the aim of this study is to evaluate the effect of information delay on theperformance of joint investment funds. in order to achieve the aim of thisstudy sample consisted of twenty funds in the tehran stock exchange from2010 to 2014 the systematic elimination method has been adopted. in thisstudy, the linear regression test has been used in order to evaluate the researchhypothesis. data analys...

It is a well-known fact that actively managed mutual funds on average underperform passive benchmarks. In this paper, we use the stochastic dominance test proposed by Linton, Maasoumi, and Whang (2005) to shed new light on mutual fund performance on average and across styles. This test evaluates mutual fund performance using a non-parametric framework that 1) imposes a minimal set of conditions...

Mutual funds hold 32% of the U.S. equity market and comprise 58% retirement savings, yet retail investors consistently make poor choices when selecting funds. Theory suggests are partially due to fund managers creating unnecessarily complex disclosures fee structures keep uninformed obfuscate performance. An empirical challenge in investigating this “strategic obfuscation” theory is isolating m...

Abstract The research aimed to check whether investment fund managers maintain costs similarly from period period. verified the hypothesis that in subsequent periods at a similar level. study used method based on contingency tables which are analyse persistence of performance. In this study, we replaced performance with costs, assuming also control these values. Costs were defined as: (1) total...

In this paper, we present an intelligent agent based portfolio management system, which can be used by the financial services industry to provide inexpensive Internetbased "self serve" offerings to small investors. This system is designed to assist investment banking firms, which offer funds of funds. Banker agents assist mutual fund managers in devising a global efficient frontier from the ind...

Dissimilarities Between Domestic and Foreign Money Management at Home: Evidence from Italy Reasons of financial sophistication of investment strategies and institutional biases lead to the assumption that money managers may behave differently from one country to another. Using data from Italy, this study investigates whether domestic and foreign mutual funds differ in terms of management approa...

In this paper, we propose two geneticprogramming-based models that improve the trading strategy for mutual funds. These two models can get better returns and reduce risks. The first model increases the return by selecting funds with high Sortino ratios and allocates the capital equally, achieving the best annualized return. The second model also selects funds with high Sortino ratios, but reduc...