scholarly journals ATTRIBUTES AND PERFORMANCE OF FUND MANAGEMENT COMPANIES: EVIDENCE FROM THE LARGEST SHARIAH-COMPLIANT FUND MARKETS

2022 ◽  
Vol 7 (1) ◽  
pp. 114-141
Author(s):  
Ainulashikin Marzuki ◽  
Anas Ahmad Bani Atta ◽  
Andrew Worthington
Keyword(s):  
Saudi Arabia ◽  
Regression Analysis ◽  
Mutual Fund ◽  
Fund Performance ◽  
Islamic Finance ◽  
Fund Management ◽  
Top Down ◽  
Funds Management ◽  
And Performance ◽  
The Impact

Background and Purpose: The study examines the effect of fund management companies’ (FMCs) attributes on FMC performance in the four countries with the largest number of Islamic funds from 2007 to 2018.   Methodology: The study uses pooled regression analysis on 70 FMCs, comprising Saudi Arabia (25), Malaysia (20), Indonesia (14) and Pakistan (11). The sample is further divided into FMC with Islamic funds focused (IFFMC) and conventional funds focused (CFFMC).   Findings: Only past flows are insignificantly related to performance. Both proxies for size positively relate to returns, but only in the case of Saudi Arabia. In Pakistan, performance improves with assets under management (AUM), while in Malaysia and Indonesia, an increasing number of funds negatively relate to performance. A relatively high number of better performing funds positively affect FMC and vice versa. Additionally, there are significant differences in the factors determining IFFMC and CFFMC performance, with the number of funds and AUM positively affecting the performance of IFFMC but not CFFMC. Poorly performing funds adversely affect CFFMC but not IFFMC.   Contributions: This study provides useful information for investors using a top-down approach to FMC then fund selection, and for managers in evaluating the impact of factors like FMC scale and scope on performance. The impact of these attributes differs between CFFMCs and IFFMCs which lies in the performance differences commonly observed, at the FMC and fund level.   Keywords: Islamic funds management industries, Islamic mutual fund, fund performance, Islamic finance.   Cite as: Marzuki, A., Bani Atta, A. A., & Worthington, A. (2022). Attributes and performance of fund management companies: Evidence from the largest Shariah-compliant fund markets. Journal of Nusantara Studies, 7(1), 114-141. http://dx.doi.org/10.24200/jonus.vol7iss1pp114-141

scholarly journals Empathy in Piano Duet Rehearsal and Performance: A Response to Haddon and Hutchinson

2015 ◽  
Vol 10 (1-2) ◽  
pp. 157
Author(s):  
Fred Seddon
Keyword(s):  
Verbal Communication ◽  
Original Study ◽  
Future Research ◽  
Top Down ◽  
Dual Roles ◽  
Unique Role ◽  
And Performance ◽  
The Impact ◽  
Prior Relationship

<p>This review comments upon the article entitled above. The article is well written and describes an interesting and original study. This review critiques the Method and Discussion sections of the article and offers suggestions for future research. Three specific points from the method are considered relating to: dual roles as researcher-musicians, the use of reflective diaries in research, and the impact on the research of the prior relationship between the authors. The unique role of &ldquo;written empathy&rdquo; is discussed within the context of empathic relationships. Also, this review considers how shifts from verbal to non-verbal communication may indicate movement from a &ldquo;top-down&rdquo; to &ldquo;bottom up&rdquo; response, and how this shift is related to &ldquo;empathetic attunement.&rdquo;</p>

scholarly journals Risk-adjusted return, fund manager efficacy, and fund characteristics – An inquiry

2021 ◽  
Author(s):  
Riyazahmed K
Keyword(s):  
Regression Analysis ◽  
Mutual Funds ◽  
Fund Performance ◽  
Sharpe Ratio ◽  
Information Ratio ◽  
Fund Manager ◽  
Data Set ◽  
Dependent Variables ◽  
Corpus Size ◽  
The Impact

Abstract In this study, I examine the risk-adjusted return of mutual funds in India. A data set of 4220 mutual funds is used for the analysis. Sharpe ratio, a metric of risk-adjusted return (Sharpe, 1994) and Information ratio, a metric of outperformance than a fund’s benchmark (Goodwin, 1998) were analyzed. Regression analysis is used to estimate the impact of fund characteristics like fund category, fund type, fund access type, corpus size on the dependent variables i.e., Sharpe Ratio and the Information Ratio. All the funds underperformed in both the Sharpe ratio and Information ratio. Liquid funds found worst. Fund type and corpus size do not impact fund performance. Fund access type was found to be significant on fund performance. The results add to the literature by examining the post-pandemic period.

scholarly journals The impact of country-level and fund-level factors on mutual fund performance in Vietnam

2019 ◽  
Vol 21 (1) ◽  
pp. 42-56
Author(s):  
Hoa Thi Nguyen ◽  
Dung Thi Nguyet Nguyen
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Investment Decision ◽  
Political Stability ◽  
Fund Performance ◽  
Data Set ◽  
Policy Makers ◽  
Content Type ◽  
Country Level ◽  
The Impact

