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Determinants Of Mutual Funds Performance In Pakistan
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Book Synopsis Determinants of Mutual Funds Performance in Pakistan by : Muhammad Asad
Download or read book Determinants of Mutual Funds Performance in Pakistan written by Muhammad Asad and published by . This book was released on 2019 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this thesis is to investigate various fund attributes influencing returns of Pakistani mutual funds. For this ten types of Mutual funds were selected for the period of 2015-17, and the effect of six micro and two macro fund specific variables on their returns were analyzed. Models have analyzed the effect of all factors in different categories of funds & for different classes of funds. Results showed that the attributes having impact on mutual fund return are risk and expense ratio positively. Some variables have no impact on fund returns i.e. fund size, fund age, and risk return coefficient, moreover macroeconomic factors (GDP and Interest rate) & risk adjusted return have negative relation on fund returns. Macro factors impact have difficult to analyzed with mutual fund return because relation of fund returns mostly depends on its micro factors and its fund manager expectation regarding market. However macro -economic factors affect the overall fund market or any specific class of funds. Sector wise analyze describes the detail effect of each variable in this research, however expense ratio have positive effect on fund return in conventional return but negative for Islamic fund returns.
Book Synopsis Determinants of Investment Behavior of Investors Towards Mutual Funds by : Sayyed Khawar Abbas
Download or read book Determinants of Investment Behavior of Investors Towards Mutual Funds written by Sayyed Khawar Abbas and published by . This book was released on 2017-12-24 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Portfolio Preferences of Foreign Institutional Investors by : Reena Aggarwal
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Factors Affecting Islamic and Conventional Mutual Funds' Returns. A Comparative Analysis of Different Classes of Funds in Pakistan by : Imran Ahmed
Download or read book Factors Affecting Islamic and Conventional Mutual Funds' Returns. A Comparative Analysis of Different Classes of Funds in Pakistan written by Imran Ahmed and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to analyze and investigates the factors influencing returns of Islamic and conventional mutual funds in Pakistan. More specifically this study aims to investigate whether macroeconomic and systematic factors affect Shariah compliant Equity, Income and assets allocation mutual funds differently as compared their conventional counterparts. Different statistical techniques like correlation and regression analysis were applied to study their effect. Study concluded that macro-economic factors have impact on both conventional and Islamic mutual funds however their impact seems to be insignificant at large. Overall funds behaved negatively with discount rate, inflation and GDP, whereas positively with trade and market index. Apart from income funds that were affected positively with discount rate. Furthermore, income funds were not affected by market index. Moreover, inflation and GDP that is usually backed by higher interest rates, also effect negatively overall returns. There was no significant difference in the behavior among the Islamic and conventional funds with respect to the above-mentioned factors. Lastly, there was high correlation among both the equity and asset allocation based mutual funds (both Islamic and conventional). It was also found that asset allocation funds had close resemblance to equity-based funds as compared to income-based funds in term of factors influencings their returns this suggested that most of the asset allocation funds have more portion of equity as compared to debt and could be consider highly risky. Hence, they seem to be against Modern portfolio theory Markowitz (1952) presuming it to be in a minimum level of risk.
