literature review on mutual funds in india

The Indian Mutual Fund Industry pp 39–60 Cite as

Review of Literature

• G. V. Satya Sekhar 2  

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In India, there are a few studies on mutual funds, which have a complete scientific analysis, primarily due to the comparatively short period of existence of mutual funds. Samir et al. (1994) reviewed the work done with respect to capital markets during the 15-year period from 1977 to 1992. 1 They mentioned that a large number of works are merely descriptive or prescriptive without rigorous analysis. However, a rigorous scientific research was carried out in this subject in other countries. Besides this, now we can obtain a lot of information through different websites or portals like ‘ mutualfundsindia.com ’. 2

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Brua, S. K., Raghunathan, V. and Jayanth, R. (1994), ‘Research on the Indian Capital Market – A Review’, Vikalpa – The Journal of Decision Makers . Indian Institute of Management, Ahmedabad, January–March, 19(1), 15–31.

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Treynor, J. L. and Mazuy, K. K. (1966) ‘Can Mutual Funds Outguess the Markets’, Harvard Business Review , 44, 131–136.

Jensen, M. C. (1967) ‘The Performance of Mutual Funds in the Period 1945–64’, Journal of Finance , 23(2), 389–416.

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Barua, S. K., Varma, J. R. and Venkateswaran, N. (1991) ‘A Regulatory Framework for Mutual Fund’, Economic and Political Weekly , Special issue on Review of Management and Industry , 26(21), May 25, 55–59.

Verma, J. C. (1994) ‘Merchant Banking and Financial Services’, New Delhi: Taxman.

Droms, W. G. and Walker, D. A. (1994) ‘Investment Performance of International Mutual Funds’, Journal of Financial Research , 17, Spring, 1–14.

Bauman, W. S. and Miller, R. E. (1995) ‘Portfolio Performance Rankings in Stock Market Cycles’, Financial Analysts Journal , 51, 79–87.

Volkman, D. A. and Wohar, M. E. (1995) ‘Determinants of Persistence in Relative Performance of Mutual Funds’, Journal of Financial Research , 18, 415–430.

Elton, E. J., Gruber, M. J. and Blake, C. R. (1996) ‘Market Timing Ability and Volatility Implied in investment Newsletters’ Asset Allocation Recommendations’, Journal of Financial Economics , 42, 397–421.

Jayadeve, M. (1996) ‘Mutual Fund Performance: An Analysis of Monthly Returns’, Finance India , 10(1), March, 73–84.

Carhart, M. M. (1997) ‘Persistence in Mutual Fund Performance’, Journal of Finance , 52, 57–82.

Redmand, A. L., Gullett, N. S. and Manakyan, H. (2000) ‘The Performance of Global and International Mutual Funds’, Journal of Financial and Strategic Decisions , 13(1), Spring, 75–85.

Bhargava, R., Gallo, J. and Swason, P. T. (2001) ‘The Performance, Asset Allocation and Investment Style of International Equity Manager’, Review of Quantitative Finance and Planning , 17, 377–395.

Sadhak, H. (2003) Mutual Funds in India: Marketing Strategies and Investment Practices , New Delhi: Response Books.

Chang, J-R., Hung, M-W. and Lee, C-F. (2003) ‘An Intemporal CAPM Approach to Evaluate Mutual Fund Performance’, Review of Quantitative Finance and Accounting , 20, 425–433.

Obeid, A. T. (2004) ‘A Modified Approach for Risk-Adjusted Performance Attribution’, Financial Markets and Portfolio Management ’, 18(3), 285–305.

Bertoni, A., Brtmetti, G. and Cesari, C. (2005) ‘Mutual Fund Bench Marking and Market Bubbles – A Behavioural Approach’, Transition Studies Review , 12(1), 36–43.

Martin, E. (2006) ‘Performance Measurement of Hedge Funds Using Data Envelopment Analysis’, Financial Markets and Portfolio Management , 20, 442–471.

