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Roy, Subrata
- Market-timing Performance of the Open-ended Income and Growth Mutual Fund Schemes: An Empirical Study
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1 Department of Commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
2 Department of Commerce, The University of Burdwan, Golapbag Campus, Burdwan, West Bengal, IN
1 Department of Commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
2 Department of Commerce, The University of Burdwan, Golapbag Campus, Burdwan, West Bengal, IN
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International Journal of Financial Management, Vol 3, No 3 (2013), Pagination: 47-56Abstract
The present study seeks to examine the markettiming performance of the open-ended income and growth mutual fund schemes' managers in India over the period from January 2001 to December 2011. The data for the proposed study are obtained from the website of Association of Mutual Funds in India (AMFI). Here, Treynor and Mazuy model is used. However, the empirical findings bring out that the market-timing performances of both types of schemes are not statistically significant. It is also observed from the analysis that eight schemes are statistically significant. Consequently, the average market-timing performance is also unsatisfactory for the income (0.007) as well as growth (-0.095) schemes. But, the mean test reveals that they are approximately equal performers. On the whole, owing to the insignificant market-timing performance, the fund managers of both types of schemes have failed to earn abnormal rate of return by applying the strategy of market outguessing from the volatile capital market. This speaks against the superior market-timing ability of the open-ended mutual fund managers in India.Keywords
Mutual Fund, Performance Evaluation, Market-timing, Treynor and Mazuy Model, BSE SensexReferences
- Backer, C., Ferson, W. E., Mayers, D. H. & Schill, M. J. (1999). Conditional market timing with benchmark investors. Journal of Financial Economics, 52(1), 119-148.
- Bhalla, V. K. (2005). Security Analysis and Portfolio Management. New Delhi: Sultan Chand & Company Ltd.
- Choudhary, K. (2007). The components of investment performance of fund managers: evidences from Indian capital market. Abhigyan Journal, 52(2), 16-27.
- Chander, R. (2002). An evaluation of portfolio performance components across fund characteristics. Finance India, December, 26(4), 1377-1391.
- Chang, E. C. & Lewellen, W. G. (1984). Market timing and mutual fund investment performance. Journal of Business, 1, 57-71.
- Drew, M. E., Veerereghvan, M. & Wilson, V. (2005). Market timing, selectivity and alpha generation evidence from Australian equity superannuation funds. Investment Management Financial Innovations, 111-127.
- Fama, E. F. (1972). Components of investment performance. The Journal of Finance, June, 27(3), 551-567.
- Gupta, A. (2002). Market timing abilities of Indian mutual fund manager. The ICFAI Journal of Applied Finance, April, 6(2), 1243-1250.
- Henrikson, R. & Merton, R. (1981). On market timing and investment performance II. Statistical procedures for evaluating forecasting skills. The Journal of Business, October, 54, 513-533.
- Henrikson, R. (1984). Market timing and mutual fund performance: An empirical investigation. Journal of Business, 57(1), 73-96.
- Harvey, G. (1996). Market timing ability and volatility implied in investment newsletters’ asset allocation recommendations. Journal of Financial Economics, 42(3), 397-421.
- Irissappane, D., Murugaesan, B. & Chandrasekara, K. (2003). Portfolio selection skill and timing abilities of fund managers: An empirical evidence on Indian mutual funds. Website of UTI capital market.
- Jagannathan & Korajczyk. (1986). Assessing the market timing performance of managed portfolios. Journal of Business, April, 59(2), 217-235.
- Jayadev, M. (1996). Mutual fund performance: An analysis of monthly returns. Finance India, March, 10(1), 73-84.
- Kon, S. (1983). The market timing performance of mutual fund managers. The Journal of Business, 56(3), 323-347.
- Kon, S. J. & Jen, F. C. (1979). The investment performance of mutual funds: An empirical investigation of timing, selectivity and market efficiency. Journal of Business, April, 52(2), 263-289.
- Lee, C. & Rahaman, S. (1990). Market timing, selectivity and mutual fund performance: An empirical investigation. Journal of Business, 63(2), 261-278.
- Merton, R. (1981). On market timing and investment performance: An equilibrium theory of value for market forecasts. Journal of Business, 54(3), 363-406.