Book Synopsis PERFORMANCE AND DETERMINANTS OF MUTUAL FUNDS THAT AFFECT INVESTMENT DECISIONS by : LI ANNA (TP035750)
Download or read book PERFORMANCE AND DETERMINANTS OF MUTUAL FUNDS THAT AFFECT INVESTMENT DECISIONS written by LI ANNA (TP035750) and published by . This book was released on 2016 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Factors Affecting Fund Flows in Islamic and Conventional Mutual Funds of Pakistan by : Saqib Ahmed
Download or read book Factors Affecting Fund Flows in Islamic and Conventional Mutual Funds of Pakistan written by Saqib Ahmed and published by . This book was released on 2020 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to provide empirical evidence on the fund flows in conventional and Islamic equity and fixed-income funds by considering the relationship of it with management expense ratio, fund return, fund size, fund age, inflation, interest rate, and GDP in comparison for conventional and Islamic investors. By using panel data, the sample of Pakistan's locally managed equity and fixed-income funds are considered comprised of 21 individual conventional and Islamic funds from equity and fixed income category respectively from 2009 to 2018. The results provide evidence that Islamic investors have different factors when choosing funds in comparison with conventional investors. The study finds that the key factor influencing the fund flows is the management expense ratio, return, and fund size. This study also shows that all the conventional and Islamic fund characteristics of equity and fixed-income funds are positively related to fund flows except management expense ratio and fund age, which have negative relationship with fund flows. The empirical findings of this paper clearly call for fund managers and investors to review their investment policy as this paper help fund managers to maintain a balanced amongst the factors so as to ensure maximization of its return, benefiting both; Mutual Fund managers and investors. The results could also provide better information and guidance for investors as well as policy-makers on the factors that affect the fund flow for Pakistan Islamic and conventional equity and fixed-income funds.
Book Synopsis Determinants of Private Investment in Pakistan by : Mr.Khaled Sakr
Download or read book Determinants of Private Investment in Pakistan written by Mr.Khaled Sakr and published by International Monetary Fund. This book was released on 1993-03 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of private investment in Pakistan with special emphasis on the impact of government investment. Using annual data for the period 1973/74-1991/92, it is estimated that private investment was positively correlated to GDP growth, to credit extended to the private sector, and to government investment. When government investment is disaggregated into Its infrastructural and noninfrastructural components, the latter is found to be negatively correlated with private investment.
Book Synopsis Determinants of Performance for Growth Mutual Funds by : Robert Basist
Download or read book Determinants of Performance for Growth Mutual Funds written by Robert Basist and published by . This book was released on 1971 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Performance Persistence and Determinants of Indian Fund of Mutual Fund by : S. Muruganandan
Download or read book Performance Persistence and Determinants of Indian Fund of Mutual Fund written by S. Muruganandan and published by LAP Lambert Academic Publishing. This book was released on 2014-03 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fund of Mutual Funds (FoFs) are only an investment strategy of holding a portfolio of other investment funds rather than investing directly in shares, bonds and other securities. This strategy offers high level of diversification to the investors but highly criticised due to additional layer fees associated in it. However, the growing demand for FoFs motivated the researchers to examine the persistence and determinants of performance of FoFs in Indian context. The performance of selected FoFs is tested with the help of average excess return, Sharpe ratio and Jensen's alpha and found that the sample funds outperformed the market index for the given level of risk. Malkiel's Z-test, Brown and Goetzmann Z- test and Kahn and Rudd Chi Square test are used to examine the performance persistence and found the loser pattern of persistence. The determinants of FoFs performance is examined by employing Panel Data model and concluded that the fund managers are enjoying the benefit of economies of scale where as investors are not.
Book Synopsis Performance Evaluation of Selected Open Ended Mutual Funds in Pakistan by : Mohammad Ali
Download or read book Performance Evaluation of Selected Open Ended Mutual Funds in Pakistan written by Mohammad Ali and published by . This book was released on 2015 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual fund is a pool of Investment funds collected from different investors with the purpose of Investing in bonds, Securities, Money market Instruments and other related assets. Mutual fund is a tool for small investors to Invest in blue-chip companies. Mutual fund Industry is still in growth stage where dozen of private sector companies are operating in the market whereas very few public sector companies are in operation in Pakistani market. This research is an attempt to study the performance evaluation of selected open ended mutual funds in Pakistan in terms of risk & return relationship. For this purpose rate of return method, Beta, Sharpe ratio & treynor ratio has been brought into play. KSE 30 has been used as a benchmark to examine the comparative performance of selected open ended mutual funds in Pakistan. Study period comprise of years 2013 & 2014.The results and analysis of study showed that only 3 mutual fund schemes have performed better than the benchmark.
