MUTUAL FUND: BEHAVIORAL FINANCE S PERSPECTIVE
|
|
- Coleen Barton
- 6 years ago
- Views:
Transcription
1 34 ABSTRACT MUTUAL FUND: BEHAVIORAL FINANCE S PERSPECTIVE MS. AVANI SHAH*; DR. NARAYAN BASER** *Faculty, Shree Chimanbhai Patel Institute of Management and Research, Ahmedabad. **Associate Professor, Shri Jairambhai Patel Institute of Management and Computer Application, Ghandhinagar. This paper aims to study the investor s preference in selection of Mutual fund and measuring the fund sponsor quality. A mutual fund is a common pool of money into which investors place their contributions that are to be invested in accordance with a stated objective. Being a part of financial markets although mutual funds industry is responding very fast by analyze investor s perception and expectations. In this paper, research of 305 mutual fund investors was conducted in Ahmedabad using non-probability convenience sampling. After using One-Way ANNOVA, researcher had come to a conclusion that Funds reputation, Withdrawal facilities, brand name, Sponsor s past performance in terms of risk & return varies among the investor s of different age group & investor s different occupation group. KEYWORDS: Behaviour Finance, Investment Decisions, Fund Performance, Sponsor Quality. INTRODUCTION This Mutual fund industry is playing an important role to provide an alternative avenue to the entire gamut of investors in a scientific and professional manner. Mutual funds have played a significant role in financial intermediation, the development of capital markets and the growth of the Indian Economy. The Indian mutual fund industry has been no exception. Though it is relatively new, it has grown at a dynamic speed, influencing various sectors of the financial market and the national economy. The Indian economy is under transition on account of the ongoing structural adjustment programs and liberalization. The money market mutual fund segment has a total corpus of $1.48 trillion in the U.S. against a corpus of $100 million in India. The ownership of the fund is thus joint or "mutual"; the fund belongs to all investors. He or her bears in the same proportion as the amount of the contribution make a single investor's ownership of the fund to the total amount of the fund. LITERATURE REVIEW Brown & Goetzmann(1997) emphasis on mutual fund styles. Mutual funds are typically grouped by their investment objectives or the style of their managers. This approach is simple to apply, yet it captures nonlinear patterns of returns that result from virtually all active portfolio
2 35 management styles. Classifications are superior to common industry classifications in predicting cross-sectional future performance, as well as past performance, and also outperform classifications based on risk measures and analogue portfolios. Interestingly, growth funds typically break down into several categories that differ in composition and strategy. Syriopoulos (2002) gave its review on an analysis of investor s risk perception towards mutual funds services. Financial markets are constantly becoming more efficient by providing more promising solutions to the investors. Being a part of financial markets although mutual funds industry is responding very fast by analyze investor s perception and expectations. Spiegel (2004) covers analyzed the security returns follow linear factor model with constant coefficients. This paper develops and estimates a Kalman filter statistical model to track time-varying fund alphas and betas. Several tests indicate that relative to a rolling OLS model the Kalman filter model produces more accurate fund factor loadings both in and out of sample. Bergstresser (2007) stipulates that many investors purchase mutual funds through intermediated channels, paying brokers or financial advisors for fund selection and advice. Brokers sold funds exhibit no more skill at aggregate-level asset allocation than do funds sold through the direct channel. Our results are consistent either with substantial non-tangible benefits delivered by the brokerdistributed sector or with conflicts of interest between brokers and their clients. Fama (2009) emphasis on the skills required for cross section of mutual funds returns. they focuses on the aaggregate portfolio of U.S. equity mutual funds is close to the market portfolio, but the high costs of active management show up intact as lower returns to investors. Bootstrap simulations suggest that few funds produce benchmark adjusted expected returns sufficient to cover their costs. Ivković and weisbenner (2009) studied on Individual investor mutual fund flows. They studied the relation between individuals mutual fund flows and funds characteristics, establishing three key results. First, consistent with tax motivations, individual investors are reluctant to sell mutual funds that have appreciated in value and are willing to sell losing funds. Second, individuals pay attention to investment costs as redemption decisions are sensitive to both expense ratios and loads. Marco.et.al (2011) analysed the risk-taking behavior of a fund manager in response to prior performance by conducting a comparative analysis between ethical and conventional investment portfolios. The paper examined the influence on managerial risk taking of the compensation and employment incentives. Cederburg (2008) reviewed on the mutual fund investor behavior across the business cycle. Mutual fund investor behavior changes across the business cycle. In economic expansions, investors strongly display the documented behaviors of chasing returns and searching for managerial skill. In contrast, recession investors do not chase returns and exhibit a weaker tendency to seek alpha. Even before controlling for momentum, no smart money effect exists in recessions. Zhao (2004) reviewed fund families typically claim that closing a fund protects the fund superior performance by preventing it from growing too large to be managed efficiently. Even though funds with better performance and larger size are more likely to be closed, there is no evidence that closing a fund can indeed protect its performance. Instead, fund closing decisions are more likely to be motivated by spillover effects by closing a star fund, the fund family signals its superior performance and also bring investors attention and investments to other funds in the family. Some evidence exists to suggest that the closing strategy is effective in generating higher inflows into the rest of the family, at least in the short run.