George, C. (2006) ‘Hybrid Mutual Funds and Market Timing Performance’, Journal of Business , 79(2), 771–797.

Choi, Y. K. (2006) ‘Relative Portfolio Performance Evaluation and Incentive Structure’, Journal of Business , 79(2), 903–921.

Chander, R. (2006a) ‘Investment Manager’s Market Timing Abilities: Empirical Evidences’, The ICFAI Journal of Allied Finance , 12(8), 15–31.

Sondhi, H. J. (2007) ‘Financial Performance of Equity Mutual Funds in India’, New Delhi: Deep & Deep.

Wu, C-R., Chang, H-Y. and Wu, L-S. (2008) ‘A Framework of Assessable Mutual Fund Performance’, Journal of Modeling in Management , 3(2), 125–139.

Kajshmi, N., Deo, M. and Murugesan, B. (2008) ‘Performance of the Indian Mutual Funds: A Study with Special Reference to Growth Schemes’, Asia-Pacific Business Review , 4(3), July–September, 75–81.

Arugaslan, O., Edwards, E. and Samant, A. (2008) ‘Risk-adjusted Performance of International Mutual Funds’, Managerial Finance , 34(1), 5–22.

Bu, Q. and Lacey, N. (2008) ‘On Understanding Mutual Fund Terminations’, Journal of Economics and Finance , 33, 80–99.

Smith, D. M. (2009) ‘The Economics of Mutual Funds’, Chapter 3 of forthcoming in John A. Haslem (ed.) A Companion to Mutual Funds , John Wiley Sons, USA.

Khurshid, S. M. Z., Rohit and Sing, G. P. (2009) ‘Level and Trends of Competition among the Mutual Funds in India’, Research Journal of Business Management , 3(2), 47–67.

Gupta, M. and Aggarwal, N. (2009) ‘Mutual Fund Portfolio Creation Using Industry Concentration’, The ICFAI Journal of Management Research , 8(3), 7–20.

Nedunchezhian, V. R., Kumar, S. and Elgin, A. (2012) ‘Financial Performance of Selected Indian Mutual Funds Schemes’, European Journal of Social Sciences , ISSN 1450–2267, 29(3), 450–457.

Jensen, M. C. (1967) ‘The Performance of Mutual Funds in the Period 1945–1964’, Journal of Finance , 23, 389–416.

Treynor, J. L. and Mazuy K. K. (1966) ‘Can Mutual Funds Outguess the Markets’, Harvard Business Review , 44, 131–136.

Statman, M. (2000) ‘Socially Responsible Mutual Funds’, Financial Analysts Journal , 56, 30–38.

Chang, J-R., Hung, M-W. and Lee, C-F. (2003) ‘An Intemporal CAPM Approach to Evaluate Mutual Fund Performance’, Review of Quantitative Finance and Accounting , 20, 414–433.

Wilcox, R. T. (2003) ‘Bargain Hunting or Star Gazing? Investor’s Preference for Stock Mutual Funds’, Journal of Business , 76(4), 645–663.

Rao, P. and Saikia, V. (2006) ‘Mutual Funds Exploring Retail Customer Expectations’, The ICFAI Journal of Services Marketing , 4(2), 25–33.

Sandhar, S., Kushwash, S. V. and Nathani, N. (2008) ‘Investment Decision and Investor’s Psychology: A Demographic Study’, Fortune Journal of International Management , 5(2), July–December, 37–48.

Sudalaimuthu and Kumar (2008) ‘A Study on Investors Perception towards Mutual Fund Investment’, Management Trends , 5(1), September 07–March 08, 106–117.

Goyal, M. (1993) ‘Mutual Funds: India, Here We Come’, Financial Institutions and Economic Development , edited by Devedra Thakur.

Seema, V. (1994) Mutual Fund Operations in India , New Delhi: Rishi Publications.

