Emerging Markets is a refereed journal that publishes the results of significant basic or applied research focused on the emerging markets, economicfinancial developments in developing countries and transitional economies and the relation... more
Emerging Markets is a refereed journal that publishes the results of significant basic or applied research focused on the emerging markets, economicfinancial developments in developing countries and transitional economies and the relation between emerging and international capital markets. Articles on emerging markets concerning their government policies, institutional frameworks and other environmental factors affecting their economic conditions and financial market activities are welcome. The principal audience for Journal of Emerging Markets consists of academicians and business professionals interested in the operation and structure of emerging markets. Journal of Emerging Markets also seeks to publish articles that will be useful to those working in the markets on an ongoing basis, including bankers, portfolio managers, accountants, attorneys, government officials, central bankers, officials in international organizations, multinational business executives and economic and financial researchers.
Research Interests:
Research Interests:
Research Interests:
Stock selection is the nucleus in the investment management process. It involves identifying and selecting undervalued securities which among other things requires the successful forecasting of the company specific events or an ability to... more
Stock selection is the nucleus in the investment management process. It involves identifying and selecting undervalued securities which among other things requires the successful forecasting of the company specific events or an ability to predict the general behavior of security prices in the future. If the fund manager is able to identify and select the undervalued securities for the portfolio, then it will be possible for the fund manager to increase the returns of the schemes and vice versa. In practice fund managers are expected to earn superior returns for unit holders consistently as being professionals therefore possess superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio. The present work is based on the review of tens of studies both foreign and Indian studies relating to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were ...
Research Interests:
The stock selection is considered to be the core of the investment process. This involves identifying and selecting undervalued securities which are expected yield good results in the future. In practice fund managers are expected to earn... more
The stock selection is considered to be the core of the investment process. This involves identifying and selecting undervalued securities which are expected yield good results in the future. In practice fund managers are expected to earn superior returns for unit holders consistently as being professionals therefore possession of superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio is a must for them. The present work is based on the review of many studies both foreign and Indian studies relating to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors are studied to analyse the selectivity performance on the basis of sponsorship of funds. However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. In this paper stock selectivity skills of sample fund managers were teste...
Research Interests:
Research Interests:
The Indian mutual fund industry has come a long way since its inception in 1963. The industry has witnessed sufficient growth on all parameters be it; number of fund houses, number of schemes, funds mobalised, assets under management etc.... more
The Indian mutual fund industry has come a long way since its inception in 1963. The industry has witnessed sufficient growth on all parameters be it; number of fund houses, number of schemes, funds mobalised, assets under management etc. One of the important goals of the mutual fund industry is to attract and mobalise major portion of the House Hold Savings (HHS) in order to enable the small savers to benefit from the economic growth by facilitating them to park their savings into the assets which yield better risk-adjusted returns. Therefore, the question arises, has the Indian mutual industry succeeded in achieving this goal? The present study will try to look for the answers. Though, the mutual fund industry has recorded significant progress on all fronts yet it has not been able to utilize its potential fully. On almost on all parameters it is far behind the developed economics and even most of the emerging economics of the world. The industry is confronted with number of challenges like low penetration ratio, lack of product differentiation, lack of investor awareness and ability to communicate value to customers, lack of interest of retail investors towards mutual funds and evolving nature of the industry. Based on the analysis the study suggests that if the industry has to utilize its potential fully, it has to address these challenges.
Research Interests:
The stock selection is considered to be the core of the investment process. This involves identifying and selecting undervalued securities which are expected yield good results in the future. In practice fund managers are expected to earn... more
The stock selection is considered to be the core of the investment process. This involves identifying and selecting undervalued securities which are expected yield good results in the future. In practice fund managers are expected to earn superior returns for unit holders
consistently as being professionals therefore possession of superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio is a must for them. The present work is based on the review of many studies both foreign and Indian studies relating to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors are studied to analyse the selectivity performance on the basis of sponsorship of funds. However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. In this paper stock selectivity skills of sample fund managers were tested using Jensen’s Alpha and Fama’s net selectivity measures models.
consistently as being professionals therefore possession of superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio is a must for them. The present work is based on the review of many studies both foreign and Indian studies relating to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors are studied to analyse the selectivity performance on the basis of sponsorship of funds. However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. In this paper stock selectivity skills of sample fund managers were tested using Jensen’s Alpha and Fama’s net selectivity measures models.