- Rao, K. V. & Venkateswarlu, K. (2000). Market timing abilities of fund managers case study of unit trust of India. Indian Capital Markets, 55-66.
- Sadhak, H. (1996). Mutual Funds in India: Marketing Strategies and Investment Practices. New Delhi: Sage Publications.
- Treynor, J. L. & Mazuy, K. K. (1966). Can mutual funds outguess the market? Harvard Business Review, 131-13.
- Tripathy, N. (2006). Market timing abilities and mutual fund performance-An empirical investigation into equity linked saving schemes. Vilakshan, XIMB Journal of Management, 127-138.
- A Comparative Study of Mutual Fund Performance during Recession in India
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Authors
Affiliations
1 Assistant Professor in commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
2 Professor in Commerce, Department of Commerce, The University of Burdwan, Golapbag Campus, Burdwan, West Bengal, IN
1 Assistant Professor in commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
2 Professor in Commerce, Department of Commerce, The University of Burdwan, Golapbag Campus, Burdwan, West Bengal, IN
Source
International Journal of Financial Management, Vol 2, No 2 (2012), Pagination: 53-64Abstract
This study has sought to examine the comparative performance of the open-ended gilt schemes of three types of companies which have been separated according to their ownership styles (Public sector, Indian private sector&foreign private sector). This study is related with financial recession that had been occurred in the year of 2008-2009 (January 2008 to February 2009). In this study the month end net asset values of the open-ended gilt mutual fund schemes have been taken into account and the data have been obtained from the website of Association of Mutual Funds in India (AMFI). This paper has examined the risk-adjusted performance, selectivity performance, diversification performance and market-timing performance of the open-ended gilt mutual fund schemes in the period of recession. In this study, Sharpe and Treynor measures have been applied to measure the risk-adjusted performance and along with these, different coefficients have been estimated to examine the selectivity, market-timing and diversification performances of the open-ended gilt schemes offered by Indian public&private sector mutual fund companies as well as the firms belonging to foreign private sector. It has been observed that the performance of the open-ended gilt schemes of different types of companies is not satisfactory during the recession period. However, the returns of all but one of the selected open-ended gilt schemes are seen to have been positive. However, the observed positive performances of the selected schemes are not statistically significant.Keywords
Mutual Fund, Performance, Recession, Sharpe Model, Treynor ModelReferences
- Treynor, J.L. (1965), “How to Tate Management of Investment Funds”, Harvard Business Review, Vol.43, no.1; 63-75.
- Sharpe,W.F. (1966), “Mutual Fund Performance Evaluation”, The Journal of Business, Vol.39; 119-138.
- Jensen,M. (1968), “The Performance of Mutual Funds in the Period 1945-1964”, The Journal of Finance, Vol.23; 389-416.
- Fama,E.F. (1972), “Components of Investments Performance”, The Journal of Finance, Vol. XXVII, no.3; 551-567.
- Treynor, J.L., and Mazuy. (1966), “Can Mutual Fund Outguess the Market”, Harvard Business Review, 131-136.
- Khouri, El., and Ritab. (1993), “Risk-Return Relationship: Evidence from Amman Stock Exchange”, Yarmouk University the Middle East business and economic review, Vol.5, no.2.
- Henrikson., and Merton. (1981), “On Market-Timing and Investment Performance-II, Statistical Procedures for Evaluating Forecasting Skills”, The Journal of Business, 513-533.
- Shah. and Hijaji. Winter (2005), “Performance Evaluation of Mutual Funds in Pakistan”, The Pakistan Development Report, Vol.44: 4 part II; 863-876.
- Choudhary. (2007), “The components of Investment Performance of Fund Managers: Evidence from Indian capital market”, Abhigyan; 16-27.
- Artikis, G. 2004 “Bond Mutual Fund Managers’ Performance in Greece”, Journal of managerial finance, Vol.30, no.10; 1-6.
- Filippas, N.D., and Christine. Psoma. (2001), “Equity Mutual Fund Managers Performance in Greece”, Journal of managerial finance, Vol.27, no.6; 68-74.
- Santos, and Tusi, and Costa, and Silva. “Evaluating Brazilian Mutual Funds with Stochastic Frontiers”, www.economicsbulletin.com/2005/volume13/EB-05M20002A.pdf.
