Master of Science in Management Specialization in Banking & Finance Research Methodology & Decision Analysis for Business (RMDAB) Assignment 2 Literature Review TOPIC: MUTUAL INVESTMENT FUNDS IN INDIA Student Name: Sangawar Pratik Shankar Batch: MFBD51217A FIN: G1190040U Table of Contents: 1. Background…………………………………………………………Pg.
3 2. Literature Review on Mutual Investment Funds……………………. Pg. 7 3.
Conclusion…………………………………………………………Pg. 21 4. References…………………………………………………………Pg. 23 Background a)Introduction The Four Basic Components on which Indian financial system is based on are Financial Market, Financial Institutions, Financial Service and Financial Instrument. One of the most important components of Financial Instrument is Mutual Investment Fund (mutual fund). (Jaspal Singh, 2004) (Mason Dave, 1999) “A mutual fund is a pool of money contributed by numerous investors, the capital gathered is invested to buy a hefty portfolio of securities” There are essentially three categories of mutual funds i. e.Money Market, Fixed Income and Stocks within each category there are variety of funds.
(Mason Dave, 1999) An investment company is a body with trained portfolio managers as investment experts, they pool up the investors’ small capitals or funds for the reason of bankroll in securities. The most well-known form of Investment organisation is the open-end management association. The Other type of investment funds are closed-end funds, exchange-traded funds, business development organizations and unit investment trusts.
(Jaspal Singh, 2004)The all above mentioned are civil funds the reason for that is, their share are publicly issued to investors and thus the funds and their shares are requisite to be registered with the Security Exchange Board of India (SEBI). Investment organisation/association that are secretly tender and issue their shares to investors/buyers are called private or hedge funds. The mutual or investment funds industry was started in early 1960’s with the configuration of Unit Trust of India, as an inventiveness of the Government of India and Reserve Bank of India. Jaspal Singh, 2004) Mutual fund is said to be investment as subject to market risk. As the capital is invested in the stock market to earn profits in terms of dividends, bonus shares of company, trading-buying and selling on higher prices. A common investor may not have adequate knowledge of the share market and the technical terms of the investment as how to create a good capital portfolio, which helps an investor to play safe in the market.Now this situation of lack of investment knowledge creates an demand for mutual investment fund in mutual investment funds many small investor come together with their minor investment capital or funds and deposit it to a mutual fund investment company, organization or bank which acts as there agents or can be said as representatives in the stock market and for that service they take commission whenever the trading or buying or selling of shares is done, the commission may vary as per the investment companies. Amporn Soongswang, 2011) Mutual fund is the pool of invested money it based on the investment company which invests the savings of an amount of investors here the investors share a common financial objective, it in the ways of capital appreciation and earning incomes in the form of dividends.
The funds are collected from the investors by the investment company and invested into capital markets instruments such as shares, debentures and overseas market. Investors invest money and get the units as per the Net Asset Value (NAV).NAV is the current value of the money in the financial market or it can be explained as the present value of the fund in the financial market.
(Bello, 2009) As mentioned that Mutual fund is the appropriate investment mode for the common man or the ordinary investor as it offers an investment prospect to invest in diversified portfolio management, high-quality research panel, proficiently manage Indian stock as well as the foreign market, the most important objective of the fund manager is to give the investor the safest investment and a balanced capital portfolio to play safe with maximum returns with good capital appreciation.The fund manager should also look after the trading of the stock i. e. buying and selling of stock or shares and through this the fund manager should generate revenue for the investor and should be able to give fair returns to the investors. (Dave, 1992) This helps the investment company to keep up their promise of profit generation and maximization through mutual funds and it can be done through good diversification of capital portfolio. (Patzelt, 2009) (b)Brief History of Mutual Investment FundMutual Investment as per the dates support was started in 19th century it was introduced in Europe, in exacting, Great Britain.
Robert Fleming was the person to set up the first investment trust called Foreign and colonial investment trust as per the records it was in 1868. The Foreign and colonial investment trust and other investment which had their located in Britain and the U. S. , are known as close-ended mutual funds today. Massachusetts investor’s trust was the first trust in the U. S.