Book Synopsis The Role of Private Information on Global Factors for Mutual Funds Holdings and Performance by : Barbara Abou Tanos
Download or read book The Role of Private Information on Global Factors for Mutual Funds Holdings and Performance written by Barbara Abou Tanos and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation responds to a lack within the literature about the impact of private global information on mutual funds portfolio holdings and performance. We conduct three essays that aim to explain different controversial topics about the global funds' performance and investments choices.In the first paper we examine how the private information on global factors is affecting US global funds' trading profits. After controlling for different performance benchmark models and for several managerial fund characteristics, we find a positive and significant impact of the private global information on mutual funds' performance. The fund's informational advantage on global factors is industry-specific rather than country-specific, consistent with the results of Albuquerque et al. (2009) and Hiraki et al. (2015). We also argue that the use of the degree of sector concentration (DSC) as a proxy for the manager's informational advantage (as employed in some recent papers) is noisy. The performance of funds is mainly driven by the proxy of private information on industrial factors and not by its degree of sector concentration. DSC affects positively the trading profits of funds in periods of good financial stability. However, this positive impact is only significant for funds with a high informational advantage on global factors.In the second paper, we investigate whether this is the private global information or the familiarity with foreign markets which has driven the performance of global funds during the recent subprime crisis. In fact, it has been shown within the literature that fund managers tend to hold familiar stocks during periods of heightened markets. We find that the private information on global factors of risk is the main driver of funds' performance for the 2005-2016 period including the subprime crisis period. This result holds when considering different familiarity, market transparency and investor's protection proxies and when employing different performance benchmark models. On the opposite, the familiarity proxies reverse their effect during the financial crisis period. We show that the “flight to familiarity” within this period is detrimental for funds' performance and rather can be assessed as a bias. Managers that seek familiarity during periods of financial crisis to be “on the safe side” do not create value for their investors. Our results also suggest that during periods of heightened market uncertainties, fund managers can benefit from processing information on industrial factors, consistent with the findings of Albuquerque et al. (2009) and Hiraki et al. (2015).In our third and last paper, we investigate the determinants of fund's portfolio rebalancing decisions of foreign holdings that belong to different industries and their relative implication on US global funds' performance. We find that mutual funds that engage in industrial sector rotation strategies enhance their performance. This result is consistent with the literature view that actively managed funds perform better. Moreover, we find that the fund's industrial rebalancing activity is positively and significantly affected by its informational advantage on global factors. This study is in line with several papers that highlighted the increasing importance of global industry factors for asset allocation (Hiraki et al., 2015; Schumacher, 2017) and consistent with different arguments stating that industry sector rotation can be optimal for future global investing especially with the increasing integration of capital markets (Weiss, 1998; Cavaglia et al., 2004).
Book Synopsis Factors Affecting the Financial Performance of Investment Funds a Comparative Study by : Mohamed Ali Badr
Download or read book Factors Affecting the Financial Performance of Investment Funds a Comparative Study written by Mohamed Ali Badr and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Growth rate of investment in mutual funds has exceptionally increased over the last decade. Many studies have compared between the performances of conventional and Islamic mutual funds in the developed markets and only a few have studied emerging markets. The aim of this study is to focus on the investigation of the factors affecting and the performance of Islamic mutual funds in comparison with their conventional counterparts in Egypt as an emerging market in mutual funds generally and Islamic mutual funds specially. The main objective of this study is to investigate the factors affecting the financial performance of Islamic mutual funds (IMFs) in comparison with the conventional mutual funds (CMFs). Risk and return relationship is evaluated relative to market benchmark over an 8-year period from January 2006 to December 2013 divided into pre-financial crisis phase (27 months), during financial crisis phase (45 months) and post-financial crisis phase (24 months). The data covers 34 mutual funds from Egypt, consisting of 9 Islamic mutual funds (IMFs) and 25 Conventional mutual funds (CMFs) covering only open-end equity funds for the purpose of standardization and relativity of the comparison. The analysis focuses on risk and return performance, and the impact of funds attributes including age, size, objective, systematic risk and total risk. The study employs Sharpe, Treynor and Jensen models as risk-adjusted performance measures. The study concludes that the performance of IMFs is not significantly different from the CMFs counterparts in the pre-financial crisis phase, during the financial crisis phase, or the post-financial crisis phase. Both IMFs and CMFs outperformed the market index (EGX30) in the pre-Financial Crisis phase and the post-Financial Crisis phase but underperformed the market index during the Financial Crisis phase. Moreover, both IMFs and CMFs outperformed the T-bill rate in the pre-Financial Crisis phase but underperformed the T-bill rate during the Financial Crisis phase and the postFinancial Crisis phase. Total risk and systematic risk significantly affect the performance of mutual funds. Income & Growth objective is an important variable that is accompanied by an increase in the performance of the fund. Growth objective and Age also play significant roles in interpreting the performance of mutual funds.