3 36 RESEARCH METHODOLOGY RESEARCH OBJECTIVE The objective of this research paper is to examine and analyse investor s preferences for fund performance and fund sponsor qualities of mutual funds in Ahmedabad city. HYPOTHESIS H1: There is no significance difference between respondents of different age group and their preference for fund related questions. H2: There is no significance difference between respondents of different age group and their preference for fund sponsor qualities. H3: There is no significance difference between respondent having different occupation and their preference for fund related questions. H4: There is no significance difference between respondent having different occupation and their preference for fund sponsor qualities. RESEARCH DESIGN Aim of this paper is to study investor s behaviour pertaining to the mutual fund & to fulfil the objective, various past literatures were reviewed & hence suitable research design is Descriptive Research. The research is being carried with the use of primary data in which structured questionnaire is used as a tool for data collection. The questionnaire has been personally administered on the sample size of 305, chosen on a convenient basis from Ahmedabad city. Questionnaire was prepared keeping in mind the various outcomes possible. It was taken care to minimize the possibility of wrong interpretation and biased views. The five-point likert scale was used to analyze the different variables and their relationship. For the analysis of data statistical methods are applied with the aid of SPSS (Statistical Package for Social Science) software, version 19.0 and excel. DATA ANALYSIS For the data analysis, research has applied one-way ANOVA. Researcher had tried to find out the factors affecting an investor s preferences for fund performance and sponsor quality taking the demographic variables like age and occupation into the consideration. ONE-WAY ANOVA 1. Age and preference for fund related questions and fund sponsor qualities
4 37 ANOVA: Fund Related Questions Sum of Squares Df Mean Square F Sig. H 0 Fund performance record Between Groups Do not Within Groups Total Between Groups *0.044 Funds reputation Within Groups and brand name Scheme s expense ratio Reputation of the Fund Manager/Schemes Total Between Groups Do not Within Groups Total Between Groups Do not Within Groups Total Scheme s portfolio of investment Between Groups Do not Within Groups Total Withdrawal facilities Between Groups Do not Within Groups Total
5 38 Between Groups Do not Favourable rating by a rating agency Within Groups Total Innovativeness the scheme Between Groups Do not of Within Groups Total Entry and exit load Between Groups Do not Within Groups Total Minimum investment Between Groups *0.008 initial Within Groups Total Note: Grouping variable Age. * Significant at 5% significance level. ANALYSIS The result of the test shows that age does not have any impact on investor s preference for Fund performance record, Scheme expense ratio, Reputation of fund manager, Scheme portfolio, Withdrawal facilities, Favorable rating by rating agency, Innovativeness and Entry & exit load. However, age is an important variable that affect investor s preference for Funds reputation and brand name and minimum initial investment.
6 39 2. RESPONDENTS AGE AND FUND SPONSOR QUALITIES ANOVA: Fund Sponsor Qualities Sum of Squares Df Mean Square F Sig. H 0 Reputation of sponsoring firm Between Groups Do not Within Groups Total Sponsor has a recognized brand name Sponsor has a welldeveloped agency and network Sponsor s expertise in managing money Between Groups Do not Within Groups Total Between Groups Do not Within Groups Total Between Groups Do not Within Groups Total Sponsor has a welldeveloped research and infrastructure Sponsor s past performance in terms Between Groups Do not Within Groups Total Between Groups Do not
7 40 of risk and return Within Groups Total Note: Grouping variable Age. * Significant at 5% significance level. ANALYSIS The result of the test reveals the fact that investors of different age groups do not have any strong preference for Reputation of sponsoring firm, Sponsor has a recognized brand name, Sponsor has a well-developed agency and network, Sponsor s expertise in managing money, Sponsor has well-developed research and infrastructure and Sponsor s past performance in terms of risk & return. 3. RESPONDENTS OCCUPATION AND PREFERENCE FOR FUND RELATED QUESTIONS AND SPONSOR QUALITIES. Fund record ANOVA Fund Related Questions Sum of Squares Df Mean Square F Sig. H 0 Between Groups Do not performance Within Groups Funds reputation and brand name Scheme s ratio Reputation of the Fund Manager/Schemes Total Between Groups *0.001 Within Groups Total Between Groups Do not expense Within Groups Total Between Groups Do not Within Groups
8 41 Scheme s portfolio of investment Withdrawal facilities Favourable rating by a rating agency Innovativeness of the scheme Entry and exit load Minimum investment Total Between Groups Do not Within Groups Total Between Groups *0.012 Within Groups Total Between Groups Do not Within Groups Total Between Groups Do not Within Groups Total Between Groups Do not Within Groups Total Between Groups Do not initial Within Groups Total Reputation sponsoring firm Fund Sponsor Qualities Between Groups Do not of Within Groups Total Sponsor has a recognized brand name Between Groups *0.000 Within Groups
9 42 Sponsor has a welldeveloped agency and network Total Between Groups Do not Within Groups Total Sponsor s expertise in managing money Between Groups *0.013 Within Groups Total Between Groups Do not Sponsor has a welldeveloped research Within Groups and infrastructure Total Between Groups *0.004 Sponsor s past performance in terms Within Groups of risk and return Total Note: Grouping variable Occupation. * Significant at 5% significance level. ANALYSIS OCCUPATION AND PREFERENCE FOR FUND RELATED QUESTIONS The result of the ANNOVA stipulates that occupation does not play an important role in investor s preference for Fund performance record, Scheme expense ratio, Reputation of fund manager, Scheme portfolio, favorable rating by rating agency, Innovativeness of the scheme, Entry & exit load and minimum initial investment. However, Funds reputation, Withdrawal facilities, and brand name gets vary among the investors having different occupation. OCCUPATION AND FUND SPONSOR QUALITIES The result of the test show that investors of different occupation groups do not have any preference for Reputation of sponsoring firm as Sponsor has a well-developed agency & network and Sponsor has well-developed research and infrastructure. However, differences were found to be significant for Sponsor has a recognized brand name, Sponsor s expertise in managing money and Sponsor s past performance in terms of risk & return in term of sponsor qualities.
