The study shows the areas in which inefficient mutual funds are lagging behind and how they can improve their performance to bring them at par with other efficient mutual funds. Using data envelopment analysis approach, this study compares the relative efficiency of aggressive growth mutual funds. We study the efficiency of mutual funds in terms of risk-adjusted performance, load, 12b-1 plan, a...

We classify mutual funds using cluster analysis and examine whether the categories created by clusters are the same as those assigned by the invest ment objectives Since mutual funds are usually classi ed based on their investment objectives clustering funds based on their nancial characteris tics rather than their investment objectives could explain why some mutual funds do not perform accordi...

Mutual Fund industry plays a pivotal role in optimal allocation and channelization of available idle resources in the economy. This role becomes much stronger in the developing economies like Pakistan where the prospective investors do not have much investment knowledge, information, and facilities to invest in the capital markets neither they have risk aptitude for direct investments in risky ...

Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This paper examines the performance and risk sensitivities of US green mutual funds vis-à-vis their conventional peers. We also analyze and compare this performance relative to other Socially Responsible Investing (SRI) mutual f...

In this article, we examine a broad sample of socially responsible (SR) and conventional mutual funds with respect to financial and ethical parameters. We cannot document profound differences in their financial performance. With regard to ethical performance, we indeed find that an investor who seeks to avoid the least ethical of all available funds can do so by purchasing SR mutual funds. Stil...

In this article, we examine a broad sample of socially responsible (SR) and conventional mutual funds with respect to nancial and ethical parameters. We cannot document profound differences in their nancial performance. With regard to ethical performance, we indeed nd that an investor who seeks to avoid the least ethical of all available funds can do so by purchasing SR mutual funds. Still, we ...

This paper presents a new method to examine the performance evaluation of mutual funds in incomplete markets. Based on the no arbitrage condition, we develop bounds on admissible performance measures. We suggest new ways of ranking mutual funds and provide a diagnostic instrument for evaluating the admissibility of candidate performance measures. Using monthly data from 1984 to 1997, we show th...

This paper tackles the problem of the presence of negative average rates of returns in the evaluation of the performance of mutual funds using a DEA approach. We present some extensions of DEA models for the evaluation of the performance of mutual funds that enable to compute the performance measure also in the presence of negative rates of returns. These extensions regard a model that can be u...

This paper investigates hedge fund performance and risk. The empirical evidence indicates that hedge funds differ substantially from traditional investment vehicles such as mutual funds. The funds with watermarks significantly outperform the funds without watermarks. The average hedge fund returns are related positively to incentive fees, the size of the fund, and the lockup period. Hedge funds...