Book Synopsis Investigating the Performance of Islamic Mutual Funds by : Abdul Rafay
Download or read book Investigating the Performance of Islamic Mutual Funds written by Abdul Rafay and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of the paper is to study the performance of Islamic mutual funds by comparing their volatility with KSE-30 index of Pakistan Stock Exchange. For empirical analysis and to study the volatility behavior of KMI-30 index and KSE-30 indexed mutual funds ARCH/GARCH models are used. Factors that are considered for comparison of performance include Return, Volatility, Net Asset Value (NAV), KMI-30 Index and KSE-30 Index. Our results show that returns and volatility of Islamic mutual funds are consistent with the performance of conventional mutual funds. Furthermore our investigation shows that the volatility of Islamic mutual funds plays a little role in determining their performance, however opposite is true for conventional mutual funds. This study is important for investors in Pakistan because it can help them to diversify their investment by selecting suitable portfolios.
Book Synopsis The Determinants of Mutual Fund Starts by : Ajay Khorana
Download or read book The Determinants of Mutual Fund Starts written by Ajay Khorana and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: For a sample of 1163 mutual funds started over the period 1979-1992, we find that fund initiations are positively related to the level of assets invested in and the capital gains embedded in other funds with the same objective, the fund family's prior performance, the fraction of funds in the family in the low range of fees, and the decision by large families to open similar funds in the prior year. In addition, consistent with the presence of scale and scope economies, we find that large families and families that have more experience in opening funds in the past are more likely to open new funds.
Book Synopsis Factors Influencing Mutual Fund Performance by : Walter Coachman Price
Download or read book Factors Influencing Mutual Fund Performance written by Walter Coachman Price and published by . This book was released on 1971 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Association of Mutual Fund Risk Measures and Return Parameters by : Muhammad Usman Khurram
Download or read book Association of Mutual Fund Risk Measures and Return Parameters written by Muhammad Usman Khurram and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this study is to identify the association among mutual fund risk measures and Return Parameters and to evaluate the mutual fund performance. Moreover to identify the best performance tools for investment in Pakistani mutual fund industry. Thirty five mutual funds have been selected for the period 2007 to 2015. The risk-adjusted performance is evaluated for mutual funds through established measures such as Sharpe, Treynor, Jensen Alpha, Information and Fama's Net Selectivity. Results reveal that Sharpe ratio is significantly positively associated with Jenson alpha ratio and with information ratio. Treynor ratio is negatively related to Jenson alpha ratio. However Jenson alpha ratio is positively correlated with information Ratio. Fama's net selectivity is major driver in leading to other measures however information ratio and Sharpe ratio leads to Treynor ratio as well. Further results conclude that performance measures are ranked in accordance with the arrangement of Fama's net selectivity at top, Jenson Alpha at second, Sharpe ratio at third, Information ratio at fourth and Treynor ratio at fifth position respectively. At a glance, Jensen Alpha measure seems best suitable measure for mutual fund performance in Pakistan due to its practical nature.
Book Synopsis Islamic Asset Management by : Bayt al-Tamwīl al-Kūwaytī
Download or read book Islamic Asset Management written by Bayt al-Tamwīl al-Kūwaytī and published by Euromoney Books. This book was released on 2004 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understand the aspects of structuring and investing by learning from more than 20 leading experts in the field of Islamic finance from across the globe and across the world of Islamic Asset Management.