- Jordan, and Jorgensen, and Smolira. Winter (2003/2004), “The Performance of Mutual Funds that Close to New Investors”, The journal of investment consulting, Vol.6. no.2.
- Thanou. (2008), “Mutual Fund Evaluation during Up and Down Market Conditions: The case of Greek equity mutual funds”, International Research journal of Finance and economics, Vol.13; 84-93.
- Bellow, Y. (2009), “The Performance of U.S. Domestic Equity Mutual Funds during Recent Recessions”, Global journal of Finance & Banking, Vol.3, no.3; 1-7.
- Roy, S., and Shantanu Kumar Ghosh. November (2010), “Diversification as a Measure of Mutual Fund Performance: An Empirical Study of the Open-Ended Mutual Fund Schemes in India”, Annamalai International Journal of Business Studies and Research, Vol. 2, issue-1; 1-15.
- Roy, S., and Shantanu Kumar Ghosh. (2011), “Selectivity as a Measure of Mutual Fund Performance: A Comparative Study of the Open-Ended Income and Growth Schemes”, Global Journal of Finance and Economic Management, Vol.1, no.1; 69-86.
- Portfolio Construction and The Reduction of Diversifiable Risk
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Authors
Affiliations
1 Assistant Professor , Commerce, Rabindra Mahavidyalaya, Hooghly, West Bengal, IN
2 Professor, Department of Commerce, University of Burdwan, West Bengal, IN
1 Assistant Professor , Commerce, Rabindra Mahavidyalaya, Hooghly, West Bengal, IN
2 Professor, Department of Commerce, University of Burdwan, West Bengal, IN
Source
International Journal of Financial Management, Vol 2, No 4 (2012), Pagination: 60-70Abstract
The study attempts to construct the optimum mutual fund portfolios by the open-ended mutual fund schemes (income&growth). The study also examines whether the newly constructed portfolios are able to reduce diversifiable risk and which type of mutual fund schemes is better. For the achievement of these objectives, monthly closing net asset values of the open-ended income and growth schemes have been considered and the data have been obtained from the website of Association of Mutual Funds in India (AMFI). Similarly, the yields of 7 years Gov. dated securities have been taken into account as the proxy of risk free rate and finally, the monthly index values of Bombay Sensitive index have been considered as market surrogate for this study. The study period has been considered from 2001 to 2010. It has been observed from the study that the diversifiable risk (unsystematic risk) of both types of schemes (Income&Growth) is in decline when new portfolios have been made. It has also been found that the unsystematic risk of the newly constructed portfolios of income as well as growth schemes is higher.Keywords
Mutual Fund, Portfolio Construction, Diversifiable Risk, Market Index, Risk-Free RateReferences
- Bhalla. (2005). Security Analysis and Portfolio Management. New Delhi: Sultan Chand & Company Ltd.
- Chander, R. (2002). An Evaluation of Portfolio Performance Components across Fund Characteristics. Finance India, 26(4), pp. 1377-1391.
- Chander. (2005). Empirical Investigation on the Investment Managers Stock Selection Abilities: The Indian Experience. The ICFAI Journal of Applied Finance, 11, pp. 5-20.
- Choudhary, K. (2007). The Components of Investment Performance of Fund Managers: Evidences from Indian Capital Market. Abhigyan, pp. 16-27
- Evans. & Archer. (1968). Diversification and the Reduction of Dispersion: An Empirical Analysis. The Journal of Finance, December, 23(5), pp. 761-767.
- Fama. (1972). Components of Investment Performance. The Journal of Finance, 27(3), pp. 551-567.
- Gupta. & Sehgal. Investment Performance of Mutual Funds: The Indian Experience. Paper Presented at 2nd UTI-ICM Capital Markets Conference. December 23-24 at Vasi, Navi Mumbai.
- Jayadev, M. (1996). Mutual Fund Performance: An Analysis of Monthly Returns. Finance India, March, 10(1), pp. 73-84.
- Jensen. (1968). The Performance of Mutual Funds in the Period 1945-1964. The Journal of Finance, 23, pp. 389-416.
- Narasimhan. & Vijayalakshmi. (2010). Performance Analysis of Mutual Funds in India. Finance India, March, 15(1), pp. 155-174.
