The Effects of Mutual Fund Attributes on Mutual Fund Performance

Document Type : Research Paper

Authors

Alzahra University

Abstract

Mutual funds were first established in Iran in 2007 under Securities Market Act 2005 and have since grown significantly to one of the most important capital market intermediaries. Hence understanding and evaluating the performance of these funds are critical to both investors and fund managers. This research aims to examine the effects of various mutual fund attributes and characteristics, namely past performance, size, expenses ratio, turnover ratio, number of funds under fund manager’s management, and type of institution of fund founder, on their current performance. For this purpose, a sample of 43 equity mutual fund was chosen and relevant weekly data for the period of 22th June to 22th September 2013 was collected. The results show that only past performance and the type of institution of founder have an impact on the mutual fund's performance.

Keywords

Main Subjects

References

پورزمانی، زهرا، علی روحی و امیرمحمد صفری. (1389). بررسی تأثیر برخی عوامل مدیریتی و محیطی بر بازده صندوق‌های سرمایه‌گذاری مشترک در ایران. پژوهش‌های مدیریت، 86، 101-85.
[2] تارنمای سازمان بورس و اوراق بهادار، www.seo.ir.
[3] تارنمای صندوق‌های سرمایه‌گذاری موجود در نمونة پژوهش.
[4] تاری وردی، یدالله، محمد فرجی ارمکی، رضا داغانی و فرزانه حیدرپور. (1392). بررسی عملکرد و رتبه‌بندی شرکت‌ها و صندوق‌های سرمایه‌گذاری بر مبنای مدل ارزیابی مرتون هنریکسون. پژوهش‌های تجربی حسابداری، 7، 99-83.
[5] عزیزی، شهریار و امیر شریف‏فر. (1392). عوامل تعیین‌کنندة انتخاب صندوق‌های سرمایه‌گذاری مشترک: رویکرد پژوهش آمیخته. مدیریت دارایی و تأمین مالی، 2، 50-35.
[6]  Abbasi, Majid; Kalantari, Elham&Abbasi, Hamideh. (2012). Effect of Fund Size on the Performance of Mutual Funds: Evidence from Iran. Journal of Basic and Applied Scientific Research. 2 (7), 6889-6902.
 [7] CambonMurica, M Isabei. (2011). Spanish Mutual Fund Performance: An Analysis of Determinants. Working Paper.
[8] Elton, Edwin J., Gruber, Martin J. & Blake, Christopher R. (2011). Doze Size Matter? The Relationship between Size and Performance.
[9] Goel, Sweta. (2013). Performance of Mutual Funds and Investors’ Behavior.JAYPEE Institute of Information Technology.
[10] Gözbaşı, Onur&Çitak, Levent. (2010). An Evaluation of the Attributes Considered by Investment Professionals in Selecting Mutual Funds: The Case of Turkey. International Research Journal of Finance and Economics, 36.
[11] Groave B.V. (2011). Study of the factors influencing distributor perception of an asset management company.Birla Institute of Management Technology.
[12] Ke Tang, Wang, Wenjun&Xu, Rong. (2012). Size and Performance of Chinese Mutual Funds: The Role of Economy of Scale and Liquidity. Pacific-Basin Finance Journal, 20, 228 –246.
[13] Nguyen, Ninh D. (2004). Do Mutual Fund Attributes Affect Mutual Fund Performance?
[14] Pui See, Yong &Jusoh, Rozita. (2012). Fund Characteristics and Fund Performance: Evidence of Malaysian Mutual Funds. International Journal of Economics and Management Sciences, 9, 31-43.
[15]SEC Office of Investor Education and Advocacy. (2013). Mutual Funds: A Guide for Investors.
 
 
 
 
Journal of Asset Management and Financing
Volume 4, Issue 2 - Serial Number 13
September 2016
Pages 15-28

Files

Share

How to cite

Statistics