10 43 CONCLUSION AND SCOPE FOR THE FUTURE RESEARCH Indian Mutual fund industry is gradually moving towards growing phase. Over the last few years level of awareness has increased. But level of awareness has not yet reached to mass investors. Two demographic variables: Age & Occupation have taken for the study & researchers have tried to study the impact of the two variables on investor s preference towards funds reputation & brand name and minimum initial investment. Study has concluded that occupation is a variable that affects investors preference for Fund Sponsor qualities, brand name, Sponsor s expertise in managing money and Sponsor s past performance in terms of risk & return where as age does not play any role in building the investor s preference for Fund Sponsor qualities Mutual fund is a very popular concept among the investor s but it requires more awareness to be spread among the target audience. One major limitation of the study is that sample does not represent the whole population as research is restricted to Ahmedabad city only. Respondent bias is another limitation of the study. It can be concluded in nut shell that the future of mutual fund industry is very bright and many aspects of behavior finance in mutual fund have not been covered in the current research that can be studied in the future. REFERENCES Brown & goetzmann (1997) Mutual fund styles. Journal of Financial Economics, Volume 43, Issue 3, March 1997,Pages Bergstresser, Daniel B., Chalmers, John and Tufano, Peter, Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry (October 1, 2007). AFA 2006 Boston Meetings; HBS Finance Working Paper No Available at SSRN: or doi: /ssrn Fama, Eugene F. and French, Kenneth R., Luck Versus Skill in the Cross Section of Mutual Fund Returns (December 14, 2009). Tuck School of Business Working Paper No ; Chicago Booth School of Business Research Paper; Journal of Finance, Forthcoming. Available at SSRN: Ivković & weisbenner (2009) studied the research paper on Individual investor mutual fund flows Journal of Financial Economics, Volume 92, Issue 2, May 2009,Pages
11 44 Marco,et.al (2011) Ethical and conventional mutual fund managers show different risktaking behavior? The Spanish Review of Financial Economics, Volume 9, Issue 1,January-June 2011, Pages Spiegel, Matthew I., Mamaysky, Harry and Zhang, Hong, Estimating the Dynamics of Mutual Fund Alphas and Betas (October 25, 2004).Yale ICF Working Paper No ; EFA 2003 Annual Conference Paper No. 803; AFA 2004 San Diego Meetings. Available at SSRN: Syriopoulos (2002), Risk aversion and portfolio allocation to mutual fund classes. International Review of Economics & Finance, Volume 11, Issue 4,2002, Pages Zhao (2004),why are some mutual funds closed to new investors? Journal of Banking & Finance, Volume 28, Issue 8, August 2004, Pages
A STUDY ON PERCEPTION OF INVESTOR S IN AN ASSET MANAGEMENT ORGANISATION
A STUDY ON PERCEPTION OF INVESTOR S IN AN ASSET MANAGEMENT ORGANISATION KRITHIKA.BALAJI 1, Mr.P.WILLAM ROBERT 2, Dr.CH.BALA NAGESWARAROA 3 1. MBA Student, Saveetha School Of Management, India 2. Asst.Professor,
More informationINVESTORS PERCEPTION TOWARDS MUTUAL FUND: AN EMPIRICAL STUDY WITH REFERENCE TO COIMBATORE CITY
RESEARCH ARTICLE INVESTORS PERCEPTION TOWARDS MUTUAL FUND: AN EMPIRICAL STUDY WITH REFERENCE TO COIMBATORE CITY R. Ganapathi Assistant Professor, Directorate of Distance Education, Alagappa University,
More informationInvestors Perception And Attitude Towards Mutual Fund As An Investment Option
Investors Perception And Attitude Towards Mutual Fund As An Investment Option Priyanka Sharma, Assistant Professor, Pacific University, Udaipur, Rajasthan, India Payal Agrawal, Assistant Professor, Pacific
More informationA STUDY ON FACTORS INFLUENCING OF WOMEN POLICYHOLDER S INVESTMENT DECISION TOWARDS LIFE INSURANCE CORPORATION OF INDIA POLICIES IN CHENNAI
www.singaporeanjbem.com A STUDY ON FACTORS INFLUENCING OF WOMEN POLICYHOLDER S INVESTMENT DECISION TOWARDS LIFE INSURANCE CORPORATION OF INDIA POLICIES IN CHENNAI Ms. S. Pradeepa, (PhD) Research scholar,
More informationARE LOSS AVERSION AFFECT THE INVESTMENT DECISION OF THE STOCK EXCHANGE OF THAILAND S EMPLOYEES?
ARE LOSS AVERSION AFFECT THE INVESTMENT DECISION OF THE STOCK EXCHANGE OF THAILAND S EMPLOYEES? by San Phuachan Doctor of Business Administration Program, School of Business, University of the Thai Chamber
More informationINTERNATIONAL JOURNAL OF MANAGEMENT (IJM)
INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976-6510(Online), ISSN 0976-6502 (Print) ISSN 0976-6510 (Online), pp. 103-108 IAEME: www.iaeme.com/ijm.asp
More informationInfluence of Risk Perception of Investors on Investment Decisions: An Empirical Analysis
Journal of Finance and Bank Management June 2014, Vol. 2, No. 2, pp. 15-25 ISSN: 2333-6064 (Print) 2333-6072 (Online) Copyright The Author(s). 2014. All Rights Reserved. Published by American Research
More informationFinancial Risk Tolerance and the influence of Socio-demographic Characteristics of Retail Investors
Financial Risk Tolerance and the influence of Socio-demographic Characteristics of Retail Investors * Ms. R. Suyam Praba Abstract Risk is inevitable in human life. Every investor takes considerable amount
More informationPrimax International Journal of Commerce and Management Research
A STUDY ON ROLE OF SPONSORS QUALITIES IN SELECTION DECISION OF MUTUAL FUNDS Dr.G.Mahoori Devi 1 Dr.K. Rajakarthikeyan 2 Abstract The range of Mutual fund products being offered to the investors currently
