This paper provides both theoretical and empirical analyses of market participants’ optimal decision-making in trading Japanese equity mutual funds. First, we build an intertemporal decision-making model under uncertainty in the presence of transaction costs. This setting enables us to shed light on the investors’ option to delay investment. A comparative analysis shows that an increase in unce...

We evaluate the performance of fixed income mutual funds using stochastic discount factors motivated by continuous-time term structure models. Time-aggregation of these models for discrete returns generates new empirical "factors," and these factors contribute significant explanatory power to the models. We provide a conditional performance evaluation for US fixed income mutual funds, condition...

The aim of this study is to examine the performance stock umbrella funds with Omega measurement. measurement ranks investors based on a certain risk limit or expected return rate, called threshold value. In study, rate values from 1% 10% were determined as Between years 2016-2020 Turkey Electronic Funds Distribution Platform (TEFAS) also traded 48 funds’ data are used. As result analysis, 1 10 ...

The Indonesia Capital Market has experienced a significant increase in investors from 2019 until now. the number of new Indonesian capital market is dominated by people under 30 years who prefer to invest stocks and mutual funds. This does not follow high financial literacy. Research regarding literacy investment return showed that affects return. Therefore, Indonesia’s will most likely experie...

since 1984 iranian banks has been operating under islamic principles. this paper investigates dynamics of loans and the difficulties that iranian banking system was facing. during the period of islamic banking in iran, banks experienced a significant increase in the supply of loans. many factors have affected the behavior of banks in lending operations, the most important of which include rate ...

I document a positive relationship between excess cash holdings of actively managed equity mutual funds and future fund performance. The difference in returns of portfolios of high and of low excess cash funds amounts to over 2% annually, or approximately 3% after standard risk adjustment. I study whether this difference in performance can be explained by the differences in managerial stock sel...

The last ten years of the 20 century was the decade of pension reforms in Central and Eastern European countries. A three-pillar pension system has been adopted in most of that countries, including Poland, where the second pillar is created by open pension funds (OFEs), managed by pension fund companies (PTEs). The aim of this article is to identify and analyze barriers to the increased effecti...