1 |
Elton, E. J., Gruber, M. J., Das, S., & Hlavka, M. (1993). Efficiency with costly information: A reinterpretation of evidence from managed portfolios. The Review of Financial Studies, 6(1), 1-22. https://doi.org/10.1093/rfs/6.1.1
DOI
|
2 |
Fama, E. (1972). Components of investment performance. Journal of Finance, 27(3), 551-567.
DOI
|
3 |
Fama, E. F., & French, K. R. (2010). Luck versus skill in the crosssection of mutual fund returns. The Journal of Finance, 65(5), 1915-1947. https://doi.org/10.1111/j.1540-6261.2010.01598.x
DOI
|
4 |
George, P. A. (2001). Evaluation of balanced mutual funds: The case of the Greek financial market. Managerial Finance, 27(6), 60-67. https://doi.org/10.1108/03074350110767240
DOI
|
5 |
Goldie, B. A., Henry, T. R., & Kassa, H. (2019). Does MAX matter for mutual funds? European Financial Management, 25(4), 777-806. https://doi.org/10.1111/eufm.12192
DOI
|
6 |
Graham, J. E., Lassala, C., & Ribeiro-Navarrete, B. (2019). A fuzzy-set analysis of conditions influencing mutual fund performance. International Review of Economics & Finance, 61, 324-336. https://doi.org/c
DOI
|
7 |
Grau-Carles, P., Doncel, L. M., & Sainz, J. (2019). Stability in mutual fund performance rankings: A new proposal. International Review of Economics & Finance, 61, 337-346. https://doi.org/10.1016/j.iref.2018.01.018
DOI
|
8 |
Grinblatt, M., & Titman, S. (1989). Mutual fund performance: An analysis of quarterly portfolio holdings. Journal of Business, 62(2), 393-416. https://doi.org/10.1086/296468
DOI
|
9 |
Grinblatt, M., & Titman, S. (1994) A Study of Monthly Mutual Fund Returns and Performance Evaluation Techniques. Journal of Financial and Quantitative Analysis, 29(3), 419-444. https://doi.org/10.2307/2331338
DOI
|
10 |
Gruber, M.J. (1996). Another puzzle: the growth in actively managed mutual funds. The Journal of Finance, 51(3), 783-810. https://doi.org/10.1111/j.1540-6261.1996.tb02707.x
DOI
|
11 |
Guo, B., & Xiao, Y. (2016). A note on why doesn't the choice of performance measure matter?. Finance Research Letters, 16, 248-254. https://doi.org/10.1016/j.frl.2015.12.001
DOI
|
12 |
Gupta, K. (2019). Asset Pricing Models and Stock Selection Ability of the Indian Mutual Fund Managers: An Empirical Study of Open-ended Growth Equity Schemes. Financial Markets, Institutions and Risks, 3(3), 49-62. https://doi.org/10.21272/fmir.3(3).49-62.2019
DOI
|
13 |
Gupta, L. C., & Choudhury, U. K. (2001). How good are mutual funds: the household investors' perceptions: the 5th household investor survey. Society for Capital Market, Research and Development.
|
14 |
Gusni, G., Silviana, S., & Hamdani, F. (2018). Factors affecting equity mutual fund performance: evidence from Indonesia. Investment Management and Financial Innovations, 15(1), 1-9. https://doi.org/10.21511/imfi.15(1).2018.01
DOI
|
15 |
He, W., Cao, B., & Baker, H. K. (2015). The performance and market timing ability of Chinese mutual funds. Financial Services Review, 24(3), 289.
|
16 |
Hendricks, D., Patel, J., & Zeckhauser, R. (1993). Hot hands in mutual funds: Short‐run persistence of relative performance, 1974-1988. The Journal of Finance, 48(1), 93-130. https://doi.org/10.1111/j.1540-6261.1993.tb04703.x
DOI
|
17 |
Huang, C. C. (2019). Does rapid market growth enhance efficiency? An evaluation of the Chinese mutual fund market. Investment Management & Financial Innovations, 16(2), 383. https://doi.org/10.21511/imfi.16(2).2019.32
DOI
|
18 |
Hussain, R. Y., Hussain, H., & Hassan, A. (2016). Risk adjusted performance evaluation of mutual funds and selection abilities of fund managers in Pakistan. Pakistan Business Review, 18(1), 76-98.
