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The Relationship Between Fund Performance and Fund Characteristics: Evidence from India

Author

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  • Vijayakumar N
  • Muruganandan S
  • Chandra Sekhara Rao K

Abstract

This study examines the relationship between fund performance and fund characteristics. The fund performance is measured by fund return and its determinants are measured by standard deviation, fund size, turnover ratio, income ratio and expenses ratio. The study employs panel data analysis and observes that the fund performance is positively influenced by its volatility, size and expenses ratio, and negatively related with turnover ratio. The study also finds no evidence of income ratio relating to fund performance. Overall, the study observes that the fund managers are generally not aggressive to new information in the market. Moreover, the return generated by fund managers also seems to be insufficient to cover the costs associated with investments.

Suggested Citation

  • Vijayakumar N & Muruganandan S & Chandra Sekhara Rao K, 2012. "The Relationship Between Fund Performance and Fund Characteristics: Evidence from India," The IUP Journal of Applied Finance, IUP Publications, vol. 18(2), pages 5-18, April.
    • Handle: RePEc:icf:icfjaf:v:18:y:2012:i:2:p:5-18
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    Cited by:

    1. Dariusz Filip, 2017. "Mutual Funds: Does the Performance Erosion Effect Exist? Evidence from the Czech Republic, Hungary and Poland," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(6), pages 512-538, October.
    2. Rina Rachmawati & Sugeng Wahyudi & Irene Rini Demi Pangestuti & Najmudin, 2020. "Funds Manager and Mutual Funds Characteristics on Mutual Funds Performance: Empirical Evidence of Equity Mutual Funds in Indonesia," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(2), pages 77-87, April.
    3. Sonal Babbar & Sanjay Sehgal, 2018. "Mutual Fund Characteristics and Investment Performance in India," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 43(1-2), pages 1-30, February.
    4. Dariusz FILIP, 2020. "Are Fund Attributes Risk Drivers? Evidence for the Polish Mutual Funds," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 22-36, March.

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