Performance of Mutual Funds: An International Perspective by G. Gregoriou

By G. Gregoriou

Lately there was a transforming into call for for mutual cash and the way their functionality compares to different money on a global point. this crucial new ebook makes a speciality of the alterations in a few nations concerning the new paradigm of overseas making an investment via mutual money. this is often an imperative selection of unique papers at the mutual fund concentrating on numerous eu international locations, the U.S. and New Zealand. functionality is classed utilizing a clean method, cutting edge recommendations and diverse versions. This e-book will let the reader and practitioner to achieve a viewpoint and knowing of mutual money on a world point.

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Carhart, M. (1997) “On Persistence in Mutual Fund Performance”, Journal of Finance, 52(1): 57–82. Chan, L. , Jegadeesh, N. and Lakonishok, J. (1996) “Momentum Strategies”, Journal of Finance, 51: 1681–714. , Cooper, W. and Rhodes, E. (1978) “Measuring the Efficiency of Decision Making Units”, European Journal of Operational Research, 2(6): 429–44. Choi, Y. and Murthi, B. (2001) “Relative Performance Evaluation of Mutual Funds: A Non-parametric Approach”, Journal of Business Finance and Accounting, 28(7–8): 853–76.

Even when we take the top quartile in terms of monthly performance, the number shows a sharp decline from 15,067 funds in month 0 to 5,202 funds over a 3-month period. The number of funds drops to 430 over a 6-month period, and to 0 over a 12-month period. This lack of performance persistence in both short-term and long-term performance is significant and has important implications for active money R A J E E VA S I N H A A N D V I J A Y J O G 11 management, and money management based on market timing.

It is interesting to note that, even in the first Danish mutual funds, it was the investors who made decisions about the management and objectives of the funds; a characteristic of Danish mutual funds that, at least in theory, still applies today, as we shall discuss later. In the rest of this section we shall focus on the more recent developments in the total size of the Danish mutual fund market – for example, the total amount of wealth held by Danish mutual funds. 1). 2, we comment on the composition of wealth.

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