- Panwar. & Madhumathi. Characteristics and Performance Evaluation of Selected Mutual Funds in India. website of ssrn.com.
- Rao. & Ravindran. Performance Evaluation of Indian Mutual Funds. Website of ssrn.com.
- Reilly, F. K. (1982). Investment. New York: The Dryden Press.
- Sadhak, H. Mutual Funds in India: Marketing Strategies and Investment Practices. New Delhi: Sage Publications.
- Sharpe, W.F. (1966). Mutual Fund Performance. Journal of Business, 39, pp. 119-138.
- Shah, S. M. A. & Tahirhijazi, S. (2005). Performance Evaluation of Mutual Funds in Pakistan. The Pakistan Development Review, Winter, 44(2), pp. 863-876.
- Sipra, N. (2006). Mutual Fund Performance in Pakistan, 1995-2004 Website of SSRN. Paper No. 06-45.
- Sondhi. & Jain. (2006). Can Growth Stocks be Identified for Investment? A Study of Equity Selectivity Abilities of Fund Managers in India. The ICFAI Journal of Applied Finance, 13, pp. 17-30.
- Treynor, J. L. (1965). How to Rate Management of Investment Funds. Harvard Business Review, 43(1), pp. 63-75.
- Treynor. & Mazuy. (1966). Can Mutual Funds Outguess the Market?” Harvard Business Review, pp. 131- 136.
- Performance Evaluation of Mutual Fund in India: An Empirical Study
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Authors
Affiliations
1 Department of Commerce, Rabindra Mahavidyalaya, Affiliated to the University of Burdwan, Champadanga, Hooghly, West Bengal, IN
1 Department of Commerce, Rabindra Mahavidyalaya, Affiliated to the University of Burdwan, Champadanga, Hooghly, West Bengal, IN
Source
International Journal of Financial Management, Vol 4, No 3 (2014), Pagination: 28-42Abstract
In India, a large number of mutual fund schemes are available. Indian and foreign mutual fund institutions provide the schemes jointly. Generally, they provide different types of schemes like income, growth, balanced, gilt etc. These schemes are made in such a way that they fulfill certain objectives. Here, openended balanced mutual fund schemes are considered to examine the performance in the context of Indian capital market. The study uses popular measures of Treynor&Mazuy and Fama to achieve the major objectives, namely stock-selection, market timing and diversification performances of the open-ended balanced mutual fund schemes. The basic finding of the study is that the schemes have provided satisfactory returns to the investors. But, the managers have failed to reduce the magnitude of diversifiable risk. Therefore, the schemes have excessive unsystematic risk. Moreover, the managers cannot predict the market movement at right time; as a result, the managers are unsuccessful to generate extra returns due to poor market timing performance. Similarly, the managers cannot predict the security prices correctly due to poor stock selection performance.Keywords
Mutual Fund, Market-Timing, Stock-Selection, Net-Selectivity, Diversification, Risk, Fama, Treynor & Mazuy.References
- Artikis, P. G. (2004). Bond mutual fund managers performance in Greece. Journal of Managerial Finance, 30(10), 1-6.
- Choudhary, K. (2007). The components of investment performance of fund managers: evidences from Indian capital market, Abhigyan, 16-27.
- El Khouri, R. (1993). Risk-return relationship: Evidence from Amman stock exchange. Yarmouk University the Middle East business and economic review, 5(2).
- Fama, E. F. (1972). Components of investment performance. The Journal of Finance, 27(3), 551-567.
- Filippas, N. D., & Christine, P. (2001). Equity mutual fund managers performance in Greece. Journal of Managerial Finance, 27(6), 68-74.
- Gupta, O. P., & Gupta, (2001). Research methodology for performance evaluation of mutual funds. Chandigarh: University Business School, Punjab University, Chapter 30.
- Gupta & Upadhyay. (2008). A study of movement of equity growth fund's prices: Random vs. systematic. Indian Journal of Accounting, 38(2), 46-55.
- Henrikson, R., & Merton, R. C. (1981). On market timing and investment performance. II.Statistical procedures for evaluating forecasting skills. The Journal of Business, 54, 513-533.