Research Interests:
The Indian mutual fund industry has come a long way since its inception in 1963. The industry has witnessed sufficient growth on all parameters be it; number of fund houses, number of schemes, funds mobalised, assets under management etc.... more
The Indian mutual fund industry has come a long way since its inception in 1963. The industry has witnessed sufficient growth on all parameters be it; number of fund houses, number of schemes, funds mobalised, assets under management etc. One of the important goals of the mutual fund industry is to attract and mobalise major portion of the House Hold Savings (HHS) in order to enable the small savers to benefit from the economic growth by facilitating them to park their savings into the assets which yield better riskadjusted returns. Therefore, the question arises, has the Indian mutual industry succeeded in achieving this
goal? The present study will try to look for the answers. Though, the mutual fund industry has recorded significant progress on all fronts yet it has not been able to utilize its potential fully. On almost on all
parameters it is far behind the developed economics and even most of the emerging economics of the world. The industry is confronted with number of challenges like low penetration ratio, lack of product differentiation, lack of investor awareness and ability to communicate value to customers, lack of interest of retail investors towards
mutual funds and evolving nature of the industry. Based on the analysis the study suggests that if the industry has to utilize its potential fully, it has to address these challenges.
goal? The present study will try to look for the answers. Though, the mutual fund industry has recorded significant progress on all fronts yet it has not been able to utilize its potential fully. On almost on all
parameters it is far behind the developed economics and even most of the emerging economics of the world. The industry is confronted with number of challenges like low penetration ratio, lack of product differentiation, lack of investor awareness and ability to communicate value to customers, lack of interest of retail investors towards
mutual funds and evolving nature of the industry. Based on the analysis the study suggests that if the industry has to utilize its potential fully, it has to address these challenges.
Research Interests:
Stock selection is the nucleus in the investment management process. It involves identifying and selecting undervalued securities which among other things requires the successful forecasting of the company specific events or an ability to... more
Stock selection is the nucleus in the investment management process. It involves identifying and selecting undervalued securities which among other things requires the successful forecasting of the company specific events or an ability to predict the general behavior of security prices in the future. If the fund manager is able to identify and select the undervalued securities for the portfolio, then it will be possible for
the fund manager to increase the returns of the schemes and vice versa. In practice fund managers are expected to earn superior returns for
unit holders consistently as being professionals therefore possess superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio. The present work is based on the review of tens of studies both foreign and Indian studies relating
to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were
studied to compare the selectivity and timing performance on the basis of sponsorship of funds. However, from these only active funds
belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. In this paper stock selectivity skills of sample fund managers were tested by using Jensen’s Alpha and Fama’s net selectivity measure.
the fund manager to increase the returns of the schemes and vice versa. In practice fund managers are expected to earn superior returns for
unit holders consistently as being professionals therefore possess superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio. The present work is based on the review of tens of studies both foreign and Indian studies relating
to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were
studied to compare the selectivity and timing performance on the basis of sponsorship of funds. However, from these only active funds
belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. In this paper stock selectivity skills of sample fund managers were tested by using Jensen’s Alpha and Fama’s net selectivity measure.
Research Interests: Mutual Funds and India
The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were studied to compare the selectivity and timing performance on the basis of sponsorship of funds. However, from these... more
The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were studied to compare the selectivity and timing performance on the basis of sponsorship of funds.
However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study.
The period of study is five years from April 2007 to 31st March 2011. The rationale for selecting the study period of 5-years from 1st April 2007 to 31st March 2011 stems from two reasons. Firstly, during this period, the stock market experienced higher volatility, as such chosen to
find-out whether the funds have succeeded in surpassing the market performance even under depressed market conditions. Secondly, the five years were long enough to capture different market phases and to draw meaningful conclusions.
Regarding timing performance empirical results have indicated that the majority i.e. 85 percent of fund managers have shown superior timing performance. As such, it is evident that Indian fund managers during the
reference period were more inclined towards timing performance and market timing was evidenced, suggesting that there is a trade –off between a fund managers stock selection and market timing performance. This is indicative of the evidence of activity specialization
among fund managers, implying that no manager can excel in both the activities.
However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study.
The period of study is five years from April 2007 to 31st March 2011. The rationale for selecting the study period of 5-years from 1st April 2007 to 31st March 2011 stems from two reasons. Firstly, during this period, the stock market experienced higher volatility, as such chosen to
find-out whether the funds have succeeded in surpassing the market performance even under depressed market conditions. Secondly, the five years were long enough to capture different market phases and to draw meaningful conclusions.
Regarding timing performance empirical results have indicated that the majority i.e. 85 percent of fund managers have shown superior timing performance. As such, it is evident that Indian fund managers during the
reference period were more inclined towards timing performance and market timing was evidenced, suggesting that there is a trade –off between a fund managers stock selection and market timing performance. This is indicative of the evidence of activity specialization
among fund managers, implying that no manager can excel in both the activities.