, it was established in March 1924 it was an open-ended mutual fund. Ramola, 1992) Innovation in the products and services of financial market improved the popularity of mutual investment funds in 1950s and 1960s. The first global stock mutual investment fund was introduced in the U. S in year 1940. This financial market or can called as finance industry witnessed substantial growth in the 1980s and 1990s.
In present the mutual funds are major source of ‘safe’ investment and it is a very successful product of financial market. (Ramola, 1992) Literature ReviewTHE EMERGENCE OF mutual funds was the outcome of the requirement to assemble small savings of domestic sector and to channelize it for productive measures through stock market or can be said as financial market. In the early stage of industrial revolution which was in early 1970’s in India, the deposits with the banks and other financial institution lost their importance with the growth of capital market and the declining interest rates. The new investors or small investor demonstrating their risk adverse nature shifted from less rollback bank deposits and low fluidic investment like LIC, Provident Fund and Pension Funds etc. owards fluidic, momentary investments like units, shares, and debentures. (Bhapkar, 2007) However, an boilerplate or common investor is scared of fundamental market and hence cannot take decision or can be said as no path to walk on or no way can be seen, the condition was not at all decision making for investment, for small or average investor as, in which security to make the investment and when to make investment. This as a conclusion led to the advancement of mutual funds/bond funds in Indian financial industries.
As mentioned above that in early 1970’s it was an start of industrial revolution in India and in that period of time there was high industries setting up in India and it created a high requirement of funds, so as the reaction of this action was public issue of for gathering of capital, but the amount which was collected was in bulk or we can say that investment which was asked by the companies or industries was a huge amount in this situation the small investors was not able to invest and enjoy the ownership and were also not having the knowledge of investment, so as to overcome this problem the mutual funds came into introduction, and the financial institution such as bank, mutual fund investment companies came to represent the investors in the market and help them invest into correct or good company. (Furfine, 2001) Here in Mutual Fund Company the funds were gathered from small investors and pool up capital and make a huge or bulk of capital and in exchange they were given NAV “Definition of ‘Net Asset Value – NAV’ A mutual fund’s price per share or exchange-traded fund’s (ETF) per-share value. In one and the other cases, the per-share dollar amount of the capital is determined by segmented the total value of all the securities in its portfolio, less any liabilities/amenabilities, by the number of fund shares outstanding” . (Iqbal Mansur, 2010) Mutual funds units are investment vehicles that help new investors to take a ong ride through capital market, which is not possible individually with small amount of investment. It provides a means of involvement in the financial market for investors who don’t have the time or perhaps the expertise to take direct investment decisions in equities successfully. (Dr. Rajesh Bahunguna, 2010) The basic need and objectives of the fund assembled by mutual funds in India has been on the exaggerated since their initiation in 1964 i. e.
with introduction of US 64, the flagship scheme of UTI. A further it was in 1987 and 1989, when the investors. Distant, accumulating in measure with the objectives of distinct commercial policy of 1991, mutual fund market was open to the clandestine sectors in the country i. e. India. (Dr.Rajesh Bahunguna, 2010) Since 1993 the opening year of clandestine sector mutual funds, the investment inclination deviated more in favour the private sector funds. The swelling collection of mutual funds crossed Rs.
120000 billion (SGD $ 2666. 66 billion) marks in India by November, 2002 with almost 59. 78% of the total investment going into private sector mutual investment funds. (Dr. Rajesh Bahunguna, 2010) The fact that the money so invested comes out of the hard earned savings of the investors apparently bring home the desired need of studying what the investors think about the mutual funds. It may also be mentioned here that less or small effort has been devoted or done by researchers in India to study the perceptions of investor towards mutual funds. Haugen, 1986) In the antecedent phase in India it was found that in general less knowledgeable mutual fund investors were found to be lacked in knowledge and were not autonomous in making fund investment decision making. Rather, they are the easily lured and motivated lot to get their investment made in any recommended mutual fund.
Hence, to make this research meaningful, the focus is more on the educated and informed investors. Hence to invest in mutual funds the factor describes that investor’s preference for mutual fund investment because of the professional expertise of fund managers which can be said as the representatives on behalf of investors and in return they commission as there fees. (F.
