Performance persistence of mutual funds: evidence from Bangladesh

Detalhes bibliográficos
Autor(a) principal: Shahid Chowdhury, Mohammad Abir
Data de Publicação: 2020
Outros Autores: Ali, Zahid, Usman, Muhammad, Ullah, Asad
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Independent Journal of Management & Production
Texto Completo: http://www.ijmp.jor.br/index.php/ijmp/article/view/1118
Resumo: Purpose: Since 1990s, the discussion on whether mutual funds can perform better and persistently as compare to market has become an ongoing issue. Current research investigates the performance persistence of equity mutual funds’, particularly in the financial market of Bangladesh.Theoretical Framework: Different researchers have strived to examine the performance of mutual funds by using numerous performance indicators and risk adjustment techniques.Design/Methodology/Approach: The equity mutual funds data for this study are obtained from DSE (Dhaka Stock Exchange) database. The sample set includes all open-end mutual funds from 2010 to 2015. There is no mutual fund that has ceased trade or merged with other mutual funds during the study period.Originality/Value: Broad literature have been directed on the performance and persistence of mutual funds in the American markets, while some of the studies also centered on Australia, China, Hong Kong and U.K. financial markets. However, in the context of Bangladesh’s financial market, no identical research has been carried on the performance persistence of mutual funds.Findings: The results reveal that the managers of equity mutual funds have selective ability to obtain higher returns in Bangladesh. Moreover, the past performance of mutual funds has an impact on their future performance. The size of mutual funds doesn’t have any impact on their performance. The parametric and non-parametric models demonstrate that as compare to long run, equity mutual funds in Bangladesh could perform persistently in the short-run.
id IJMP_5f9c98dc4ffb6e8c6806d803544c7abe
oai_identifier_str oai:www.ijmp.jor.br:article/1118
network_acronym_str IJMP
network_name_str Independent Journal of Management & Production
repository_id_str
spelling Performance persistence of mutual funds: evidence from BangladeshMutual FundsFund SizePast PerformanceSelective AbilityPerformance PersistencePurpose: Since 1990s, the discussion on whether mutual funds can perform better and persistently as compare to market has become an ongoing issue. Current research investigates the performance persistence of equity mutual funds’, particularly in the financial market of Bangladesh.Theoretical Framework: Different researchers have strived to examine the performance of mutual funds by using numerous performance indicators and risk adjustment techniques.Design/Methodology/Approach: The equity mutual funds data for this study are obtained from DSE (Dhaka Stock Exchange) database. The sample set includes all open-end mutual funds from 2010 to 2015. There is no mutual fund that has ceased trade or merged with other mutual funds during the study period.Originality/Value: Broad literature have been directed on the performance and persistence of mutual funds in the American markets, while some of the studies also centered on Australia, China, Hong Kong and U.K. financial markets. However, in the context of Bangladesh’s financial market, no identical research has been carried on the performance persistence of mutual funds.Findings: The results reveal that the managers of equity mutual funds have selective ability to obtain higher returns in Bangladesh. Moreover, the past performance of mutual funds has an impact on their future performance. The size of mutual funds doesn’t have any impact on their performance. The parametric and non-parametric models demonstrate that as compare to long run, equity mutual funds in Bangladesh could perform persistently in the short-run.Independent2020-10-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdftext/htmlhttp://www.ijmp.jor.br/index.php/ijmp/article/view/111810.14807/ijmp.v11i6.1118Independent Journal of Management & Production; Vol. 11 No. 6 (2020): Independent Journal of Management & Production; 1739-17592236-269X2236-269Xreponame:Independent Journal of Management & Productioninstname:Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)instacron:IJM&Penghttp://www.ijmp.jor.br/index.php/ijmp/article/view/1118/1444http://www.ijmp.jor.br/index.php/ijmp/article/view/1118/1445Copyright (c) 2020 Mohammad Abir Shahid Chowdhury, Zahid Ali, Muhammad Usman, Asad Ullahinfo:eu-repo/semantics/openAccessShahid Chowdhury, Mohammad AbirAli, ZahidUsman, MuhammadUllah, Asad2020-10-01T03:24:49Zoai:www.ijmp.jor.br:article/1118Revistahttp://www.ijmp.jor.br/PUBhttp://www.ijmp.jor.br/index.php/ijmp/oaiijmp@ijmp.jor.br||paulo@paulorodrigues.pro.br||2236-269X2236-269Xopendoar:2020-10-01T03:24:49Independent Journal of Management & Production - Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)false
