University of Oulu

Performance of Asian mutual funds marketed in Finland

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Author: Ho Hai, Ha1
Organizations: 1University of Oulu, Oulu Business School, Department of Finance, Finance
Format: ebook
Version: published version
Access: open
Online Access: PDF Full Text (PDF, 1.6 MB)
Persistent link: http://urn.fi/URN:NBN:fi:oulu-201404241295
Language: English
Published: Oulu : H. Ho Hai, 2014
Publish Date: 2014-04-28
Physical Description: 80 p.
Thesis type: Master's thesis
Tutor: Kahra, Hannu
Reviewer: Perttunen, Jukka
Kahra, Hannu
Description:
Mutual funds have developed tremendously since 1990s that has drawn attention and required deep study. Their explosive growth are encouraged from the globalization and accelerated from the integration of many financial markets around the world. Following the popular trend, the thesis focuses on assessing the performance of mutual funds. The uniqueness of this study is that we have merged the characteristics of developed market and emerging market by adopting the Asian equity mutual funds marketed in Finland into the sample data. With different measures such as Carhart four-factor, market timing, conditional models and information ratio analysis, 20 mutual funds’ performances were analyzed and evaluated over the period of January 2000 – December 2013. Using all the methodologies mentioned, the mutual funds chosen underperformed the benchmark selected and the managers are incapable of timing the market, which proves the previous studies’ results of many researchers. Our findings from conditional models confirms the conclusion of Ferson and Schadt (1996) that the conditional version did better in explaining the cross-sectional variation in returns and risks. The adjusted R squared of the models increased remarkably and alphas became more positive; however, the empirical result still delivered that the Asian funds marketed in Finland did not create value for investors.
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Copyright information: © Ha Ho Hai, 2014. This publication is copyrighted. You may download, display and print it for your own personal use. Commercial use is prohibited.