Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Factors Affecting Performance Of Equity Unit Trust Funds full books in PDF, epub, and Kindle. Read online Factors Affecting Performance Of Equity Unit Trust Funds ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Siyamala Muniandy
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (12 download)
Download or read book Factors Affecting Performance of Equity Unit Trust Funds written by Siyamala Muniandy and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sekgabo Reatile Molelekoa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (956 download)
Download or read book Large and Small Funds written by Sekgabo Reatile Molelekoa and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Individuals who rely on mutual funds to accumulate wealth need advice on how best to select them (Ciccotello & Grant, 1996). The purpose of the study is to gain insight whether fund size and boutique or institutional fund structure of unit trusts affects returns. It expands the body of knowledge on investment performance factors and equips investors with a tool to make informed decisions when contemplating various fund manager offerings. Data was collected from the database of the Association for Savings and Investment (ASISA) for South African general equity unit trust returns and fund size information covering a period of 44 quarters from March 2001 to December 2011. Domestic general equity unit trusts were analysed during the period under review. A regression analysis was run to test for fund size as an indicator of investment performance. A parallel study was conducted to test whether boutique funds outperform institutional funds. The results indicate that fund size has no influence on fund performance. The findings also show that there is no significant difference between the performance of boutique style unit trust funds and institutional unit trust funds. These findings contradict the findings of previous research by (Fama, 1972): (Chen, Hong, Huang, & Kubik, 2004: Ciccotello & Grant, 1996: Droms & Walker, 1996) who found fund size, either positively or negatively have an influence on mutual fund returns while (Gallagher & Martin, 2005) and Sch??nfeld (2009) concluded that boutique funds offer better returns compared to institutional funds. Investors would be advised to carry out a fund by fund analysis to identify the optimal domestic unit trust investment fund when investing as opposed to an aggregated study.
Author : Cheong Sing Tng
Publisher :
ISBN 13 : 9783838325064
Total Pages : 156 pages
Book Rating : 4.3/5 (25 download)
Download or read book Factors Influencing Mutual Fund Performance written by Cheong Sing Tng and published by . This book was released on 2009-12 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dunhong Jin
Publisher : International Monetary Fund
ISBN 13 : 1513519492
Total Pages : 46 pages
Book Rating : 4.5/5 (135 download)
Download or read book Swing Pricing and Fragility in Open-end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Author : Cheong Sing Tng
Publisher :
ISBN 13 :
Total Pages : 243 pages
Book Rating : 4.:/5 (225 download)
Download or read book Factors Influencing Unit Trust Performance written by Cheong Sing Tng and published by . This book was released on 2006 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Meadhbh Sherman
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (827 download)
Download or read book An Examination of the Factors Influencing Mutual Fund Performance written by Meadhbh Sherman and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study looks at some factors influencing mutual fund performance. Fund management location, family status and asset allocation and timing ability are examined. Using monthly returns on 4545 funds from Morningstar from January 1970 to June 2010, the study examines whether location influences the return a fund generates. It is found that U.S. managed funds outperform European managed funds, regardless of market invested in. This can be seen in terms of higher mean alpha, and statistically significant outperformance. A comparison is also carried out between the performance of family funds and non-family funds. Using the recursive portfolio technique and Rhodes utility based measure of persistence, the persistence of funds that are in a family are compared to those that do not belong to a family. A second hypothesis is also examined here, analyzing whether fund managers make their risk decision to influence performance for the second part of the year based on their performance in the first part of the year. It can be concluded that family status, family size or market does not affect persistence in performance. The study found that family rank has an impact on the risk adjustment behaviour of fund managers. The fact that the coefficient is negative suggests that managers are not behaving strategically. When markets are examined individually, fund managers within families compete in the U.S. and behave strategically in Europe. Finally, using asset allocation data on balanced funds, the study examines the skill of balanced fund managers to time particular asset classes. It is found that there is little timing ability present, across all markets and models.