|
19 |
Huang, R., Pilbeam, K., & Pouliot, W. (2019). Do actively managed US mutual funds produce positive alpha?. Journal of Economic Behavior & Organization. https://doi.org/10.1016/j.jebo.2019.03.006
DOI
|
20 |
Huhmann, B. (2005). Does Mutual Fund advertising provide necessary investment information? International Journal of Bank, 23(4), 296-316. https://doi.org/10.1108/02652320510603933
DOI
|
21 |
Ippolito, R. A. (1989). Efficiency with costly information: A study of mutual fund performance, 1965-1984. The Quarterly Journal of Economics, 104(1), 1-23. https://doi.org/10.2307/2937832
DOI
|
22 |
Iqbal, J. (2008). Performance Evaluation of Income Funds in Pakistan. Available at SSRN 1530762.
|
23 |
Jensen, M. C. (1968). The performance of mutual funds in the period 1945-1964. The Journal of Finance, 23(2), 389-416. https://doi.org/10.1111/j.1540-6261.1968.tb00815.x
DOI
|
24 |
Jiang, W. (2003). A non-parametric test of market timing. Journal of Empirical Finance, 10(4), 399-425. https://doi.org/10.1016/s0927-5398(02)00065-8
DOI
|
25 |
Jordan, J., & Kaas, K. P. (2002). Advertising in the Mutual Fund Business: The role of judgmental heuristics in private investors' evaluation of risk and return. Journal of Financial Services Marketing, 7(2), 129-140. https://doi.org/10.1057/palgrave.fsm.4770079
DOI
|
26 |
Leite, C., Cortez, M. C., Silva, F., & Adcock, C. (2018). The performance of socially responsible equity mutual funds: Evidence from Sweden. Business Ethics: A European Review, 27(2), 108-126. https://doi.org/10.1111/beer.12174
DOI
|
27 |
Livingston, M., Yao, P., & Zhou, L. (2019). The volatility of mutual fund performance. Journal of Economics and Business, 104, 105835. https://doi.org/10.1016/j.jeconbus.2019.02.001
DOI
|
28 |
Lemeshko, O., & Rejnus, O. (2015). Performance Evaluation of Equity Mutual Funds in Countries with Emerging Economies: Evidence from BRIC, CEE, sea and MENA Regions. Procedia Economics and Finance, 30, 476-486. https://doi.org/10.1016/s2212-5671(15)01315-5
DOI
|
29 |
Linter, J. (1965a). The Valuation of Risk Assets and The Selection of Risk Investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13-37. https://doi.org/10.2307/1924119
DOI
|
30 |
Linter, J. (1965b). Security prices, risk, and maximal gains from diversification. Journal of Finance, 20(4), 587-615. https://doi.org/10.1111/j.1540-6261.1965.tb02930.x
DOI
|
31 |
Malkiel, B. G. (1995). Returns from investing in equity mutual funds 1971 to 1991. The Journal of Finance, 50(2), 549-572. https://doi.org/10.1111/j.1540-6261.1995.tb04795.x
DOI
|
32 |
Malkiel, B. G. (2013). Asset management fees and the growth of finance. Journal of Economic Perspectives, 27(2), 97-108. https://doi.org/10.1257/jep.27.2.97
DOI
|
33 |
Marti-Ballester, C. P. (2019). Do European renewable energy mutual funds foster the transition to a low-carbon economy? Renewable Energy, 143, 1299-1309. https://doi.org/10.1016/j.renene.2019.05.095
DOI
|
34 |
Modigliani, F., & Modigliani, L. (1997). Risk-adjusted performance. Journal of Portfolio Management, 23(2), 45. https://doi.org/10.3905/jpm.23.2.45
DOI
|
35 |
Moreno, D., & Rodriguez, R. (2009). The value of coskewness in mutual fund performance evaluation. Journal of Banking & Finance, 33(9), 1664-1676. https://doi.org/10.1016/j.jbankfin.2009.03.015
DOI
|
36 |
Noulas, G. A., Papanastasiou, A. J., and Lazaridis, J. (2005). Performance of mutual funds. Managerial Finance, 31(2), 101-112. https://doi.org/10.1108/03074350510769523
DOI
|
37 |
Nafees, B., Shah, S. M. A. & Khan, S. (2011). Performance evaluation of open end and close end mutual funds in Pakistan. African Journal of Business Management, 5(28), 11425-11434. https://doi.org/10.5897/ajbm11.305
DOI
|
38 |
Naveed, & Farooq, S. U. (2018). Performance Evaluation of Pakistani Mutual Funds: Through CAPM model. Abasyn University Journal of Social Sciences, AICTBM-18.
