this study is an attempt to apply the market timing andsecurity selection models to evaluate the performance of iranianmutual funds. the research shed light on the questions of ‘howsuccessful are mutual funds in earning excess returns over those of themarket?’ ‘do the excess returns during research period have anymeaningful trend for these financial intermediaries or is it the result ofthe abil...

Existing literature has found no evidence of market-timing ability by mutual funds using tests based on fund returns. This paper proposes alternative market-timing tests based on observed fund holdings. The holdings-based measures are shown to be more powerful than the return-based measures, and are not subject to “artificial timing” bias. Applying the holdings-based tests, we find strong evide...

The weekend effect is described as the tendency for Monday security returns to be low (or negative) compared to other days of the week. The weekend effect may not be exploited by trading individual stocks because of transactions costs. However, the institutional characteristics of the US-based international open-end mutual funds may allow investors to exploit the weekend effect because mutual f...

We have carried out a detailed comparison of the statistical properties and the relationships between a set of five performance measures using 14 UK based Investment Trusts over a sample period ranging from 1980 to 2001. Our results suggest very clearly that there is almost no difference between Jensen’s Alpha, the Treynor-Mazuy (TM) measure and the Positive Period Weighting(PPW) measure over o...

Purpose: The main purpose of this study is to analyse the performance mutual funds using Risk- Return Relationship Models. Theoretical framework: One India's most important financial intermediaries, can provide a wide range services small and large investors. They are also involved in country's transformation, their market participation has become more important. Evaluating fund's concerns inve...

ABSTRAKPasar modal menjadi salah satu sarana investasi bagi masyarakat dalam menyalurkan harta yang dimiliki sehingga tersebut tidak hanya disimpan tetapi diinvestasikan pada instrument keuangan ada pasar agar terjadi perputaran dan memberikan manfaat pemilik sebagai juga masyarakatnya muslim lainnya. Reksadana wadah investor menyisihkan hartanya. Kinerja reksadana syariah faktor mempercayakan ...

•A systemic assay package was developed to seek MOFs for biomedical applications•Fe-based exhibited superb features that are suitable cutaneous treatment•The relationship between MOFs’ structure and their performance in-depth analyzed•This study provides guidance design materials treatment Nowadays, has been widely applied in the cosmetic pharmaceutical fields. However, traditional used often s...

We examine the investment behavior of market participants within di€erent international markets (i.e., US, Hong Kong, Japan, South Korea, and Taiwan), speci®cally with regard to their tendency to exhibit herd behavior. We ®nd no evidence of herding on the part of market participants in the US and Hong Kong and partial evidence of herding in Japan. However, for South Korea and Taiwan, the two em...