Author : Jarrod W. Wilcox
Publisher : John Wiley & Sons
ISBN 13 : 1118415329
Total Pages : 401 pages
Book Rating : 4.1/5 (184 download)
Download or read book Financial Advice and Investment Decisions written by Jarrod W. Wilcox and published by John Wiley & Sons. This book was released on 2013-11-20 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to adapting financial advice and investing to a post crisis world There's no room for "business as usual" in today's investment management environment. Following the recent financial crisis, both retail and institutional investors are searching for new ways to oversee investment portfolios. How do you combine growth with a focus on wealth preservation? This book offers you a fresh perspective on the changes in tools and strategies needed to effectively achieve this goal. Financial Advice and Investment Decisions provides today's investment professionals with the conceptual framework and practical tools they need to successfully invest in and manage an investment portfolio with wealth preservation as a key concern. While there are many qualitative discussions, the authors present strong quantitative theory and practice in the form of small conceptual models, simulation, and empirical research. A comprehensive guide to properly managing investments with a focus on matching security and growth goals with the needs of the investor Blends insights gleaned from portfolio management practices used prior to the market mayhem of 2007-2009 with cutting-edge academic and professional investment research Includes innovative and wide-ranging treatment of subjects such as augmented balance sheets, the efficiency of markets, saving, spending, and investing habits, and dealing with uncertainty Description of opportunities for improving the investing environment The recent financial crisis has opened our eyes to the need for improving the way we invest. This book will put you in a better position to excel in this new economic environment.
Author : Mohamed Ali Badr
Publisher :
ISBN 13 :
Total Pages : 166 pages
Book Rating : 4.:/5 (13 download)
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.
Author : Walter Coachman Price
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (237 download)
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:
Author : Hanna Katrina R. Gorospe
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (989 download)
Download or read book Relative performance of selected domestic equity mutual funds (MFs) and unit investment trust funds (UITFs) in the Philippines written by Hanna Katrina R. Gorospe and published by . This book was released on 2015 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual funds (MFs) and Unit Investment Trust Funds (UITFs) are some of the most interesting areas of study in financial markets particularly in developed countries due to higher return through professional asset management. Existing literature on these funds primarily discussed fund performance measures and fund risk. However, the relationship between fund performance and different fund attributes, which are the subject matter of this study, has not been previously examined in the Philippines. These are factors that may affect the fund performance in which investors may choose as investment vehicles. To explore this issue, the study examined quarterly data of six MFs and nine UITFs, performing multiple regression and a number of different statistical tests to verify the robustness of the results for the period of 2008-2014. The return was used to measure fund performance and to analyze the relationship between fund attributes such as fund size, age, portfolio beta and market benchmarks variable T-bill and PSEi. The results show that only PSEi has statistically significant relationship with fund return and the rest of independent variables have no significant effect on fund performance. The findings also show that UITFs fund generally performs slightly better than MFs. This is likely due to the higher maximum equity exposure limits and more affordable cost structure of UITFs. Overall, the results indicate that the investors should understand the characteristics that will affect fund performance and fund managers should develop strategies on how to increase their fund performance.
Author : Yusnidah Ibrahim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (969 download)
Download or read book The Comparison of Performance Between Government Sponsored Unit Trust Funds and Private Unit Trust Funds written by Yusnidah Ibrahim and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard A. Brealey
Publisher :
ISBN 13 : 9781260013900
Total Pages : 0 pages
Book Rating : 4.0/5 (139 download)
Download or read book Principles of Corporate Finance written by Richard A. Brealey and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new international edition provides increased coverage of the procedures for estimating the cost of capital, expanded coverage of risk management techniques and the use and misuse of derivatives, and additional coverage of agency problems.