- Jensen, M. (1968). The performance of mutual funds in the period 1945-1964. The Journal of Finance, 23, 389-416.
- Jaydev, M. (1996). Mutual fund performance: An analysis of monthly returns. Finance India,. 10(1), 73-84.
- Jordan, D. B., Jorgensen, D. R., & Smolira, C. J. (2003/2004). The performance of mutual funds that close to new investors. The Journal of Investment Consulting, (6)2, 47-57.
- Santo, A., Tusi, J., Costa, N. D., & Silva, S. D. (2005). Evaluating Brazilian mutual funds with stochastic frontiers. www.economicsbulletin.com, 13/EB-05M20002A.pdf.
- Seghal, S., & Jhanwa, N. (2008). On stock selection skills and market timing abilities of mutual fund managers in India. International Research Journal of Finance and Economics, 15, 307-317.
- Sengupta, A. (1991). Mutual funds scenario and strategic issues. Journal of Banking and Finance, 1(3), 3-8.
- Shah, S. M. A., & Hijazi, S. T. (2005). Performance evaluation of mutual funds in Pakistan. The Pakistan Development Review, 44(4), 863-876.
- Sharpe, W. F. (1966). Mutual fund performance. Journal of Business, 39, 119-138.
- Treynor, J. L. (1965). How to rate management of investment funds. Harvard business Review, 43(1), 63-75.
- Treynor, J. L., & Mazuy, J. (1966). Can mutual funds outguess the market? Harvard Business Review, 44, 131-139.
- Vanniaranjan, T., Shajahan, U. S., & Archana, R. (2008). "Factors leading to mutual funds purchases: A customer segment analysis. Indian Journal of Finance, 38(92), 66-76.
- Multi-Index Conditional Investment Performance Measure:An Empirical Analysis
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Authors
Affiliations
1 Dept. of Commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
1 Dept. of Commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
Source
International Journal of Financial Management, Vol 6, No 3 (2016), Pagination: 14-31Abstract
The present study seeks to examine the mutual fund performance of the open-ended selected equity schemes of UTI based on multi-index measures as well as conditional multi-index measure. It is observed from the analysis that multi-index measure is able to capture the beta and alpha effects on market adjusted basis and the estimated coefficients is a better representative as compared to the single index measure. When time lagged (lagged at 1 month, 2 months, quarterly and yearly) multi-index measures are applied then the estimated coefficients (alpha&beta) which are market adjusted and time adjusted look more representative than the multi-index measure (without lagged effect). Finally, when we extended the time lagged multi-index measure on a conditional way (conditional on public information variables) then we observe that conditional multi-index lagged measure provides much more representative results in all respects as compared to the all measures after conditioning public information effects.Keywords
Single Index Measure, Multi-Index Measure, Conditional Multi-Index Measure, Stock Selection, Asset Class Exposures.References
- Arditi, F. D. (1971). Another look at mutual fund performance. The Journal of Financial and Quantitative Analysis, 6(3), 909-912.
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- Bollen, N., & Busse, J. A. (2001). On the timing ability of mutual fund manager. Journal of Finance, 56, 1075 -1094.
- Coggin, T. D., Fabozzi, F. J., & Rahman, S. (1993). The investment performance of US equity pension fund managers: An empirical investigation. Journal of Finance, 1039-1055.
- Chang, E. C., & Lewellen, W. G. (1984). Market-timing and mutual fund investment performance. Journal of Business, 57, 57-72.
- Christopherson, J., Ferson, Wayne, & Glassman, Debra. (1998). Conditioning manager alphas on economic information: Another look at the persistence of performance. Review of Financial Studies, 11(1), 111-142.
- Christopherson, J., Ferson, W., & Turner, A. (1999). Performance evaluation using conditional alphas and betas. Journal of Portfolio Management, 26(1), 59-72.
- Dybvig, P., & Ross, S. (1985). Differential information and performance measurement using a security market line. Journal of Finance, 40(2), 383-399.
- Elton, E., Gruber, M. I., Das, S., & Hlavka, M. (1993). Efficiency with costly information: a reinterpretation of evidence from managed portfolio. The review of Financial Studies, 6(1), 1-22.
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- Ferson, W., & Schadt, R. (1996). Measuring fund strategy and performance in changing economic conditions. Journal of Finance, 51(6), 425-461.
