In this paper, we apply a nonlinear methodology (Self-Organizing Maps and k-means algorithm) to classify mutual funds. This methodology allows us to identify which mutual funds did not follow the investment objectives established from its official category. We also propose an alternative classification, which has a lower rate of misclassified mutual fund. It achieves better performances in term...

Two salient features of the competitive structure of the U.S. mutual fund industry are the large number of funds and the sizeable dispersion in the fees funds charge investors, even within narrow asset classes. Portfolio financial performance differences alone do not seem able to fully explain these features. We investigate whether non-portfolio fund differentiation and information/search frict...

In many industrial countries, ownership rates of risky assets have risen substantially over the past decade. This trend has potentially wide–ranging implications for the intertemporal and cross–sectional allocation of risk, and for the macro economy, establishing the need for understanding ownership dynamics at the micro level. This paper offers one of the first such analyses using representati...

mutual funds are the best tool to mobilize savings and investments in an economy and pakistan is the pioneer in south asia, but this industry is not as much mature in comparison to its age in pakistan. this paper examines the performance of closed ended mutual funds in pakistan by using five different ranking measures during a period of january 2009 to december 2013 and the sample consists of o...

1 Federal Reserve Bank of Atlanta E C O N O M I C R E V I E W Third Quarter 2001 diversify their portfolios into foreign markets. Indeed, the net new cash flow into international funds in 2000 was $49.9 billion (ICI 2001). Most advocates of international investing focus on the diversification benefits of adding assets that have relatively low correlations with domestic stock portfolios. Another...

American households have vastly increased their participation in equity markets since the early 1980s, primarily through the purchase of shares in mutual funds. The resulting growth in assets managed by the mutual fund industry has been concentrated in a few fund complexes. Some of these – Fidelity in particular – have ended up holding very large ownership positions simultaneously in hundreds o...

This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds—those suffering large outflows of assets under management—are forced to sell stocks they own. We document two pieces of evidence that are consistent with hedge funds taking advanta...

The advantages of the estimated value net assets are substantiated, factors affecting their and possible options for increasing identified

We document a curious feature of the German mutual fund industry. Unlike U.S. mutual funds, funds domiciled in Germany do not necessarily compute their net asset values (NAV) as of market close. Using a sample of German equity funds, we infer each fund’s NAV closing time from the best-fit market model using both maximum likelihood and Bayesian estimation. The results of both approaches coincide...

Though there are numerous financial assets in our capital market for the investors to invest their money attainment of more return, Mutual Funds play a predominant role acting as most favorable asset increase wealth by offering schemes. Investors who eyeing on mix various one single scheme can consider investing hybrid funds. That is why we conducting study selected mutual types funds have take...