One of the most important developments in the field of finance during last forty years is the mutual fund performance evaluation technique. The traditional techniques use the unconditional moments of the returns. Such techniques cannot capture the time-varying element of expected return. As a...

This paper calculates the Performance Change measure (PCM) developed by Grinblatt amp; Titman (Journal of Business, 1993, vol. 66, no. 1)for a sample of 50 Indian mutual funds over a period of 26 months. PCM as a measure has some advantages compared to the traditional measures, the most...