Author :
Publisher :
ISBN 13 :
Total Pages : 279 pages
Book Rating : 4.:/5 (912 download)
Download or read book Evaluating the Performance of Managed Funds written by and published by . This book was released on 2005 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Drosos Koutsokostas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Adjusting for Risk Factors in Mutual Fund Performance and Performance Persistence written by Drosos Koutsokostas and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to examine the performance of Greek equity mutual funds and the persistence in annual performance for the period 2008-2017 by using a variety of performance models. Design/methodology/approach Using all the available funds in operation and daily data, the authors apply single-index (Jensen, 1968) and multi-factor models (Fama and French, 1993; Carhart, 1997) to measure risk-adjusted returns. To assess performance persistence, a series of parametric (Bollen and Busse, 2005) and non-parametric tests (Malkiel, 1995; Brown and Goetzmann, 1995; Kahn and Rudd, 1995) is implemented. Findings Results show that the Greek equity mutual funds perform, on average, worse than the market index, irrespective of the performance measure applied, and the estimations obtained by the models are similar. Few managers that followed large-cap strategies, pursued stocks with high book-to-market value ratio and eliminated their exposure to the momentum effect were able to add value to their portfolios. Furthermore, a winner-picking strategy based on sustained superior performers is questioned. However, assigning fund returns to the corresponding risk factors results in the partial disappearance of persistence in performance. Originality/value The sample period includes the turbulent period, following the introduction of capital controls, which affected capital flows significantly. Moreover, the application of multiple performance measures enables us to investigate performance persistence in a wider spectrum.
Author : Jennifer Arendse
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Winner Takes it All written by Jennifer Arendse and published by . This book was released on 2016 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between unit trust (mutual funds) performance and subsequent investment flows into and out of funds has been, for decades, the focus of many international studies. This study builds on the prior findings of the flow-performance relationship and aims to quantify the inflow into funds which outperform. The flow-performance relationship is important for investment businesses to understand, because of the implications this has on the profitability of a fund. The research applies a portfolio time-series methodology to Morningstar SA data and a buy-and-hold analysis. Two unit trust categories are tested, namely General Equity and Multi-asset High Equity funds, and within each category, single manager funds and fund of funds are tested separately. Funds are ranked according to their past performance over a 14-month period, and assigned into quintiles. Net flows into each fund in the subsequent quarter are then determined, and the process repeated on a quarterly basis. We find strong evidence that equity funds need to perform in the top quintile to attract funds, and note that relative performance to peers is more important to investors than performance relative to other benchmarks.
Author : Gerasimos Georgiou Rompotis
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (129 download)
Download or read book Performance, Expenses and Cash Flows written by Gerasimos Georgiou Rompotis and published by . This book was released on 2007 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to exploit the factors that affect performance, expense ratio and cash flows of Greek equity mutual funds in the time period 2002-05. In the first step, we apply the well-known Jensen's model and we find that the funds of the sample do not present significant and consistent superior risk-adjusted performance in relevance to the average market portfolio, even though we record slight statistical evidence for the opposite. Consequently, we demonstrate that the performance is contrarily related to the expense ratio. Further, we provide denotations that the expense ratio is affected negatively by the length of fund's assets and risk-adjusted return, while expense ratio is amplified by the increase of the risk, the purchase and the redeeming charges. Finally, we indicate that the flows towards funds are reduced due to accretions in expenses, while flows are positively influenced by the age of funds, the return and the magnitude of family's assets.
Author : Hans Visser
Publisher : Edward Elgar Publishing
ISBN 13 : 1786433508
Total Pages : 296 pages
Book Rating : 4.7/5 (864 download)
Download or read book Islamic Finance written by Hans Visser and published by Edward Elgar Publishing. This book was released on 2019-12-27 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this extensively updated third edition, Hans Visser explores the ideas and concepts that drive and shape Islamic finance. This incisive book reviews the products, institutions and markets offered by Islamic finance in the modern marketplace, offering a critical discussion of the ways in which fiscal and monetary policy can be adapted to Islamic financial institutions. Visser offers new directions for economics and finance students, as well as students of Islamic finance and Islam studies more broadly.
