Mutual Funds

International Research Journal of Finance and Economics ISSN 1450-2887 step forward 13 (2008) © EuroJournals Publishing, Inc. 2008 http://www.eurojournals.com/finance.htm Mutual fund Evaluation During Up and prettify Market Conditions: The Case of Grecian Equity Mutual specie Eleni Thanou Associate dogma Fellow at the Hellenic leave University Graduate platform on Banking, 17, Promitheos str, 17564 Paleo Faliro E-mail: ethanou@otenet.gr Tel: 0030 210 9409467, +30 6945434388; telecommunicate: 210 925002 Abstract The evaluation of the executing of managed monetary funds has attracted the sideline of donnishs and investment industry participants alike. The majority of the books and empirical studies focus on the US grocery store, while Greek Mutual Funds drive received less attention from the academic community. The intense movements of the Greek stock market and the maturity of the MF area during the hold up decade make fund carrying out analysis instead interesting. This study examines the risk adjusted overall mathematical process of 17 Greek Equity Mutual Funds amongst the years 1997 and 2005. We evaluate the performance of each fund based on the CAPM performance methodology, calculating the Treynor and Sharp indexes for the nine year period as well as for three sub-periods displaying different market characteristics.

We thus par the rankings obtained by the two indexes and we find significant differences in rankings between up and down market conditions. Lastly, we proceed to canvass the fund managers performance, distinguishing superior security selection ability and market timing, using the step and quadratic Jensens performance measures. Our results ! suggest that the majority of the funds on a lower story examination followed closely the market, achieved overall satisfactory diversification and both(prenominal) consistently outperformed the market, while the results in market timing are mixed, with close funds displaying negative market timing capabilities. Keywords: Mutual Fund;...If you destiny to get a full essay, order it on our website: OrderEssay.net

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