A.Abeer, 2012) The risk exposure that has to be faced for directly investing in stock market obviates the need for professionally expert managers for managing investment in stock market. We can take one more explanation to get some more knowledge of mutual funds; the first category of Contribution Company was the entity trust, which was a fixed pool of securities that, conflicting a mutual fund was not intensely managed. The first unit trust was bringing about in England in 1868. In contrast to the entity investment trusts, these funds were awful leveraged and formularised in market performance and their amount collapse during the great stock market clash of 1929.
Open end and closed funds that bought their capital managers the potential to convert the concealed structure of securities. Iqbal Mansur, 2010) Mean while past years, closed-end investment organisation were another prevailing category of fund. A considerable aspect of this closed-end organisation was that they use leverage to play safe in the field. Closed-end organisation applied Leverage by allotting bonds and issuing shares in the financial market offering shares to the public.
This helped to the company to raise funds that were used to purchase portfolio securities which were a very important part. The extensive aberration among a closed-end fund and an open-end fund is that the mainstay of an open-end fund stance equipped to regain shares while and are redeemable. Kirsch, 2011) As it becomes very flexible for choices of mutual funds as they are redeemable and irredeemable it depends upon the investor that in which form they feel safe and are willing to invest. Mutual Funds have such structure to endow with utmost benefits to the investors, and the authorised person in Investment Company which is the fund manager has research team to attain the objectives of the scheme. Mutual Fund Investment Company has different units of sector funds; the requirement of these units to achieve the maximum market return is proper planning for strategic investment. (William Fung, 2008) There should be a planned and unique diversification for the capital portfolio as per the market condition and investors or Investment Company’s resistance capacity.
A planned portfolio helps to resist in the market as if the one part of the investment occurs loss the other stock or unit may bear it through generating profits and balance the situation, it is seen when the capital investment portfolio of the investor is very strong and well planned. For strong portfolio there should be professional Management here the fund manager should undergo throughout different research works and has adequate investment skills which promise high returns to the investor than what the investor can cope on his own. (Rainish Robert, 2002) Investment through mutual funds by a mutual fund investment company reduces risk factor, as the financial market is very dynamic in nature and requires high and accurate quality of analysis to generate good amount of return which very worth for an investor after taking such risk.Investing in mutual fund through an investment company diversifies the portfolio of securities yet with little investment in a mutual fund. The risk is diverted in a diversified portfolio than investing in just in 2 or 3 securities. (Palmiter, 2009) There are low transaction expenses due to the economies of scale (repayment of larger volumes), because of that reason mutual funds pay lesser transaction costs and the paybacks are passed to the investors. Mutual funds units have a great advantage of liquidity as in case an investor may not be capable to sell the shares hold by him effortlessly and swiftly, while units of mutual funds are more liquid to sell off and regain the invested capital as per the current value.
Mutual funds are said to be investor oriented as it gives investors a wide range of investment schemes with different investment objectives. Investor has the choice of investing in a scheme which provides him the association between its investment aims and desired financial goals. As every investor wants to get higher return but with that they have right to know that where the capital is invested, so for such course of action mutual funds provides investors with the latest updated information pertaining to the markets and the investment schemes in the financial markets. All required material is disclosed to the investor as per the requirement of the regulator. Shah, 2000) As mutual funds have liquidity, security, transparency, low transaction cost and fair returns, it makes it very flexible.
Investor can also control their holdings from a debt scheme to equity scheme and vice-versa. There is alternative of organized investment and withdrawal at regular time intervals is also offered to investors in open-end schemes. As mutual fund industry is a regulatory, it has its rules and regulation it is an element of well synchronized investment environment in this environment the interests of the investors are confined by the supervisory body. All the transactions and funds are registered in up to date manner with SEBI and complete transparency is kept. (Dr.Rajesh Bahunguna, 2010) In spite of ample amount of positive terms there are some disadvantages of mutual funds such as the fund manager may always not be able to manage to generate profits he might create loss as the whole control is in hand of the fund manager as the capital is of the investor but there is no control of the investor on his own capital. The fund has its own strategy for investment to sell, to hold, to buy time period. The cost control is not in hand of the investor, investors are applicable to pay the investment management fees and also the fund allocation costs as a proportion of the capital value of his investment as long as the investor holds the funds or units it is irrespective of the performance of the fund in the financial market.