More informationAN EMPIRICAL ANALYSIS ON PERCEPTION OF RETAIL INVESTORS TOWARDS DERIVATIVES MARKET WITH REFERENCE TO VISAKHAPATNAM DISTRICT
INDIAN JOURNAL OF MANAGEMENT SCIENCE (IJMS) EISSN -79X ISSN 49-080 54 AN EMPIRICAL ANALYSIS ON PERCEPTION OF RETAIL INVESTORS TOWARDS DERIVATIVES MARKET WITH REFERENCE TO VISAKHAPATNAM DISTRICT Mrs. E.V.P.A.S
More informationA STUDY ON INVESTORS BEHAVIOR TOWARDS MUTUAL FUND
A STUDY ON INVESTORS BEHAVIOR TOWARDS MUTUAL FUND SUDARMATHI.J 1, Dr. CH. BALA NAGESHWARA ROA 2 1 Student, Saveetha School of management, India 2 Director, Saveetha School of management, India ABSTRACT
More informationA STUDY ON SERVICE QUALITY IN PUBLIC SECTOR NON-LIFE INSURANCE COMPANIES WITH SPECIAL REFERENCE TO UNITED INDIA INSURANCE COMPANY, MADURAI
Vol. 5 No. 4 October 2017 ISSN: 2320-4168 UGC Approval No: 44120 Impact Factor: 3.017 A STUDY ON SERVICE QUALITY IN PUBLIC SECTOR NON-LIFE INSURANCE COMPANIES WITH SPECIAL REFERENCE TO UNITED INDIA INSURANCE
More informationThe Influence of Demographic Factors on the Investment Objectives of Retail Investors in the Nigerian Capital Market
The Influence of Demographic Factors on the Investment Objectives of Retail Investors in the Nigerian Capital Market Nneka Rosemary Ikeobi * Peter E. Arinze 2. Department of Actuarial Science, Faculty
More informationMUTUAL FUND PERFORMANCE ANALYSIS PRE AND POST FINANCIAL CRISIS OF 2008
MUTUAL FUND PERFORMANCE ANALYSIS PRE AND POST FINANCIAL CRISIS OF 2008 by Asadov, Elvin Bachelor of Science in International Economics, Management and Finance, 2015 and Dinger, Tim Bachelor of Business
More informationInfluencing Dynamics of Safety in Mutual Fund Investments An Emperical Overview
ICIMP-2018 SEP- 2018 Special Issue ISSN: 2455-3085 (Online) RESEARCH REVIEW International Journal of Multidisciplinary www.rrjournals.com [UGC Listed Journal] Influencing Dynamics of Safety in Mutual Fund
More informationCHAPTER 5 FINDINGS, CONCLUSION AND RECOMMENDATION
199 CHAPTER 5 FINDINGS, CONCLUSION AND RECOMMENDATION 5.1 INTRODUCTION This chapter highlights the result derived from data analyses. Findings and conclusion helps to frame out recommendation about the
More informationFACTORS INFLUENCING BEHAVIOR OF MUTUAL FUND INVESTORS IN BENGALURU CITY - A STRUCTURAL EQUATION MODELING APPROACH
Special Issue for International Conference on Business Research, Dept of Commerce, Faculty of Science and Humanities SRM Institute of Science & Technology, Kattankulathur, Tamilnadu. FACTORS INFLUENCING
More informationA Study on Opinion of Working People towards Share Market Investment with Reference to Tiruchirapalli District
Int. Journal of Management and Development Studies 5(2): 50-59 (2016) ISSN (Online): 2320-0685. ISSN (Print): 2321-1423 Impact Factor: 0.715 A Study on Opinion of Working People towards Share Market Investment
More informationYale ICF Working Paper No February 2002 DO WINNERS REPEAT WITH STYLE?
Yale ICF Working Paper No. 00-70 February 2002 DO WINNERS REPEAT WITH STYLE? Roger G. Ibbotson Yale School of Mangement Amita K. Patel Ibbotson Associates This paper can be downloaded without charge from
More informationA STUDY ON INFLUENCE OF INVESTORS DEMOGRAPHIC CHARACTERISTICS ON INVESTMENT PATTERN
International Journal of Innovative Research in Management Studies (IJIRMS) Volume 2, Issue 2, March 2017. pp.16-20. A STUDY ON INFLUENCE OF INVESTORS DEMOGRAPHIC CHARACTERISTICS ON INVESTMENT PATTERN
More informationINVESTORS PREFERENCES FOR INVESTMENT IN MUTUAL FUNDS IN INDIA
INVESTORS PREFERENCES FOR INVESTMENT IN MUTUAL FUNDS IN INDIA NEELIMA Assistant Professor in Commerce Indus Degree College, Kinana (Jind) ABSTRACT There has been growing importance of Mutual Fund Investment
More informationCorporate Investment and Portfolio Returns in Japan: A Markov Switching Approach
Corporate Investment and Portfolio Returns in Japan: A Markov Switching Approach 1 Faculty of Economics, Chuo University, Tokyo, Japan Chikashi Tsuji 1 Correspondence: Chikashi Tsuji, Professor, Faculty
More informationEffect of Change Management Practices on the Performance of Road Construction Projects in Rwanda A Case Study of Horizon Construction Company Limited
International Journal of Scientific and Research Publications, Volume 6, Issue 0, October 206 54 ISSN 2250-353 Effect of Change Management Practices on the Performance of Road Construction Projects in
More informationDynamics of Perception of Potential Investors in Visakhapatnam, India
Dynamics of Perception of Potential Investors in Visakhapatnam, India Kameswara Rao Poranki Professor in Department of Marketing, FAFS, Al Baha University, Saudi Arabia (KSA) Email: kamesh_p2001@yahoo.com
More informationA SEEMINGLY UNRELATED REGRESSION ANALYSIS ON THE TRADING BEHAVIOR OF MUTUAL FUND INVESTORS
70 A SEEMINGLY UNRELATED REGRESSION ANALYSIS ON THE TRADING BEHAVIOR OF MUTUAL FUND INVESTORS A SEEMINGLY UNRELATED REGRESSION ANALYSIS ON THE TRADING BEHAVIOR OF MUTUAL FUND INVESTORS Nan-Yu Wang Associate
More informationDemographic Influences on Rural Investors Savings and Investment Behavior: a Study of Rural investor in the kangra district of Himachal Pradesh
91 Journal of Management and Science ISSN: 22491260 eissn: 22501819 Vol.5. No.3 September 2015 Demographic Influences on Rural Investors Savings and Investment Behavior: a Study of Rural investor in the
More informationCHAPTER - IV INVESTMENT PREFERENCE AND DECISION INTRODUCTION
CHAPTER - IV INVESTMENT PREFERENCE AND DECISION INTRODUCTION This Chapter examines the investment pattern of the retail equity investors in general and investment preferences, risk-return perceptions and