|
39 |
Naz, S., Mustafa, Atta-ul., Mukhtar, A., & Nawaz, S. (2015). Risk Adjusted Performance Evaluation of Balanced Mutual Fund Schemes in Pakistan. European Journal of Business and Management, 7(1), 179-187.
|
40 |
Pangestuti, I. R. D., Wahyudi, S., & Robiyanto, R. (2017). Performance Evaluation of Equity Mutual Funds in Indonesia. Jurnal Keuangan dan Perbankan, 21(4), 197343. https://doi.org/10.26905/jkdp.v21i4.1503
DOI
|
41 |
Pastor, L., Stambaugh, R. F., & Taylor, L. A. (2017). Do funds make more when they trade more?. The Journal of Finance, 72(4), 1483-1528. https://doi.org/10.1111/jofi.12509
DOI
|
42 |
Ramasamy, B., & Yeung, M. C. (2003). Evaluating mutual funds in an emerging market: factors that matter to financial advisors. The International Journal of Bank Marketing, 21(3), 122-136. https://doi.org/10.1108/02652320310469502
DOI
|
43 |
Rashid, M., & San, W. K. C. (2019). Employee Provident Funds' Market Performance: The Case of Malaysia. Management of Shari'ah Compliant Businesses, 3(5), 45-54. https://doi.org/10.1007/978-3-030-10907-3_5
DOI
|
44 |
Sharpe, W. F., (1966). Mutual funds' performance. Journal of Business, 39(1), 119-138. https://doi.org/10.1086/294846
DOI
|
45 |
Razzaq, N., Gul, S., Sajid, M., Khan, M. B., & Razzaq, A. (2012). Conventional mutual funds and their performance in Pakistan. Asian Journal of Business and Management Sciences, 1(12), 54-69.
|
46 |
Razzaq, N., Gul, S., Sajid, M., Mughal, S., & Bukhari, S. A. (2012). Performance of Islamic mutual funds in Pakistan. Economics and Finance Review, 2(2), 16-25.
|
47 |
Shah, S. M. A., Hijazi, S. T. (2005). Performance Evaluation of Mutual Funds in Pakistan. The Pakistan Development Review, 44(4), 863-876. https://doi.org/10.30541/v44i4iipp.863-876
DOI
|
48 |
Sharpe, W. F. (1994). The Sharpe Ratio. Journal of Portfolio Management, 49-58. https://doi.org/10.3905/jpm.1994.409501
DOI
|
49 |
Shawky, H. A. (1982). An update on mutual funds: better grades. Journal of Portfolio Management, 8(2), 29-34. https://doi.org/10.3905/jpm.1982.408839
DOI
|
50 |
Sipra, N. (2006). Mutual Fund Performance in Pakistan, 1995-2004. CMER Working Paper No. 06-45.
|
51 |
Sirri, E. R., & Tufano, P. (1998). Costly search and mutual fund flows. The Journal of Finance, 53(5), 1589-1622. https://doi.org/10.1111/0022-1082.00066
DOI
|
52 |
Smimou, K., & Ayadi, M. A. (2019). Does Ethical Reinforcement Pay? Evidence from the Canadian Mutual Fund Industry in the Post‐Financial Crisis Era. Business and Society Review, 124(1), 73-114. https://doi.org/10.1111/basr.12164
DOI
|
53 |
Sortino, F. A., Van Der Meer, R., & Plantinga, A. (1999). The dutch triangle. The Journal of Portfolio Management, 26(1), 50-57. https://doi.org/10.3905/jpm.1999.319775
DOI
|
54 |
Zhou, Z., Xiao, H., Jin, Q., & Liu, W. (2018). DEA frontier improvement and portfolio rebalancing: An application of China mutual funds on considering sustainability information disclosure. European Journal of Operational Research, 269(1), 111-131. https://doi.org/10.1016/j.ejor.2017.07.010
DOI
|
55 |
Sortino, F. A., & Price, L. N. (1994). Performance Measurement in a Downside Risk Framework. The Journal of Investing, 3(3), 59-64. https://doi.org/10.3905/joi.3.3.59
DOI
|
56 |
Treynor, J. L. (1965). How to rate management of Investment Funds. Harvard Business Review, 43(1), 63-75.