The capital portfolio is decided by the fund manager and also the decision of the investment of securities is in hands of the fund manager here investor has no right to get in the way on the decision making procedure of the investment by the fund manager, which some of the investors find as disadvantage in achieving their financial objectives. (Furfine, 2001) As mutual fund offers a range of investment schemes, so the investors finds it difficult to select the one in which he invests his capital it because the investor is lacking in that knowledge that is the reason he is investing his money through mutual funds but still the investor has to take decision to choose the scheme for this, they may have to take advice of the financial planners in order to make safe investment and invest in the right fund to gain profits through the invested funds which the major objective of the investors and let their money bloom. (Cornaggia, 2009)It is mentioned by many authors that investment funds are one of the important institutions for investing capital in to the financial market which is along with many risks for various investors especially the new and inexperienced ones which are lacking in the market conditions knowledge or we can say investment knowledge. Mutual investment companies act as financial intermediaries for non-professional investors they also respond to the requirement of the investors by making different types of capital portfolios with different configurations of securities.
Since the market conditions are very dynamic in nature as mentioned earlier, investors are lacking in experience or almost new to the financial industry and they do not have knowledge of the markets professional literature and culture of the stock. (F. A. Abeer, 2012)The financial market in very wide in nature of investment and has an insufficient financial tools for investment and further support of small investor rights in neither regular nor efficient, and investing directly in capital market without any professional’s advice is rather very risky to invest until and unless the investor is an professional himself or has an adequate knowledge of financial industry and other important financial tool thus forecasting and establishing financial intermediary associations such as mutual fund investment companies is important and should be done by the financial market custodians.
(F. A. Abeer, 2012) There are some main characteristics of mutual funds which have to be kept in mind while investing and which are very useful for an investor even if the investor is investing through an investment company such as, the mutual investment funds are purchased or the capital is invested through fund or broker of the fund so in this case the investor cannot sell it in the secondary market to other buyers or investors.The price of mutual fund each unit is decided according to the net value of the asset of investment unit and additional of wages that are occurred at the time of purchase.
The investment unit can return to the fund or the broker as the units are redeemable. The return price of the each unit is as per the current net value asset with deduction of the transaction fees. The buying and selling of units is and continues process and continue constantly. There are different types of mutual funds it is based on the different investment objectives along with the various amount of risk involved, investment expenses and the fluctuations of the unit fund. Garmhausen, 2012) There are some types of funds such as close end fund; some features of these funds are the investment companies having fixed capital and in spite of being redeeming stocks makes its trading in secondary market for investors and hence can traded in secondary market, here the investors are able to purchase the funds directly and solely. Units or stocks of closed end funds are not available in stock or financial market for selling continuously these funds is just issued at their stocks in Initial Public Offering (IPO) for selling and investors willing to invest in funds can buy or invest their capital at the time of IPO or issue made the company and then those shares can easily trade in the secondary stock markets, here the stock can be traded. (Glassman, 2004) After the issue or the IPO and the stock price designated in the market according to the market’s conditions and influence, because of this sign of action it can be lower or higher that the NAV of each unit or share.Basically closed end funds are divided based on their approaches, risks, return patterns, investment objectives and portfolios are separated to different types and as according to that they have various levels of risk, volatility and fees variances.
There is another category of funds which is said to be Index funds it is part of investment fund the most important feature of the index fund is the low cost, low tax and fees as compared to the other funds which are active in the financial market. The portfolio for the index funds is fixed, so they have lesser flexibility as compare to other funds. (Glassman, 2004) The major objective of the fund is to reach the return of the selected index such as National Stock Exchange (NSE) Index.There are some very important stock exchanges in India such as follows: Bombay stock exchange, Ahmedabad share and stock brokers association, Calcutta stock exchange association Ltd, Delhi stock exchange association Ltd, Madras stock exchange association Ltd, Indore stock brokers association Ltd, Bangalore stock exchange, Hyderabad stock exchange, Cochin stock exchange, Pune stock exchange, Uttar Pradesh stock exchange, Ludhiana stock exchange, Jaipur stock exchange Ltd, Gauhati stock exchange Ltd, Mangalore stock exchange, Maghad stock exchange Ltd, Patna, Bhuvaneshwar stock exchange association Ltd, Over the counter exchange of India, Bombay, Saurastra kuth stock exchange Ltd, Vsdodard stock exchange Ltd, Coimbatore stock exchange Ltd, The Meerut stock exchange, National stock exchange, Integrated stock exchange. (Dr. Rajesh Bahunguna, 2010) The mentioned are the stock exchanges of India but are driven by the major stock exchanges which are Bombay Stock Exchange (BSE) and National StockExchange (NSE) these are the major index setters in the market are the regulatory which governed them id the Security Exchange board of India (SEBI).