More information*Contact Author
Abstract A Critical Review of Empirical Findings on Perception of Mutual Funds Investors Chaitra S.B. 1*, Suman Chakraborty 1 1 Faculty of Management and Commerce, M.S. Ramaiah University of Applied Sciences,
More informationA Portrait of Hedge Fund Investors: Flows, Performance and Smart Money
A Portrait of Hedge Fund Investors: Flows, Performance and Smart Money Guillermo Baquero and Marno Verbeek RSM Erasmus University Rotterdam, The Netherlands mverbeek@rsm.nl www.surf.to/marno.verbeek FRB
More informationINFLUENCE OF LOANS AND ADVANCES SCHEMES IN DETERMINING THE SERVICE QUALITY OF BANKS A STUDY WITH SPECIAL REFERENCE TO CANARA BANK IN SIVAKASI
Volume-11,Issue-4,March-2018 INFLUENCE OF LOANS AND ADVANCES SCHEMES IN DETERMINING THE SERVICE QUALITY OF BANKS A STUDY WITH SPECIAL REFERENCE TO CANARA BANK IN SIVAKASI Dr. V. Karthihai selvi, Assistant
More informationShabd Braham E ISSN
A Comparative Study on the Financial Performance of Selected Mutual Fund Schemes Shiji Shukla (Asst. Professor) Prof. (Dr.) Babita Kadakia, Principal Idyllic Institute of Managements Indore, Madhya Pradesh,
More informationInternational Journal of Advance Research in Computer Science and Management Studies
Volume 2, Issue 11, November 2014 ISSN: 2321 7782 (Online) International Journal of Advance Research in Computer Science and Management Studies Research Article / Survey Paper / Case Study Available online
More informationSUMMARY OF FINDINGS, CONCLUSION AND SUGGESTIONS
CHAPTER-7 SUMMARY OF FINDINGS, CONCLUSION AND SUGGESTIONS This chapter is divided into three sections. The first section enumerates the objectives and methodology of the study, the second section puts
More informationA Study on Impact of EVA, Value of Firm and Cost of Capital as Per NI Approach on the Share Price of Pharmaceutical Industry
A Study on Impact of EVA, Value of Firm and Cost of Capital as Per NI Approach on the Share Price of Pharmaceutical Industry Mantrark Mehta Assistant Professor at Shri Chimanbhai Patel Institute of Management
More informationINTERCONTINENTAL JOURNAL OF FINANCE RESOURCE RESEARCH REVIEW
http:// A COMPARATIVE STUDY ON SHARE PRICE MOVEMENTS OF PUBLIC AND PRIVATE COMPANIES IN SELECTED SECTORS J.SOPHIA 1 N.C.VIJAYAKUMAR 2 1 Head / Assistant Professor, Department of International Business,
More informationDeterminants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis
Article can be accessed online at http://www.publishingindia.com Determinants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis Abstract m.s. ramaratnam*,
More informationA STUDY OF MUTUAL FUNDS
International Journal of Management (IJM) Volume 8, Issue 3, May June 2017, pp.213 219, Article ID: IJM_08_03_024 Available online at http://www.iaeme.com/ijm/issues.asp?jtype=ijm&vtype=8&itype=3 Journal
More informationA Study on Performance of Mutual Funds
Volume-6, Issue-1, January-February-2016 International Journal of Engineering and Management Research Page Number: 512-517 A Study on Performance of Mutual Funds Pritam Naik Post Graduation Department,
More informationA STUDY ON BEHAVIOR OF MUTUAL FUND INVESTORS IN INDIA
www.arseam.com Impact Factor: 0.98 A STUDY ON BEHAVIOR OF MUTUAL FUND INVESTORS IN INDIA *Godala. Satya Narayana Reddy *Associate Professor, ST.MARY S ENGINEERING COLLEGE ABSTRACT Today a lot of investment
More informationCorporate Governance and Investment Decision of Small Business Firms: Special reference to India
Corporate Governance and Investment Decision of Small Business Firms: Special reference to India Abstract Rashmita Sahoo 1 This study is basically examines the relationships between corporate governance
More informationTo study Influence of IPO Rating on demand in Indian IPO market in special context to Retail Investors.
To study Influence of IPO Rating on demand in Indian IPO market in special context to Retail Investors. Mrs. Amita Jadhav (Research Scholar, The Indian Institute of cost and Management Studies and Research
More informationMUTUAL FUNDS AN AVENUE TO INVESTORS
MUTUAL FUNDS AN AVENUE TO INVESTORS. M.Sudha Madhavi I/C Principal & Associate Professor Saanvi P.G. College for Women Hyderabad-500058 Email : smakella@gmail.com ABSTRACT Mutual funds have become one
More informationVariable Life Insurance
Mutual Fund Size and Investible Decisions of Variable Life Insurance Nan-Yu Wang Associate Professor, Department of Business and Tourism Planning Ta Hwa University of Science and Technology, Hsinchu, Taiwan
More informationA STUDY ON PERFORMANCE EVALUATION OF MUTUAL FUND WITH REFERENCE TO HDFC MUTUAL FUND
A STUDY ON PERFORMANCE EVALUATION OF MUTUAL FUND WITH REFERENCE TO HDFC MUTUAL FUND S.RADHIKA 1, DR.P.KANCHANA DEVI 2 1 ASSISTANT PROFESSOR, DEPARTMENT OF B.COM (e-commerce), PSGR KRISHNAMMAL COLLGE FOR
More informationImpact of Corporate Social Responsibility on Financial Performance of Indian Commercial Banks An Analysis
Impact of Corporate Social Responsibility on Financial Performance of Indian Commercial Banks An Analysis Rajnish Yadav 1 & Dr. F. B. Singh 2 1 Research Scholar (JRF), Faculty of Commerce, Banaras Hindu
More informationA Study on the Factors Influencing Investors Decision in Investing in Equity Shares in Jaipur and Moradabad with Special Reference to Gender
Volume 1 Issue 1 2016 AJF 1(1), (117-130) 2016 A Study on the Factors Influencing Investors Decision in Investing in Equity Shares in Jaipur and Moradabad with Special Reference to Gender Jeet Singh Mahamaya
More informationKeywords: Performance Measures, Equity Linked Savings Scheme, Risk Adjusted Returns.
