Asset management and the case of Turkey : risk-adjusted performance evaluation of Turkish mutual and pension funds

"The asset management industry is one of the essential sources of economic growth in a country since it functions as an intermediary between savings and investments. The asset management industry is also important for financial markets to ensure new funds and it helps investors to achieve their investment goals. Therefore, the aim of this study is to analyze the fund management industry in an emerging market. In this book, we first reviewed the fund performance measurement ratios and then we evaluated these performance measures of mutual and pension funds in Turkey between 2010-2019 to determine whether the funds generate alphas (excess returns). The risk-adjusted performance measures (Sharpe, Treynor, Information, Jensen's alpha, Sortino, and Omega ratios) were calculated to see if the funds generated excess risk-adjusted returns during analyzed period. We believe that the results have important implications for all investors, fund managers, regulators and as well as for the economy. In addition, the book can also be used as a supplementary textbook for both undergraduate and graduate students of finance"--