Exchange Traded Fund is a type of fund which is also called as ETF; ETF shares are not sold directly to the individual investors the ETF shares are mostly issued in the stock exchange in big blocks which been called creating and issuing units, and then the offers are given to the institutional investors. The sales of ETF are in non cash way for issuing and creating units to institutional investors and investors bring in their portfolio instead of cash and their portfolio is mostly same as the fund portfolio.After the purchase of the large blocks of ETF units the institutional investors divide the large stock into smaller parts or units and then it is ready to trade in the secondary market and is offered to the individual investors. (Dr.
Rajesh Bahunguna, 2010) Then after the trading in secondary market, individual investors have two ways to trade the ETF’s shares or funds which are selling the stock to the other willing investors or returning them to the institution. Returning shares is only possible at the creation stage, issuing units scale and in non-cash ways. In layman’s words, instead of cash money, investors are allotted with existing securities at the portfolio of the funds. (Dr.
Rajesh Bahunguna, 2010) The two main features of Mutual Investment Fund are said to be management and high liquidity: -Outside management: As the nature of mutual investment fund is different from joint stock company’s shares in one major issue, i. e. they are not managed by the inside management of the company. The important part of the Administrative and Operations of the mutual investment funds are done by the service providers from outside of the fund. There are some important fund operations and duties such as portfolio management, distribution of investment units, marketing and other activities which are directly affecting the service provider company; it uses existent specialty association’s facilities and abilities in the field of finance industry.
The administrative and public expenses can be saved by outsourcing of main activities and small organizational core work. Klinger, 1992) -Variable capital and high liquidity: There is no fixed/closed capital for mutual investment fund and the difference in their capital is seen at the time of issue and redeeming investment units, while there are no limitations for buying and redeeming as they are continuous in nature and investors can always buy and sell the mutual fund investment units and can be freely traded. Here the investors holding the fund unit can redeem the entire or part of their investment holdings and can change it to liquid cash on the basis of the Net Asset Value (NAV) of the funds. (Klinger, 1992) – Daily pricing of investment units: There is daily pricing of the fund units as mentioned early that it depends upon the NAV of the fund.The daily NAV is the sum of the market value of the portfolio minus funds debt and divided by the total amount of units have purchased by the investor.
– Professional Management: Involvement of professional investment consultant gives a feature of Professional Management; the consultant has done with comprehensive research and having abundant information of the market situation and conditions. This feature is very important for any service provider as the investors may not have adequate knowledge of the investment planning and making a strong capital portfolio and this feature also helps investors to get familiar with the mechanism of Stock Exchange system. Klinger, 1992) – Diversification of securities and risk management: As investing in different securities and assets reduces the influence of reduction of value of the investment, the mutual funds manage the risk factor by diversifying configuration of different companies in different industries securities and use an expert or professional for maintenance of capital portfolio. (Klinger, 1992) Mutual Funds Classification: Mutual funds have been divided into three main groups which are as follows- I. Mutual funds that invest in companies stock II.
Mutual funds that invest in securities with fixed income III. Mutual funds that invest in the money market All types of Mutual funds have been placed in one of the three above-mentioned groups. Mutual Investment Funds have wide range of investment objectives and it can be classified from conservative to aggressive and offer wide range of options and flexibility of investment of the funds to investor. (Dr. Rajesh Bahunguna, 2010) Conclusion:The study focuses on mutual funds risks and advantages, the findings may not be appropriate for an investor to understand the condition but with the above research we can get a picture of mutual fund and the risks allotted with it. The outputs of the research will let the investors understand mutual funds and market better. With the help of the information a new investor can get a basic idea or can understand the concept of mutual fund, the above research also helps in exploring the risk factors of mutual funds. It also mentions the advantages of mutual funds which help investors to make good decision for investing their hard earned money and with they can play safe in the market and gain good profits.