Vol-3 Issue-5 2017 IJARIIE-ISSN(O)-2395-4396 An Empirical Study on Long Term Performance of Equity Linked Savings Schemes in Mutual Funds K.Alamelu, Ph.D Research Scholar, Dr.G.Indhumathi, Assistant Professor,
More informationAn Empirical Investigation of Investors Perception towards Derivative Trading
Global Journal of Finance and Management. ISSN 0975-6477 Volume 6, Number 2 (2014), pp. 99-104 Research India Publications http://www.ripublication.com An Empirical Investigation of Investors Perception
More informationInternational Journal of Scientific Engineering and Science Volume 2, Issue 9, pp , ISSN (Online):
Relevance Analysis on the Form of Shared Saving Contract between Tulungagung District Government and CV Harsari AMT (Case Study: Construction Project of Rationalization System of Public Street Lighting
More informationA Comparative Study of Life Insurance Corporation of India and Bajaj Allianz Life Insurance Co.Ltd. on Customer Satisfaction
A Comparative Study of Life Insurance Corporation of India and Bajaj Allianz Life Insurance Co.Ltd. on Customer Satisfaction Shilpa Agarwal 1 A. K. Mishra 2 1.Research Scholar 2.Professor, Deptt. Of Commerce
More informationService Quality offered to Demat account holders in selected banks of Pune city
Service Quality offered to Demat account holders in selected banks of Pune city Harsha Gandhi 1, Dr. Mamta Mishra 2 1 Department of Management Studies, Smt. Kashibai Navale College of Engineering, Savitribai
More informationImpacts of government policies and regulations on the development of international retailing and services case study of Vietnamese market
Impacts of government policies and regulations on the development of international retailing and services case study of Vietnamese market Tran Phuoc* Faculty of Accounting and Auditing, Industrial University
More informationA STUDY ON STATUS OF AWARENESS AMONG MUTUAL FUND INVESTORS IN TAMILNADU
A STUDY ON STATUS OF AWARENESS AMONG MUTUAL FUND INVESTORS IN TAMILNADU G. PRATHAP PhD Research Scholar, Dept. of Business Administration, Annamalai University, Annamalai Nagar Dr. A. RAJAMOHAN Professor,
More informationRole of Behavioral Finance in Stock Market Investment by Retail Indian Investor s
www..org 15 Role of Behavioral Finance in Stock Market Investment by Retail Indian Investor s Shobana Swamynathan Asst. Professor, Department of Commerce St. Francis College for Women, Begumpet, Hyderabad,
More informationFOREIGN DIRECT INVESTMENT AND ITS IMPACT ON GROSS DOMESTIC PRODUCT: A COMPARISON OF INDIA AND CHINA. *Dr. Sanjeet Kumar & ** Vivek Jangid
FOREIGN DIRECT INVESTMENT AND ITS IMPACT ON GROSS DOMESTIC PRODUCT: A COMPARISON OF INDIA AND CHINA *Dr. Sanjeet Kumar & ** Vivek Jangid *Assistant Professor, Department of Business Administration, Chaudhary
More informationAnalysis of Investment Behaviour of Individual Investors of Stock Market: A Study in Selected Districts of West Bengal
Volume 10 Issue 7, January 2018 Analysis of of Individual Investors of Stock Market: A Study in Selected Districts of West Bengal Arup Kumar Sarkar Assistant Professor Department of Commerce Sidho-Kanho-Birsha
More informationA STUDY OF INVESTMENT AWARENESS AND PREFERENCE OF WORKING WOMEN IN JAFFNA DISTRICT IN SRI LANKA
A STUDY OF INVESTMENT AWARENESS AND PREFERENCE OF WORKING WOMEN IN JAFFNA DISTRICT IN SRI LANKA Nagajeyakumaran Atchyuthan atchyuthan@yahoo.com Rathirani Yogendrarajah Head, Department of Financial Management,
More informationIJMIE Volume 2, Issue 3 ISSN:
Investment Pattern in Debt Scheme of Mutual Funds An Analytical Study A. PALANISAMY* A. SENGOTTAIYAN** G. PALANIAPPAN*** _ Abstract: A Mutual Fund is a trust that pools together the savings of a number
More informationDoes portfolio manager ownership affect fund performance? Finnish evidence
Does portfolio manager ownership affect fund performance? Finnish evidence April 21, 2009 Lia Kumlin a Vesa Puttonen b Abstract By using a unique dataset of Finnish mutual funds and fund managers, we investigate
More informationThe mathematical model of portfolio optimal size (Tehran exchange market)
WALIA journal 3(S2): 58-62, 205 Available online at www.waliaj.com ISSN 026-386 205 WALIA The mathematical model of portfolio optimal size (Tehran exchange market) Farhad Savabi * Assistant Professor of
More informationCHAPTER VI RISK TOLERANCE AMONG MUTUAL FUND INVESTORS
CHAPTER VI RISK TOLERANCE AMONG MUTUAL FUND INVESTORS 6.1. Introduction Risk and return are inseparable twins 1. In generic sense, risk means the possibility of financial loss. In the investment world,
More informationCHAPTER-4 RESEARCH METHODOLOGY
