Persistence of Large-Cap Equity Funds performance, market timing ability, and selectivity: evidence from India
In this paper, we examine the persistence of large-cap equity mutual funds performance, market timing skills, and selectivity of fund managers in India. The study uses monthly data of net assets values (NAV), market capitalization, and price to book ratio. The sample data period is from January 2000...
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| Veröffentlicht in: | Asia-Pacific financial markets 2023-03, Vol.30 (1), p.37-48 |
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| creator | V, Veeravel Balakrishnan, A. |
| description | In this paper, we examine the persistence of large-cap equity mutual funds performance, market timing skills, and selectivity of fund managers in India. The study uses monthly data of net assets values (NAV), market capitalization, and price to book ratio. The sample data period is from January 2000 to December 2019. We employ the methodology of Jensen (
1968
), Fama-French (1993), and Carhart (
1997
) models for forming portfolios and mimicking portfolios. The results reveal that the benchmark market index outperforms mutual funds. Moreover, there is a little evidence showing that Indian fund managers who consistently work on large-cap equity funds can generate abnormal returns. |
| doi_str_mv | 10.1007/s10690-022-09367-7 |
| format | Article |
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1968
), Fama-French (1993), and Carhart (
1997
) models for forming portfolios and mimicking portfolios. The results reveal that the benchmark market index outperforms mutual funds. Moreover, there is a little evidence showing that Indian fund managers who consistently work on large-cap equity funds can generate abnormal returns.</description><identifier>ISSN: 1387-2834</identifier><identifier>EISSN: 1573-6946</identifier><identifier>DOI: 10.1007/s10690-022-09367-7</identifier><language>eng</language><publisher>Tokyo: Springer Japan</publisher><subject>Contingency tables ; Econometrics ; Economic Theory/Quantitative Economics/Mathematical Methods ; Economics and Finance ; Finance ; International Economics ; Investments ; Large cap investments ; Macroeconomics/Monetary Economics//Financial Economics ; Managers ; Mutual funds ; Original Research</subject><ispartof>Asia-Pacific financial markets, 2023-03, Vol.30 (1), p.37-48</ispartof><rights>The Author(s), under exclusive licence to Springer Japan KK, part of Springer Nature 2022</rights><rights>The Author(s), under exclusive licence to Springer Japan KK, part of Springer Nature 2022.</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c409t-2988eb4c835ef5e9283e3164838274ea29a732325df2345f6b217b8309f505a73</citedby><cites>FETCH-LOGICAL-c409t-2988eb4c835ef5e9283e3164838274ea29a732325df2345f6b217b8309f505a73</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://link.springer.com/content/pdf/10.1007/s10690-022-09367-7$$EPDF$$P50$$Gspringer$$H</linktopdf><linktohtml>$$Uhttps://link.springer.com/10.1007/s10690-022-09367-7$$EHTML$$P50$$Gspringer$$H</linktohtml><link.rule.ids>314,776,780,27903,27904,41467,42536,51297</link.rule.ids></links><search><creatorcontrib>V, Veeravel</creatorcontrib><creatorcontrib>Balakrishnan, A.</creatorcontrib><title>Persistence of Large-Cap Equity Funds performance, market timing ability, and selectivity: evidence from India</title><title>Asia-Pacific financial markets</title><addtitle>Asia-Pac Financ Markets</addtitle><description>In this paper, we examine the persistence of large-cap equity mutual funds performance, market timing skills, and selectivity of fund managers in India. The study uses monthly data of net assets values (NAV), market capitalization, and price to book ratio. The sample data period is from January 2000 to December 2019. We employ the methodology of Jensen (
1968
), Fama-French (1993), and Carhart (
1997
) models for forming portfolios and mimicking portfolios. The results reveal that the benchmark market index outperforms mutual funds. 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The study uses monthly data of net assets values (NAV), market capitalization, and price to book ratio. The sample data period is from January 2000 to December 2019. We employ the methodology of Jensen (
1968
), Fama-French (1993), and Carhart (
1997
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| subjects | Contingency tables Econometrics Economic Theory/Quantitative Economics/Mathematical Methods Economics and Finance Finance International Economics Investments Large cap investments Macroeconomics/Monetary Economics//Financial Economics Managers Mutual funds Original Research |
| title | Persistence of Large-Cap Equity Funds performance, market timing ability, and selectivity: evidence from India |
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