Purpose – The purpose of this paper is to examine operating characteristics, risk and performance measures of all available vehicles for index investing in US bond funds during the 15-year period from April, 1994 to March, 2009. The results shed light on the important issue of bond index...

Purpose -The purpose of this paper is to examine the tournament hypothesis in the UK mutual fund market. Based on a previous US study, fund managers were expected to alter risk-taking behaviour in response to their performance relative to competing fund managers. Design/methodology/approach...

Purpose -The purpose of this paper is to investigate the impact of individual investor sentiment on the return process and conditional volatility of three main US market indices (Dow Jones Industrial Average, S&P500 and Nasdaq100). Individual investor sentiment is measured by aggregate money...

Purpose -The purpose of this paper is to examine asset class cross-autocorrelations at the macro-level by exploring the return associations among mutual fund asset classes. The low transactions costs of trading mutual funds make this extension important since informed traders can potentially use...

Purpose – The Asian financial crisis revealed the weaknesses of Malaysian fund management industry. The financial losses incurred in the crisis brought forward the issue of asymmetric information between the fund managers and investors i.e. the mismatch between the investors’ investment...

Purpose –One of the implications of Islamic investment principles is the availability of Islamic financial instruments in the financial market. The main aim of this research is to observe the differences in terms of performance between Islamic and conventional mutual fund in the context of...

Purpose –The paper seeks to examine whether selectivity and timing performance of fund manager is sensitive to the choice of market benchmarks. The two benchmarks used are the Kuala Lumpur Composite Index (KLCI) and the Exchange Main Board All-Share (EMAS) Index. Design/methodology/approach...

Purpose – The primary objective of the paper is to examine the short and long run price linkages between Malaysian unit trust funds and the stock market index as proxied by the Kuala Lumpur composite index (KLCI) over the period 1996-2000. Design/methodology/approach - Cointegration analyses...

Purpose -The purpose of this paper is to examine the value of active fund management using a sample of hybrid mutual funds. Design/methodology/approach - Instead of using traditional risk-adjusted measures, the paper employs an alternative attribution return methodology where the actual monthly...

Purpose –This paper seeks to focus on examining unit trust performance in Malaysia over the period 1991-2001. Design/methodology/approach - The broad based study covers full economic cycles using 7 different performance measures: raw return, market adjusted return, Jensen's alpha, adjusted...