This paper uses a large sample containing the complete return histories of 2300 UK openended mutual funds over a 23-year period to measure fund performance. We find some evidence of underperformance on a risk-adjusted basis by the average fund manager, persistence of performance and the existence of a substantial survivor bias. Similar findings have been reported for US equity mutual funds. New...

Mutual fund investors are concerned with the selection of the best fund in terms of performance among the set of alternative funds. This paper proposes an innovative mutual funds performance evaluation measure in the context of multicriteria decision making. We implement a multicriteria methodology using stochastic multicriteria acceptability analysis, on Greek domestic equity funds for the per...

-In this study, it is discussed about the mutual fund knowledge and awareness among the investors with a special reference to Chennai city. It is difficult to selective group the investors in a sample as such the population of Chennai city is large in number. Compared to earlier days the investment options are changing from risk free to riskier investments. The analyses also shows that compared...

This paper examines the equilibrium consequences of strategic behavior of mutual fund managers who withhold information about their funds and their managerial ability. We show that under this information asymmetry, low skills in the industry can result in a growth of passive management. A separating equilibrium in which skilled managers actively manage funds arises only if their compensation de...

The mutual fund industry has experienced huge growth internationally, becoming one of the primary vehicles through which individuals and most institutions invest in capital markets. Thus, the evaluation of the performance of mutual funds has become a very interesting research topic both for academic researchers for managers of financial, banking and investment institutions. This paper proposes ...

This paper tests the alternative hypotheses of investment selection skills versus overconfidence of fund managers among equity mutual funds in Taiwan. We find a positive relation between fund holdings’ concentration level and risk-adjusted fund performance in the bull market, but a negative relation in the bear markets. The time varying concentration-performance relation is not driven by the fu...

Abstract The popularity of social media facilitates the dissemination private information, which has significant implications for investors’ behavior and market efficiency. This paper examines dynamic dependence between internet postings herd in China’s open-end fund by applying DCC-GARCH TVP-SV-VAR models. results show that relationship is time-varying asymmetric. Specifically, have a negative...