tailieunhanh - MUTUAL FUND PERFORMANCE IN EMERGING MARKETS: THE CASE OF THAILAND

Performance evaluation measures the skill of an asset manager and its principal idea is to compare the returns with an alternative appropriate portfolio to that which was obtained in a particular case. The emergence of modern portfolio theory (MPT) by Markowitz (1952), who quantifies how rational investors make decisions based on expected return and risk, has brought much development to portfolio performance measurement. | MUTUAL FUND PERFORMANCE IN EMERGING MARKETS THE CASE OF THAILAND By TEERAPAN SUPPA-AIM A Thesis submitted to THE UNIVERSITY OF BIRMINGHAM For the Degree of DOCTOR OF PHILOSOPHY Department of Accounting and Finance Birmingham Business School The University of Birmingham March 2010 UNIVERSITY BIRMINGHAM University of Birmingham Research Archive e-theses repository This unpublished thesis dissertation is copyright of the author and or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder. Synopsis The rate of growth of investment in mutual funds has increased dramatically over the past decade. Many studies have developed models for performance evaluation and have examined whether fund managers provide value added for investors. Most of these studies however have focused on the developed markets and only a few examine whether the findings carry over to emerging markets as well. This thesis specifically investigates mutual funds in one of the emerging economies Thailand using a more extensive dataset than previous studies it controls for investment policy and tax-purpose differences as unique characteristics of mutual funds in Thailand. We scrutinize how fund managers perform and what strategy they use in managing their portfolios and ask whether any fund characteristics can explain fund performance. We also explore the impact of liquidity on performance and performance measures. We find in this context that mutual fund managers as a whole do not have selectivity or timing ability and they do not give value added to investors. Most of the fund managers in Thailand .

• Quỹ đầu tư
• Eliminate additional
• one decision
• one purchase
• complete protection
• Confidence always
• Ensures systems
• protected against
• automated
• event driven backups