|
57 |
Wang, Y., Paek, M., & Ko, K. (2019). The performance of Chinese equity funds: An extension of DGTW model. Japan and the World Economy, 51, 100964. https://doi.org/10.1016/j.japwor.2019.100964
DOI
|
58 |
Ali, M. (2015). Performance Evaluation of selected open-ended mutual funds in Pakistan. Lahore School of Accountancy & Finance, The University of Lahore, Islamabad, Pakistan. http://ssrn.com/abstract=2649336.
|
59 |
Ahmad, N., Khoso, I., & Ahmed, R. R. (2015). A comparative study of NAV (Net Asset Value) Returns of Open-ended and Close-ended Mutual Funds in Pakistan. International Journal of Information, Business and Management, 7(1), 82-100. https://doi.org/10.26577/be-2019-3-e10
DOI
|
60 |
Ahmad, W., Roomi, M. S., Ramzan, M., Rehman, M. Z., & Baig, S. A. (2015). A Comparative Study on Performance of Open and Close-ended Mutual Funds in Pakistan. International Journal of Accounting and Financial Reporting, 5(1), 300-314. https://doi.org/10.5296/ijafr.v5i1.7487
DOI
|
61 |
Ali, R., & Qudous, R. A. (2012). Performance evaluation of mutual funds in Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 3(9), 1076-1083.
|
62 |
Bogle, J. (1991). Investing in the 1990s: Remembrance of things past. Journal of Portfolio Management, 17(3), 5-14. https://doi.org/10.3905/jpm.1991.409332
DOI
|
63 |
Avramov, D., & Wermers, R. (2006). Investing in mutual funds when returns are predictable. Journal of Financial Economics, 81(2), 339-377. https://doi.org/10.1016/j.jfineco.2005.05.010
DOI
|
64 |
Berk, J. B., & Van Binsbergen, J. H. (2015). Measuring skill in the mutual fund industry. Journal of Financial Economics, 118(1), 1-20. https://doi.org/10.1016/j.jfineco.2015.05.002
DOI
|
65 |
Bilawal, M., Dilawar Khan, M., Yasir Hussain, R., & Akmal, U. (2016). Performance evaluation of closed ended mutual funds in Pakistan. International Journal of Management and Business Research, 6(1), 65-71. http://ijmbr.srbiau.ac.ir/article_8747.html
|
66 |
Chang, E. C., & Lewellen, W. G. (1984). Market timing and mutual fund investment performance. Journal of Business, 57-72. https://doi.org/10.1086/296224
|
67 |
Cheema, M., & Shah, S. A. (2006). The Role of Mutual Funds and Non-Banking Financial Companies in Corporate Governance in Pakistan. Lahore University of Management Sciences, CMER Working Paper No. 06-47.
|
68 |
Cujean, J. (2020). Idea sharing and the performance of mutual funds. Journal of Financial Economics, 135(1), 88-119. https://doi.org/10.1016/j.jfineco.2019.05.015
DOI
|
69 |
Deb, S. G. (2019). Persistence in performance of actively managed equity mutual funds: New Indian evidence. IIMB Management Review, 31(2), 145-156. https://doi.org/10.1016/j.iimb.2019.03.014
DOI
|
70 |
Dopierala, L., Mosionek-Schweda, M., & Ilczuk, D. (2020). Does the Asset Allocation Policy Affect the Performance of Climate-Themed Funds? Empirical Evidence from the Scandinavian Mutual Funds Market. Sustainability, 12(2), 654. https://doi.org/10.3390/su12020654
DOI
|