CHAPTER-4 RESEARCH METHODOLOGY 4.1 Introduction to Problem Statement 4.2 Approaches to the Problem 4.3 Research Questions 4.4 Research Design 4.5 Sample Design 4.6 Period of Study 4.7 Data Analysis 4.8
More information2. The Efficient Markets Hypothesis - Generalized Method of Moments
Useful textbooks for the course are SYLLABUS UNSW PhD Seminar Empirical Financial Economics June 19-21, 2006 J. Cochrane, (JC) 2001, Asset Pricing (Princeton University Press, Princeton NJ J. Campbell,
More informationMutual Fund Performance and Performance Persistence
Peter Luckoff Mutual Fund Performance and Performance Persistence The Impact of Fund Flows and Manager Changes With a foreword by Prof. Dr. Wolfgang Bessler GABLER RESEARCH List of Tables List of Figures
More informationPERFORMANCE EVALUATION OF PUBLIC, PRIVATE AND FOREIGN BANKS IN INDIA; AN EMPIRICAL ANALYSIS
PERFORMANCE EVALUATION OF PUBLIC, PRIVATE AND FOREIGN BANKS IN INDIA; AN EMPIRICAL ANALYSIS Mrs. Neetika Mahajan Research scholar, Department of commerce Himachal Pradesh University, Shimla Email ; Mahajanneetika18@gmail.com
More informationCUSTOMER SATISFACTION STUDY ON VEHICLE INSURANCE OF GENERAL INSURANCE COMPANIES WITHIN VAPI CITY
IMPACT: International Journal of Research in Humanities, Arts and Literature (IMPACT: IJRHAL) ISSN (P): 2347-4564; ISSN (E): 2321-8878 Vol. 6, Issue 2, Feb 2018, 189-194 Impact Journals CUSTOMER SATISFACTION
More informationHEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE
HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE Nor Hadaliza ABD RAHMAN (University Teknologi MARA, Malaysia) La Trobe University, Melbourne, Australia School of Economics and Finance, Faculty of Law
More information[ICESTM-2018] ISSN Impact Factor
GLOBAL JOURNAL OF ENGINEERING SCIENCE AND RESEARCHES AN EVALUATION OF SELECT EQUITY LINKED SAVING SCHEMES IN INDIA Mr.U.Rambab *1, Smt.R.Jeya Lakshmi 2 & B.Kalyan Kumar 3 *1,2&3 Assistant Professor, Lakireddy
More informationPerformance Evaluation of Mutual Fund Industry (A Study with Special Reference to UTI and Reliance Mutual Fund)
Performance Evaluation of Mutual Fund Industry (A Study with Special Reference to UTI and Reliance Mutual Fund) Dr. V.M. Anitha Rajathi 1, Vigneshwaran. G 2 1 Assistant Professor, Department of Management
More informationEFFICIENT FACTOR INVESTING STRATEGIES
EFFICIENT FACTOR INVESTING STRATEGIES WHITE PAPER For professional investors July 2014 David Blitz, PhD Joop Huij, PhD Simon Lansdorp, PhD Pim van Vliet, PhD Contents Introduction 3 The rise of factor
More informationA STUDY OF INVESTORS AWARENESS TOWARDS MUTUAL FUNDS IN KATHMANDU METROPOLITAN CITY, NEPAL
KAAV INTERNATIONAL JOURNAL OF LAW, FINANCE & INDUSTRIAL RELATIONS A REFEREED BLIND PEER REVIEW BI-ANNUAL JOURNAL (SPECIAL ISSUE OF INTERNATIONAL CONFERENCE ON INTEGRATING KNOWLEDGE AND TECHNOLOGY FOR SUSTAINABLE
More informationConservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran
Conservative Impact on Distributable Profits of Companies Listed on the Capital Market of Iran Hamedeh Sadeghian 1, Hamid Reza Shammakhi 2 Abstract The present study examines the impact of conservatism
More informationA Study on Factors Effecting the Satisfaction Level of Mutual Funds Investors in Jaipur City
SAMVAD: SIBM Pune Research Journal, Vol XII, 80-84, December 2016 ISSN (Print) : 2249-1880 ISSN (Online) : 2348-5329 A Study on Factors Effecting the Satisfaction Level of Mutual Funds Investors in Jaipur
More informationA Comparative Study of Life Insurance Corporation of India and Bajaj Allianz Life Insurance Co. Ltd. on Customer Satisfaction
EUROPEAN ACADEMIC RESEARCH Vol. V, Issue 2/ May 2017 ISSN 2286-4822 www.euacademic.org Impact Factor: 3.4546 (UIF) DRJI Value: 5.9 (B+) A Comparative Study of Life Insurance Corporation of India and Bajaj
More informationASSESSING FINANCIAL RISK TOLERANCE: DO DEMOGRAPHIC, SOCIOECONOMIC AND ATTITUDINAL FACTORS WORK?
Attitudinal Work ASSESSING FINANCIAL RISK TOLERANCE: DO DEMOGRAPHIC, SOCIOECONOMIC AND ATTITUDINAL FACTORS WORK? www.arseam.com Impact Factor: 1.13 Dr. Vijay Gondaliya Assistant Professor, Department of
More informationAn analysis of momentum and contrarian strategies using an optimal orthogonal portfolio approach
An analysis of momentum and contrarian strategies using an optimal orthogonal portfolio approach Hossein Asgharian and Björn Hansson Department of Economics, Lund University Box 7082 S-22007 Lund, Sweden
More informationMARKET CAPITALIZATION IN TOP INDIAN COMPANIES AN EXPLORATORY STUDY OF THE FACTORS THAT INFLUENCE THIS
Journal of Business Management & Research (JBMR) Vol.1, Issue 1 Dec 2011 71-91 TJPRC Pvt. Ltd., MARKET CAPITALIZATION IN TOP INDIAN COMPANIES AN EXPLORATORY STUDY OF THE FACTORS THAT INFLUENCE THIS DR.
More informationFUND OF HEDGE FUNDS DO THEY REALLY ADD VALUE?
