Variabel Pendapatan Nasional Indonesia menggunakan data Produk Domestik Bruto Indonesia. Penelitian ini menggunakan metode ARDL (Autoregression Distributed Lag) yang mengukur pengaruh dalam jangka pendek maupun panjang secara parsial maupun stimultan. Penelitian ini menggunakan data triwulan yang diperoleh dari Statistik Saham Syariah, Statistik Reksadana Syariah, Statistik Sukuk Syariah, serta Statistik Perbankan Syariah dari Otoritas Jasa Keuangan. Sedangkan data Produk Domestik Bruto Indonesia didapatkan dari Kementerian Perdagangan Republik Indonesia periode waktu antara Januari 2011 sampai dengan Desember 2020. Hasil penelitian secara parsial menunjukkan bahwa dalam jangka pendek, perbankan syariah berpengaruh positif positif terhadap PDB, saham syariah dan reksadana syariah berpengaruh negatif terhadap PDB, sedangkan obligasi syariah tidak berpengaruh terhadap PDB. Dalam jangka panjang, perbankan syariah berpengaruh positif positif terhadap PDB, saham syariah dan reksadana syariah berpengaruh negatif terhadap PDB, sedangkan obligasi syariah tidak berpengaruh terhadap PDB. Secara simultan dalam jangka pendek dan jangka panjang sektor keuangan syariah tidak memiliki hubungan kointegrasi jangka Panjang terhadap Produk Domestik Bruto Indonesia.Kata Kunci: Indeks Saham Syariah, Reksadana Syariah, Obligasi Syariah, Perbankan Syariah, Produk Domestik Bruto. ABSTRACTThis study aims to analyze the effect of Islamic financial sector variables on Indonesia's National Income which is still not maximized. The Islamic finance sector variables consist of Islamic stock index, sharia mutual funds, sharia bonds, and sharia banking. The Indonesian National Income Variable uses Indonesia's Gross Domestic Product data. This study uses the ARDL (Autoregression Distributed Lag) method which measures the effect in the short term either partially or simultaneously. This study uses quarterly data obtained from Sharia Stock Statistics, Sharia Mutual Fund Statistics, Sharia Sukuk Statistics, and Sharia Banking Statistics from the Financial Services Authority. Meanwhile, Indonesia's Gross Domestic Product data was obtained from the Ministry of Trade of the Republic of Indonesia for the period between January 2011 to December 2020. The partial results show that in the short term, Islamic banking has a positive effect on GDP, Islamic stocks and Islamic mutual funds have a negative effect on GDP, while Islamic bondon has no effect on GDP. In the long term, Islamic banking has a positive positive effect on GDP, Islamic stocks and Islamic mutual funds have a negative effect on GDP, while Islamic bonds have no effect on GDP. Simultaneously, in the short and long term, the Islamic finance sector does not have a long-term cointegration relationship with Indonesia's Gross Domestic Product.Keywords: Sharia Stock Index, Sharia Mutual Funds, Sharia Bonds, Sharia Banking.

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