Purpose The purpose of this paper is to examine the determinants of mutual funds’ performance at both a country level and a fund level in Vietnam. Design/methodology/approach The different types of funds with more than three-year operation are selected to remove outliers of the stock market boom from 2015 to 2018. The data set includes 54 mutual funds operating during the period from 2008 until November 2018. Findings The research finds that there is a positive relationship between macroeconomics and mutual funds’ performance. Furthermore, country-level governance such as regulation effectiveness, political stability, economic growth and financial development has a positive correlation with mutual funds’ performance. However, the impact of fund-level factors is diverse with the no significant impact of board size on mutual fund’s performance, while passive funds perform better than active funds in Vietnam. Practical implications The research results suggest that investors should pay attention to the types of funds and operating expense when making an investment decision in mutual funds. There are some recommendations for both government policy-makers and the mutual fund industry that are likely to facilitate the development of this field in Vietnam. Originality/value The research contributes to the understanding of what are the factors that should be considered when investing in mutual funds.

The impact of financial and economic factors on Islamic mutual fund performance: Evidence from multiple fund categories

2019 ◽  
Vol 52-53 ◽  
pp. 100607
Author(s):  
Gazi Salah Uddin ◽  
Jose Arreola Hernandez ◽  
Chiraz Labidi ◽  
Victor Troster ◽  
Seong-Min Yoon
Keyword(s):  
Mutual Fund ◽  
Fund Performance ◽  
Mutual Fund Performance ◽  
Economic Factors ◽  
The Impact

Fund Flow Volatility and Performance

2009 ◽  
Vol 45 (1) ◽  
pp. 223-237 ◽  
Author(s):  
David Rakowski
Keyword(s):  
Mutual Fund ◽  
Negative Relationship ◽  
Fund Flows ◽  
Cross Sectional ◽  
Fund Flow ◽  
Performance Differences ◽  
Significant Negative Relationship ◽  
Equity Funds ◽  
And Performance ◽  
The Impact

AbstractThis paper provides a detailed analysis of the impact of daily mutual fund flow volatility on fund performance. I document a significant negative relationship between the volatility of daily fund flows and cross-sectional differences in risk-adjusted performance. This relationship is driven by domestic equity funds, as well as small funds, well-performing funds, and funds that experience inflows over the sample period. My results are consistent with performance differences arising from the transaction costs of nondiscretionary trading driven by daily fund flows, but not with performance differences arising from the suboptimal cash holdings that arise from fund flows.

scholarly journals The Impact of Macroeconomic Variables on Mutual Funds Performance in Ghana

2021 ◽  
pp. 34-53
Author(s):  
Cai Li ◽  
Rosemond Atampokah ◽  
Helena Akolpoka ◽  
Priscilla Avonie ◽  
Baku R. Kwame
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Fund Performance ◽  
Foreign Portfolio Investment ◽  
Macroeconomic Variables ◽  
Macroeconomic Conditions ◽  
Fund Managers ◽  
The World ◽  
World Champion ◽  
The Impact

Development across the globe has been an agenda many citizens of the world champion irrespective of the area, sector or discipline within which it is being advocated. Politically, socially, and in the world of economics, mutual fund has gained significance within country’s economic environment. The phenomenal growth in the financial market of mutual funds can be attributed to the increase in the various financial schemes available, improvement in fund mobilization, as well as the growth of investments in the country. We examined the impact of macroeconomic variables on mutual fund performance of all mutual fund companies in Ghana over the period of 2008 to 2016. We performed correlation analysis, hence examined the co-movement of the returns from the selected funds with the key macroeconomic variables. We find macroeconomics variables positively affect the returns of funds. The effect comes by the amount of money available for investments. We further find exchange rate as the strongest macroeconomic variable affects the performance of mutual funds in Ghana. We established that Ghana receives a significant amount of foreign portfolio investment (FPI), where investors in other countries bring in their money to make investment on our financial markets. Our results provide evidence for fund managers on approach in dealing with macroeconomic conditions and its volatilities.

scholarly journals Scale and Skill in Mutual Fund Management: Evidence from Norway

2020 ◽  
Vol 3 (4) ◽  
pp. 1-20
Author(s):  
Markus Snøve Høiberg
Keyword(s):  
Panel Data ◽  
Mutual Fund ◽  
Fund Performance ◽  
Mutual Fund Performance ◽  
Fund Management ◽  
Average Performance ◽  
Performance Benchmarks ◽  
Survivorship Bias ◽  
The Relationship ◽  
Relevant Factors

Using a sample free of survivorship bias and several risk-adjusted performance benchmarks to identify effects of scale on mutual fund performance in the Norwegian market, I find mixed evidence that both large and small funds underperform as against the middle-sized funds in the period 2005-2018. Controlling for relevant factors in panel data regressions, I find that, on average, performance worsens with an increase in size while giving support to initial findings of nonlinearity. The relationship is most robust after 2013 and seems to be affected by competition in the market as well as fund inflows. I do not find any empirical evidence to support the liquidity hypothesis.

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