Mutual Funds Performance (A Case of Pakistan Open Ended Mutual Funds)

Authors

  • Yasir Khan Qurtuba University Peshawar, Pakistan
  • Mukharif Shah Scholar AWKUM

DOI:

https://doi.org/10.30564/jbar.v3i1.1554

Abstract

Mutual Funds through its professional managers enable small investors to enjoy benefits of capital market with small amount. This study with special focus on Performance-Chasing Behavior and Mutual Funds in an Emerging Economy like Pakistan. The data of 100 open-end Mutual Funds, for the period 2013 to 2018 was collected from Mutual Fund Association of Pakistan; while the risk free rates data was collected from State Bank of Pakistan and Stock data from Pakistan Stock Exchange for predicting the results, Ratio and models were used to understand its suitability. The study has certain implications for the investors in knowing which  funds perform better and which kind of funds are ideal for investment.

Keywords:

Mutual fund performance relation, Risk adjusted performance, Managers skills

References

[1] Afza, T., &Rauf, A.. Performance evaluation of Pakistani Mutual Funds. Pakistan economic and social review, 2009: 199-214.

[2] Ahmed, P., & Nanda, S.. Performance of enhanced index and quantitative equity funds. Financial Review, 2005, 40(4): 459-479.

[3] Barberis, N., & Shleifer, A.. Style investing. Journal of financial Economics, 2003, 68(2): 161-199.

[4] Bogle, J. C.. The implications of style analysis for mutual fund performance evaluation. Journal of Portfolio Management, 1998, 24 (4): 34-43

[5] Chakrabarti, A. and Rungta, H.. Mutual Funds Industry in India: An indepth look into the problems of credibility, Risk and Brand. The ICFAI Journal of Applied Finance, 2000, 6 (2), 27-45.

[6] Chan, L. K. C., Chen, H.-L. and Lakonishok, J.. On mutual fund investment styles. The Review of Financial Studies, 2002, 15 (5): 1407-1437

[7] Chance, D. M., & Ferris, S. P.. Mutual Fund distribution fees: An empirical analysis of the impact of deregulation. Journal of Financial Services Research, 1991, 5(1): 25-42.

[8] Chang, E. C., & Lewellen, W. G.. Market timing and Mutual Fund investment performance. Journal of Business, 1985: 57-72.

[9] Daniel, K., Grinblatt, M., Titman, S., & Wermers, R.. Measuring mutual fund performance with characteristic‐based benchmarks. The Journal of finance, 1997. 52(3): 1035-1058.

[10] Ferson, W. E., &Warther, V. A.. Evaluating fund performance in a dynamic market. Financial Analysts Journal, 1996, 52(6): 20-28.

[11] Gibbons, M. R., Ross, S. A., & Shanken, J.. A test of the efficiency of a given portfolio. Econometrica: Journal of the Econometric Society, 1989: 1121-1152.

[12] Goetzmann, W. N., & Ibbotson, R. G.. Do winners repeat?. The Journal of Portfolio Management, 1994, 20(2): 9-18.

[13] Goriaev, A. P., Nijman, T. E., &Werker, B. J.. The dynamics of the impact of past performance on Mutual Fund flows. Tilburg University, 2002.

[14] Henriksson, R. D.. Market timing and Mutual Fund performance: An empirical investigation. Journal of Business, 1984: 73-96.

[15] Jabeen,Z and Javed,M.. Sukuk structures: An analysis of riks-reward sharing and wealth circulation. The Pakistan Development Review, 2007, 46(4): 405–419.

[16] Jagric, T., Podobnik, B., Strasek, S., & Jagric, V.. Risk-adjusted performance of mutual funds: some tests. South-Eastern Europe Journal of Economics, 2007, 5(2): 233-244.

[17] Khan, Z. S.. Mutual fund growth: Analysis and risk minimization. Interdisciplinary Journal of Contemporary Research in Business, 2010, 1(11): 142.

[18] McDonald, J. G.. French mutual fund performance: evaluation of internationally‐diversified portfolios. The Journal of Finance, 1973, 28(5): 1161-1180.

[19] McDonald, J. G.. Objectives and performance of mutual funds, 1960–1969. Journal of Financial and Quantitative Analysis, 1974, 9(3): 311-333.

[20] Saeed, A.. Islamic Banking and Finance. In Hooker, V.M. and Saikal, A. eds., Islamic, 2004.

[21] Sipra, N.. Mutual fund performance in Pakistan, 1995-2004. Centre for Management and Economic Research (CMER), 2006: 1-14.

[22] Treynor, J. L.. How to rate management of investment funds. Harvard business review, 43(1), 63-75. costs, and expenses. The Journal of Finance, 1965, 55(4): 1655-1703.

[23] Wolfers, J., & Zitzewitz, E.. Prediction markets in theory and practice (No. w12083). National bureau of economic research, 2006.

[24] Zafar, D. C., Chaubey, D. S., & Ali, S.. An Empirical Study on Indian Mutual Funds Equity Diversified Growth Schemes and their Performance Evaluation. International Journal of Research in IT, Management and Engineering, 2009, 2(2): 1-18.

[25] Chen, Z., & Knez, P. J.. Portfolio performance measurement: Theory and applications. The Review of Financial Studies, 1996, 9(2): 511-555.

Downloads

Issue

Article Type

Reviews