Kohn, M. (1997) Financial Institutions and Markets , New Delhi: Tata Mc-GrawHill.

Bansal, L. K. (1997) Mutual Fund – Management and Working , New Delhi: Deep & Deep.

Mohan Rao, P. (1998) Working of Mutual Fund Organizations in India , New Delhi: Kanishka Publishers.

Elton, E. J., Gruber, M. J. and Busse, J. A. (1998) ‘Do Investors Care about Investment?’, Journal of Business , 71(4), 477–500.

Srivastava, R. M. (1992) An Indian Financial System: Changing Scenario , New Delhi: Rishi Publications.

Avadhani, V. A. (1999) Marketing of Financial Services , Mumbai: Himalaya Publishing.

Singh, H. K. and Singh, M. (2001) Mutual Funds and Indian Capital Market – Performance and Profitabilty , New Delhi: Kanishka Publishers.

Wilcox, R. T. (2003) ‘Bargain Hunting or Star Gazing? Investor’s Preference for Stock Mutual Funds’, Journal of Business, 76(4), 645–663.

Singh, J. (2006) Mutual Funds – Growth, Performance and Prospects , New Delhi: Deep and Deep.

Tripaty, N. P. (2007) ‘Mutual Funds in India – Emerging Issues’, New Delhi: Excel Books.

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Sekhar, G.V.S. (2014). Review of Literature. In: The Indian Mutual Fund Industry. Palgrave Macmillan, London. https://doi.org/10.1057/9781137407993_2

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Literature review analysis and study on current status of mutual fund market in India

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AN ANALYTICAL REVIEW OF THE LITERATURE ON PERFORMANCE EVALUATION OF MUTUAL FUNDS IN INDIA

by JMRA Publication

Mutual Funds have evolved as an important investment option in the 21 st century. Its funds shareholding is increasing manifold year by year. Mutual Funds are effective and efficient and are gaining popularity among investors because of their convenient nature and easy operations with good returns. Therefore seeing the relevance of the topic, there is a need to do a review of literature and research done in the past on mutual funds. All the aspects of mutual funds have been covered namely Performance evaluation, Investor perception and relevance, History and evolution of Mutual funds, Selectivity and Market timing performance and Sector Funds. A Chronological study has been done. The most widely researched upon aspect of the mutual funds is " Performance Evaluation ". Researchers have compared the top – mutual fund houses of various times and compared public and private mutual funds. This helps the investor in the formulation of growth trends so that he may be able to forecast the future and increase his wealth. Investors were resistant to mutual funds in 1990s but their perception has changed relatively now. Mutual funds are rapidly emerging as an investment option due to the tax benefits associated with them.

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sufia begam

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IJESRT Journal

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Arbitrage vs liquid funds: Why the former has become an investor darling

Arbitrage funds are gaining popularity presumably as investors turned to arbitrage funds as a more tax-efficient substitute to liquid funds..

Mutual fund licences (Illustration: Binay Sinha)

Investors pick arbitrage funds as a tax-efficient substitute for liquid funds

Cricket world cup 2023 prize money: how much winner and runner-ups will get, why individual investors' share in mutual funds assets is surging, arbitrage funds: lower risk than equities and similar tax treatment, small-cap, arbitrage funds buck 'low inflow' trend this calendar, insurance claim rejected a guide for policyholders to seek redress, love shopping online, ordering in how to save with the right credit cards, update your nominations, review credit report before the year ends, us embassy in india implements new changes in student visa process, you can now register claim complaints of rs 50 lakh with insurance ombudsman.

• Arbitrage funds work well in volatile or bullish markets when stock futures are trading at a premium.
• Arbitrage funds don’t work well in markets where futures are trading at a discount or future premiums are narrow due to excess money chasing arbitrage opportunities.
• Important to keep at least a 6 month investment horizon as returns could be unpredictable in the short term. 

First Published: Nov 28 2023 | 1:42 PM IST

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