FUND OF HEDGE FUNDS DO THEY REALLY ADD VALUE? Florian Albrecht, Jean-Francois Bacmann, Pierre Jeanneret & Stefan Scholz, RMF Investment Management Man Investments Hedge funds have attracted significant
More informationImpact of Performance Parameters on Customers Satisfaction level of Bancassurance Services in Public and Private Sector Banks
Impact of Performance Parameters on Customers Satisfaction level of Bancassurance Services in Public and Private Sector Banks Ms. Nancy Arora 1, Dr. Arti Gaur 2 1.Ph.D, Research Scholar - Department of
More informationInternational Journal of Business and Administration Research Review, Vol. 3, Issue.12, Oct - Dec, Page 59
PERFORMANCE EVALUATION, COMPARATIVE ANALYSIS AND FACTORS INFLUENCING THE EFFICIENCY OF DISTRICT CENTRAL CO-OPERATIVE BANKS A STUDY WITH REFERENCE TO SOUTHERN STATES OF INDIA Mr.F.Franco authers * Dr.R.Karpagavalli**
More informationGetting Smart About Beta
Getting Smart About Beta December 1, 2015 by Sponsored Content from Invesco Due to its simplicity, market-cap weighting has long been a popular means of calculating the value of market indexes. But as
More informationReturns on Small Cap Growth Stocks, or the Lack Thereof: What Risk Factor Exposures Can Tell Us
RESEARCH Returns on Small Cap Growth Stocks, or the Lack Thereof: What Risk Factor Exposures Can Tell Us The small cap growth space has been noted for its underperformance relative to other investment
More informationANALYSIS OFFINANCIAL STATEMENTS WITH SPECIAL REFERENCE TO BMTC, BANGALORE
ANALYSIS OFFINANCIAL STATEMENTS WITH SPECIAL REFERENCE TO BMTC, Sridhara G* N. Sathyanarayana** BANGALORE Abstract: Transportation industry contributes a major role in the development of a company. Transportation
More informationAbstract. Keywords: biotechnology stocks, valuation, portfolio performance, CAPM
Valuing biotechnology companies: Does classification by technology type help? Jacqueline Loh and Robert Brooks Date Received (in revised form): 20th December, 2007 Jacqueline Loh is a PhD student in the
More informationIntroduction. 1.1 Introduction
Introduction 1 INTRODUCTION 1.1 Introduction A healthy and competent workforce is the biggest asset of any nation. Therefore every progressive country is keen on providing access to healthcare to its citizens.
More informationAn analysis of the relative performance of Japanese and foreign money management
An analysis of the relative performance of Japanese and foreign money management Stephen J. Brown, NYU Stern School of Business William N. Goetzmann, Yale School of Management Takato Hiraki, International
More informationA Study on Investors Perception Towards Lic (With Special Reference To Lic, Machilipatnam)
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 20, Issue 3. Ver. I (March. 2018), PP 48-53 www.iosrjournals.org A Study on Investors Perception Towards
More informationPerformance Attribution: Are Sector Fund Managers Superior Stock Selectors?
Performance Attribution: Are Sector Fund Managers Superior Stock Selectors? Nicholas Scala December 2010 Abstract: Do equity sector fund managers outperform diversified equity fund managers? This paper
More informationINFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE
INFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE Liliane Gasana Jomo Kenyatta University of Agriculture and Technology, Rwanda Dr.
More informationRole of Commercial Banks in Improving Business Condition of Pakistan through Loan Facility
Role of Commercial Banks in Improving Business Condition of Pakistan through Loan Facility AUTHOR DETAILS: SAIMA AFSHEEN MS Scholar, Department Of Management Science, City University of Science & Information
More informationRetirement Plans Preferences in the Philippines
DOI: 10.7763/IPEDR. 2014. V71. 12 Retirement Plans Preferences in the Philippines Ma. Belinda S. Mandigma College of Commerce and Business Administration, University of Santo Tomas, Philippines Abstract.
More informationThe evaluation of the performance of UK American unit trusts
International Review of Economics and Finance 8 (1999) 455 466 The evaluation of the performance of UK American unit trusts Jonathan Fletcher* Department of Finance and Accounting, Glasgow Caledonian University,
More informationA Comparative Study of Pension Fund Managers operating Scheme - C (Tier-II) of National Pension System
Available online at : http://euroasiapub.org/current.php?title=ijrfm, pp. 198~212 Thomson Reuters Researcher ID: L-5236-2015 A Comparative Study of Pension Fund Managers operating Scheme - C (Tier-II)
More informationInternational Journal of Economics And Business Management
www.iaard.net IAARD Journals eissn:2455-4464 International Journal of Economics And Business Management IAARD-International Journal of Economics and Business Management, 2017, 3,5-9 Performance Evaluation
More informationBehavioural Analysis of Individual Investors Towards Selection of Mutual Fund Schemes: An Empirical Study
Behavioural Analysis of Individual Investors Towards Selection of Mutual Fund Schemes: An Empirical Study Neelam Jain* and Sugandh Rawal** Abstract Development of an economy necessarily depends upon its
More informationCHAPTER 5 DATA ANALYSIS OF LINTNER MODEL
CHAPTER 5 DATA ANALYSIS OF LINTNER MODEL In this chapter the important determinants of dividend payout as suggested by John Lintner in 1956 have been analysed. Lintner model is a basic model that incorporates
More informationFundamental Factors Influencing Individual Investors to Invest in Shares of Manufacturing Companies in the Nigerian Capital Market
Fundamental Factors Influencing Individual Investors to Invest in Shares of Manufacturing Companies in the Nigerian Capital Market Ikeobi, Nneka Rosemary 1* Jat, Rauta Bitrus 2 1. Department of Actuarial
More informationCORESHARES SCIENTIFIC BETA MULTI-FACTOR STRATEGY HARVESTING PROVEN SOURCES OF RETURN AT LOW COST: AN ACTIVE REPLACEMENT STRATEGY
CORESHARES SCIENTIFIC BETA MULTI-FACTOR STRATEGY HARVESTING PROVEN SOURCES OF RETURN AT LOW COST: AN ACTIVE REPLACEMENT STRATEGY EXECUTIVE SUMMARY Smart beta investing has seen increased traction in the
More informationCHPATER - 4 RESEARCH MEHTODOLOGY
CHPATER - 4 RESEARCH MEHTODOLOGY 4.1 Introduction: Considering the complexity of investment decision making as well as the structure of mutual fund industry in India, the aim of this thesis is to survey
More informationINVESTORS ATTITUDE TOWARDS RISK AND RETURN CONTENT IN EQUITY AND DERIVATIVES
INVESTORS ATTITUDE TOWARDS RISK AND RETURN CONTENT IN EQUITY AND DERIVATIVES S. Saravanakumar, Research Scholar, Anna University of Technology, Coimbatore Assistant Professor /MBA, JKK Nataraja College
More information