Mutual Fund Performance in an Emerging Market: Evidence for Vietnam
The performance of mutual funds is often measured by comparing the excess return of an active management with the returns of one or many benchmarks representing stock return characteristics. In this study, we examine three aspects of mutual fund performance, including performance in stock selection,...
| Main Author: | |
|---|---|
| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2018
|
| Subjects: | |
| Online Access: | https://eprints.nottingham.ac.uk/54646/ |
| _version_ | 1848799060854571008 |
|---|---|
| author | Dinh, Khanh Duy |
| author_facet | Dinh, Khanh Duy |
| author_sort | Dinh, Khanh Duy |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | The performance of mutual funds is often measured by comparing the excess return of an active management with the returns of one or many benchmarks representing stock return characteristics. In this study, we examine three aspects of mutual fund performance, including performance in stock selection, market timing abilities of fund managers and persistence in fund returns as well. Using a sample of 103 actively managed mutual funds which focus on Vietnamese equity portfolio from 2009 to 2017, we find evidence that neither stock selection nor market timing abilities are exhibited in fund returns and thus on average the mutual funds could not outperform the overall market. Regarding the persistence in mutual fund returns, we can only obtain evidence of the "icy hands" phenomenon in portfolios of last-year loser funds. For last year winner portfolios, there is no persistence in their performance so a strategy of buying good performers of the last-year is not favorable for those return-chasing
investors. |
| first_indexed | 2025-11-14T20:29:40Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-54646 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T20:29:40Z |
| publishDate | 2018 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-546462022-09-05T15:50:10Z https://eprints.nottingham.ac.uk/54646/ Mutual Fund Performance in an Emerging Market: Evidence for Vietnam Dinh, Khanh Duy The performance of mutual funds is often measured by comparing the excess return of an active management with the returns of one or many benchmarks representing stock return characteristics. In this study, we examine three aspects of mutual fund performance, including performance in stock selection, market timing abilities of fund managers and persistence in fund returns as well. Using a sample of 103 actively managed mutual funds which focus on Vietnamese equity portfolio from 2009 to 2017, we find evidence that neither stock selection nor market timing abilities are exhibited in fund returns and thus on average the mutual funds could not outperform the overall market. Regarding the persistence in mutual fund returns, we can only obtain evidence of the "icy hands" phenomenon in portfolios of last-year loser funds. For last year winner portfolios, there is no persistence in their performance so a strategy of buying good performers of the last-year is not favorable for those return-chasing investors. 2018-09-13 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/54646/1/Duy_4303387.pdf Dinh, Khanh Duy (2018) Mutual Fund Performance in an Emerging Market: Evidence for Vietnam. [Dissertation (University of Nottingham only)] mutual fund performance market timing ability persistence in performance Vietnam |
| spellingShingle | mutual fund performance market timing ability persistence in performance Vietnam Dinh, Khanh Duy Mutual Fund Performance in an Emerging Market: Evidence for Vietnam |
| title | Mutual Fund Performance in an Emerging Market: Evidence for Vietnam |
| title_full | Mutual Fund Performance in an Emerging Market: Evidence for Vietnam |
| title_fullStr | Mutual Fund Performance in an Emerging Market: Evidence for Vietnam |
| title_full_unstemmed | Mutual Fund Performance in an Emerging Market: Evidence for Vietnam |
| title_short | Mutual Fund Performance in an Emerging Market: Evidence for Vietnam |
| title_sort | mutual fund performance in an emerging market: evidence for vietnam |
| topic | mutual fund performance market timing ability persistence in performance Vietnam |
| url | https://eprints.nottingham.ac.uk/54646/ |