As the research of mutual fund is an continues process because the market condition are very dynamic in nature and continuously changing are they directly affect the funds as it gives an direct impact on the funds the market conditions are need to be watched or observed very closely by the experts and investors as well. Market situation needs to be observing very closely to play safe in the market and help the investors to grow their funds and earn a fair income. India is a developing economy with many emerging industries and companies; the current situation in India today is that a common investor in general is found to be confused regarding his or her selection of investment in mutual investment funds it may be due to dynamic economy or various scheme that are available in the market, so the selection process becomes very important for investors that in which fund to invest in?The above study was trying to resolve the problem of investment decision with giving a brief introduction to the nature and characteristics of mutual investment funds and the finance industry. (Words-4,698) Bibliography/References Amporn Soongswang, Y. S. , 2011. Equity Mutual Fund: Performances, Persistence and Fund Rankings.
Journal of Knowledge Management, 1(6), pp. 11-76. Bello, Z. Y. , 2009. On The Predictability Of Mutual Fund Returns. Journal Of Business & Economic Stidies, 15(1), pp. 70-89.
Bhapkar, R. , 2007. Corporate Portfolio Management: Capital Allocation From A Risk-Return Perspective. Corporate Finance Review, 12(2), pp. 27-38. Cornaggia, J.
N. , 2009. Economic Effects of Access to Finance. Jornal of Finance, 1(4), pp. 43-57. Dave, S. A.
, 1992. Mutual Funds: Growth and Development.The Journal of the Indian Institute of Bankers, pp.
42-117. Dr. Rajesh Bahunguna, M. K. A. , 2010. Dehradun Law Review.
A Journal Of Law College Dehradun Uttarakhand India, 2(1), pp. 7-82. F. A. Abeer, A.
A. A. N. T.
Z. , 2012. Obstacles Of Mutual Investment Funds.
Interdiciplinary Journal Of Contemporary Research In Business, 3(12), pp. 350-355. Fama Eugenef, K. R.
F. , 2010. Luck versus Skill in the Cross-Section of Mutual Fund Returns.
The Journal of Capital portfolio Management, LXV(5), pp. 16-37. Furfine, C. , 2001. Bank portfolio allocation: The impact of capital requirements. Journal of Financial Services Research, 20(1), pp. 33-56. Garmhausen, S.
, 2012. Primed For A Come Back.Financial Planning, 2(4), pp. 23-45. Glassman, J. , 2004.
A Better Mutual Fund Reform. The American Enterprise, 15(3), pp. 49-57. H Paul, K.
J. F. , 2007. Capital Allocation For Portfolio Credit Risk. Journal of Banking and Finance, 10(4), pp.
103-122. Hamidreza Mirmohammad, M. N.
, 2012. International Research Journal of Finance and Economics. A New Service Development in Iranian Financial Service Industry: Mutual Fund, Issue 87 (2012), pp. 7-16. Harald Hau, H. R.
, 2004. Can Portfolio Rebalancing Explain The Dynamics of Equity Returns, Equity Flows and Exchange. The American Economic Review, 94(2), pp. 126-145. Haugen, R. A.
K. c. O. , 1986.A PORTFOLIO APPROACH TO OPTIMIZING THE STRUCTURE OF CAPITAL CLAIMS. Jaurnal of Risk and Insurance , 37(1), pp. 41-72. Hickey, L.
, 2010. The Palgrave Macmillan Dictionary of finance, investment and banking. Dictionary of finance, 48(1), pp. 60-87.
Iqbal Mansur, O. B. A.
N. , 2010. The Relationship Between Money Market Mutual Fund Maturity and Interest Rates. Journal of capital management, 1(2), pp.
109-178. Jaspal Singh, S. C. , 2004. An Emperical Analysis of Perception Of Investors towards Mutual Investment Fund.
