Evaluation of equity mutual funds operating in the Greek financial market

Abstract

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractThe present article aims to evaluate the performance of seventeen equity mutual funds operating in the Greek financial market over the period 1/1/1995-31/12/1998 using daily, weekly, and monthly returns. Only four mutual funds achieved return higher than the General Index of the Athens Stock Exchange (GIASE). All seventeen mutual funds undertook total risk lower than the GIASE . Seven mutual funds had coefficient of variation higher than the GIASE regardless of the basis of calculation. All seventeen mutual funds were ranked in the same order on the basis of beta coefficient regardless of the kind of return used in the calculation of the beta coefficients. According to the Treynor's index, nine mutual funds were ranked in the same order and showed values higher than the GI-ASE regardless of the basis of calculation. In the case of the Sharpe's index, the corresponding mutual funds were eight. In relation to the Jensen's index, nine, ten, and another ten mutual funds achieved positive risk-adjusted excess return on the basis of daily, weekly, and monthly returns respectively.

Risk-Adjusted Performance of Three Restaurant Segments in the USA

“…All three approaches compare excess return to risk. A thorough review of the literature related to risk-adjusted performance revealed that numerous studies were conducted to analyse the performance of real estate investment trusts (REITs) and the mutual fund industry by using those three primary indexes (Han and Liang, 1995;Artikis, 2002). However, only a handful of academic studies address risk-adjusted performance specifically for the hospitality industry.…”

Performance aspects of Greek bond mutual funds

“…The Greek performance evaluation literature is relatively small and it is basically limited to studies on equity mutual funds (Artikis, 2002;Milonas, 1999). The same applies for the international performance evaluation literature since most studies analyze either the equity fund market or the diversified funds that invest both on equities and other securities.…”

Performance Comparison of Lodging REITs, Hotel C-Corporations and Resorts and Casinos

“…All three approaches compare excess return to risk. A thorough review of the literature related to risk-adjusted performance reveals that numerous studies have been conducted to analyse the performance of REITs and the mutual fund industry by using these three primary indexes (Han and Liang, 1995;Artikis, 2002).…”