tailieunhanh - Market Timing Ability of Indian Mutual Funds

Tham khảo tài liệu 'market timing ability of indian mutual funds', tài chính - ngân hàng, quỹ đầu tư phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Available ONLINE VSRD-IJBMR Vol. 1 7 2011 416-427 RESEARCH ARTICLE Market Timing Ability of Indian Mutual Funds 1Surinder Kr. Miglani ABSTRACT This paper analyzes Indian mutual fund managers market timing ability for the period of 1999-2004 using Jensen Mazuy Module and Henriksson Merton Module. To achieve the goal a sample of ninety eight mutual fund schemes having different investment objectives both from public as well as private sector have been selected. The study finds that Indian mutual fund managers are unable to test the market timing of the mutual fund schemes and relying only on stock selection skill for getting maximum return. It implies that they are generating superior performance due to largely involvement in security selection. Keywords Net Assets Value Benchmark Market Timing Selectivity Alpha Gamma Etc. 1. INTRODUCTION Mutual funds are dynamic financial institutions which play a crucial role in an economy by mobilizing savings and investing them in the capital markets. Therefore the activities of Mutual funds have both short and long term impact on the savings capital markets and the national economy. Mutual funds thus assist the process of financial deepings and intermediation. They mobilize funds in the savings market and act as complementary to banking at the same time they also compete banks and other financial institutions. In the process stock market activities are also significantly influenced by Mutual funds. Mutual funds have attained commanding heights in the financial scenario of India. Till 1986 there was only one Mutual fund in our country because no other public or private sector institution was allowed by government of India to join Mutual fund market. In 1987 the Banking Regulation Act was amended to allow the commercial banks as well as Insurance sector to launch Mutual funds. The Mutual fund market added a new dimension in 1993 with the opening up of it to the private sector and foreign .

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