Finance India, 18(4), pp. 1673-1693. Jian Cai, C. K. a. T.
M. , 2010. Economic Commentary Compensation and Risk Incentives in Banking and Finance.
Journal of Banking and Finance, 1(1), pp. 010-2013. j, n. d.
Kirsch, C. E. , 2011. An Introduction to mutual funds. Joournal of capital portfolio and Fund management, 1(6), pp. 12-76. Klinger, E.
D. , 1992. A Banker’s Guide to Mutual Funds. Bankers Monthly, 109(12), pp. 18-21. Korpela, M.
, 2005. Mutual fund expenses: Evidence on the effect of distribution channels. Journal of Finance Management, 1(2), pp. 89-103. Lashgari Malek, W. M. , 2003. The Information cantent of Morningstar’s mutual fund ratings: The case for growth funds.
American Business Review, 21(2), pp. 1-19. Lashgari, M.
, 2011. An Invetment Portfolio Design For an Educational Endowment Fund the Role of Human Capital.Journal of Applied Business and Economics, 1(1), pp. 1-14.
Leake, J. , 2008. Successful Portfolio management and RAPM. Balance sheet, 8(3), pp. 18-46. Mahreen Mahmud, N. M. , 2011.
An Evaluation of Mutual Fund Performance in an Emerging Economy: The case of Pakistan. The Lahore Journal Of Economics, 16(2), pp. 301-316. Mansur, I. , 2011.
JOURNAL OF FINANCIAL SERVICE PROFESSIONALS. The Relationship between Money Market Mutual Fund Maturity and Interest Rates, Issue JULY 2011, pp. 55-66. Martin, W. A. , 2009. Essays on financial markets, legal institutions and economic development.
ProQuest Dissertations and Theses, 2(1), pp. 80-91. Mason Dave, M.
A. M. , 1999.An Introduction to mutual funds: A good choice for retirement investing.
New Accountant, 14(4), pp. 10-34. Nanigian, D. , 2012. Advice on Mutual Fund Selection. Journal Of Financial Service Professional, 1(1), pp.
72-76. Nilsson, J. , 2007.
Investment with a Conscience: Examining the Impact of Pro-Social Attitudes and Percieved Financial Performance on Social Responsible Investment Behvior. Journal of Bussiness Ethics, 10(1), pp. 308-322. O’Neal, S. E.
, 2000. Real estate mutual funds: Abnormal performance and fund characteristics. Journal of Real Estate Porfolio Management, 6(3), pp. 239-354. Palmiter, A. R. T.
E. A. , 2009. Star Creation: The Incubation of Mutual Funds.Vanderbilt Law Review, 62(5), pp.
1483-1491. Palmiter, A. R. T.
E. A. , 2009. Star Creation: The Incubation of Mutual Funds. Vanderbilt law Review, 62(5), pp. 1487-1498.
Patari, E. J. , 2007.
Do Hot Hands Warm the Mutual Fund Investor? The Myth of Performance Persistence phenomenon. International Research Journal Of Finance and Economics, 1(4), pp. 118-135. Patzelt, K. a.
H. , 2009. Portfolio Strategies of Life Science Venture. Journal of Small Business and Entrepreneurship, 22(2), pp.
87-100. Rainish Robert, P. G. , 2002. Performance of Latin American focused mutual funds. American Business Review, 20(1), pp.
21-45. Ramola, K. , 1992. Yojana.Mutual Fund and The Indian Capital Market, 36(11), pp. 57-69. Shah, T. M.
, 2000. Hot money and the emerging markets: Global political and economic determinants of portfolio capital. The Journal of Social, Political and Economic Studies, 25(1), pp. 27-57. Warburton, A. J. , 2006.
Should Mutual Fund Be Corporations? A Legal ; Econometric Analysis. Business Review, 3(6), pp. 747-776.
Wildmann, C. , 2011. What drives portfolio investment of German banks in emerging markets?.
Finance Market and Portfolio Management, 14(2), pp. 197-231. William Fung, D. A. H.
N. N. , 2008.
Hedge Funds: Performance, Risk and Capital Formation. The Journal Of Finance, LXIII(4), pp. 23-49.