- Fama, E., & French, K. (1989). Business conditions and expected returns on stocks and bonds. Journal of Financial Economics, 25(1), 23-49.
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- Ferson, W., & Warther, V. (1996), Evaluating fund performance in a dynamic market. Financial Analysts Journal, 52(6), 20-28.
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- Sharpe, W. F. (1966). Mutual fund performance. Journal of Business, 39, 119-138.
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- Conditional Selectivity Performance of Indian Mutual Fund Managers
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Authors
Affiliations
1 Associate Professor, Department of Commerce, Mahatma Gandhi Central University, Motihari, Bihar, India, IN
1 Associate Professor, Department of Commerce, Mahatma Gandhi Central University, Motihari, Bihar, India, IN
Source
International Journal of Financial Management, Vol 12, No 1 (2022), Pagination: 23-36Abstract
In India, the performance evaluation of mutual fund based on the conditional model is scanty. This study focuses particularly on stock selection performance of the selected open-ended mutual fund schemes under the framework of conditional investment performance measure, over the period 2001 to 2019, by taking into consideration monthly closing NAV values. The study also considers 91-day Treasury bill rate as risk-free rate. Along with this, the study examines the difference in performances between the traditional model (unconditional) and the conditional model. The regression result is the absence of heteroscedasticity and multicollinearity problems. The time series data is also free from unit root. It is observed that the significant stock-selection performance is reduced after inclusion of public information in the conditional model, and the alpha values of the schemes are also reduced, compared to the unconditional model. The statistical test shows insignificant difference between the two measures.Keywords
Conditional Model, Ferson, Mutual Fund, Performance Appraisal, Selectivity, Traditional ModelReferences
- Arditi, F. D. (1971). Another look at mutual fund performance. The Journal of Financial and Quantitative Analysis, 6(3), 909-912.
- Artikis, G. (2004). Bond mutual fund managers performance in Greece. Journal of Managerial Finance, 30(10), 1-6.
- Athanassakas, G., Carayannopoulos, P., & Racine, M. (2002). How effective is aggressive portfolio management? Canadian Investment Review, 39-49.
- Chander, R. (2005). Empirical investigation on the investment managers stock- selection abilities: The Indian experience. The ICFAI Journal of Applied Finance, 11, 5-20.
- Chang, E. C., & Lewellen, W. G. (1984). Market-timing and mutual fund investment performance. Journal of Business, 57, 57-72.
- Chen, Z., & Knez, P. (1996). Portfolio performance measurement: Theory and applications. Review of Financial Studies, 9(2), 511-555.
- Christopherson, J. A., Ferson, W. E., & Glassman, D. (1998). Conditioning manager alphas on economic information: Another look at the persistence of performance. Review of Financial Studies, 11(1), 111-142.
- Christopherson, J. A., Ferson, W. E., & Turner, A. (1999).Performance evaluation using conditional alphas and betas. Journal of Portfolio Management, 26(1), 59-72.
- Coggin, T. D., Fabozzi, F. J., & Rahman, S. (1993). The investment performance of US equity pension fund managers: An empirical investigation. Journal of Finance, 1039-1055.
- Drew, E. M., Veeraraghavan, M., & Wilson, V. (2005).Market-timing, selectivity and alpha generation: Evidence from Australian equity superannuation funds. Investment Management and Financial Innovations, 2, 111-127.
- Dybvig, P., & Ross, S. (1985). Differential information and performance measurement using a security market line. Journal of Finance, 40(2), 383-399.
- Fama, E. F. (1972). Components of investment performance. The Journal of Finance, 27(3), 551-567.
- Fama, E., & French, K. (1989). Business conditions and expected returns on stocks and bonds. Journal of Financial Economics, 25(1), 23-49.
- Ferson, W., & Schadt, R. (1996). Measuring fund strategy and performance in changing economic condition.Journal of Finance, 51(6), 425-461.
- Ferson, W., & Warther, V. (1996). Evaluating fund performance in a dynamic market. Financial Analysts Journal, 52(6), 20-28.
- Ferson, W., & Qian, M. (2004). Conditional performance evaluation, revisited, Working Paper. Boston College-EUA.
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