dc.title.none.fl_str_mv Performance persistence of mutual funds: evidence from Bangladesh
title Performance persistence of mutual funds: evidence from Bangladesh
spellingShingle Performance persistence of mutual funds: evidence from Bangladesh
Shahid Chowdhury, Mohammad Abir
Mutual Funds
Fund Size
Past Performance
Selective Ability
Performance Persistence
title_short Performance persistence of mutual funds: evidence from Bangladesh
title_full Performance persistence of mutual funds: evidence from Bangladesh
title_fullStr Performance persistence of mutual funds: evidence from Bangladesh
title_full_unstemmed Performance persistence of mutual funds: evidence from Bangladesh
title_sort Performance persistence of mutual funds: evidence from Bangladesh
author Shahid Chowdhury, Mohammad Abir
author_facet Shahid Chowdhury, Mohammad Abir
Ali, Zahid
Usman, Muhammad
Ullah, Asad
author_role author
author2 Ali, Zahid
Usman, Muhammad
Ullah, Asad
author2_role author
author
author
dc.contributor.author.fl_str_mv Shahid Chowdhury, Mohammad Abir
Ali, Zahid
Usman, Muhammad
Ullah, Asad
dc.subject.por.fl_str_mv Mutual Funds
Fund Size
Past Performance
Selective Ability
Performance Persistence
topic Mutual Funds
Fund Size
Past Performance
Selective Ability
Performance Persistence
description Purpose: Since 1990s, the discussion on whether mutual funds can perform better and persistently as compare to market has become an ongoing issue. Current research investigates the performance persistence of equity mutual funds’, particularly in the financial market of Bangladesh.Theoretical Framework: Different researchers have strived to examine the performance of mutual funds by using numerous performance indicators and risk adjustment techniques.Design/Methodology/Approach: The equity mutual funds data for this study are obtained from DSE (Dhaka Stock Exchange) database. The sample set includes all open-end mutual funds from 2010 to 2015. There is no mutual fund that has ceased trade or merged with other mutual funds during the study period.Originality/Value: Broad literature have been directed on the performance and persistence of mutual funds in the American markets, while some of the studies also centered on Australia, China, Hong Kong and U.K. financial markets. However, in the context of Bangladesh’s financial market, no identical research has been carried on the performance persistence of mutual funds.Findings: The results reveal that the managers of equity mutual funds have selective ability to obtain higher returns in Bangladesh. Moreover, the past performance of mutual funds has an impact on their future performance. The size of mutual funds doesn’t have any impact on their performance. The parametric and non-parametric models demonstrate that as compare to long run, equity mutual funds in Bangladesh could perform persistently in the short-run.
publishDate 2020
dc.date.none.fl_str_mv 2020-10-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.ijmp.jor.br/index.php/ijmp/article/view/1118
10.14807/ijmp.v11i6.1118
url http://www.ijmp.jor.br/index.php/ijmp/article/view/1118
identifier_str_mv 10.14807/ijmp.v11i6.1118
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://www.ijmp.jor.br/index.php/ijmp/article/view/1118/1444
http://www.ijmp.jor.br/index.php/ijmp/article/view/1118/1445
dc.rights.driver.fl_str_mv Copyright (c) 2020 Mohammad Abir Shahid Chowdhury, Zahid Ali, Muhammad Usman, Asad Ullah
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2020 Mohammad Abir Shahid Chowdhury, Zahid Ali, Muhammad Usman, Asad Ullah
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
text/html
dc.publisher.none.fl_str_mv Independent
publisher.none.fl_str_mv Independent
dc.source.none.fl_str_mv Independent Journal of Management & Production; Vol. 11 No. 6 (2020): Independent Journal of Management & Production; 1739-1759
2236-269X
2236-269X
reponame:Independent Journal of Management & Production
instname:Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)
instacron:IJM&P
instname_str Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)
instacron_str IJM&P
institution IJM&P
reponame_str Independent Journal of Management & Production
collection Independent Journal of Management & Production
repository.name.fl_str_mv Independent Journal of Management & Production - Instituto Federal de Educação, Ciência e Tecnologia de São Paulo (IFSP)
repository.mail.fl_str_mv ijmp@ijmp.jor.br||paulo@paulorodrigues.pro.br||
_version_ 1797220492786008064