فهرست مطالب فرشید سپهوند

In order to achieve economic growth, the country's banking network must equip and allocate resources in an optimal way. Although the country's banking system has operated in accordance with the Riba-free banking law, it has not resulted in the predetermined goals. The purpose of this research is to find out whether it is possible to design and implement an optimal Islamic financial structure in the country and what solutions can be offered to improve the existing financial structure in the country. By applying the comparative method and according to the Islamic banking model, it is stated that based on seven indicators of legal infrastructure, financial system regulation and supervision framework, Sharia governance, liquidity infrastructure, information and transparency, consumer and human capital support and knowledge development framework. It can be seen that the current banking system in order to move towards an optimal banking system must improve the parts of the disciplined credit distribution system, comprehensive information infrastructure and consumer support and human resource development, and in order to optimally distribute resources and respond to the needs of people and Companies should use the model of classified participation. The model of classified participation, in comparison with other models presented in past researches, responds to all the needs of individuals and companies, investors and borrowers, and can be implemented according to the existing infrastructure.

Mutual funds, by having a net asset value near to 102,771 thousands billiard Rial by the end of 2019 plays an important role in Iran's capital market. One of the factors affecting performance of these funds is the activity level of its portfolio compare to index. The fund managers, despite the mutual funds expenses, have been always questioned if they had been able to outscore the market or not? In this research, the impacts of active management, expenses ratio, turnover ratio, size, fund flow ratio and individual investor share ratio on mutual fund performance are studied.

By using Fama – French five factors model and mutual funds monthly return, the value of alpha and R-Squared (R2) indicating the performance and passiveness of fund respectively, will be calculated. R2 value is always between zero and one. When R2 is close to one, it is indicating that fund’s performance is like market index and the portfolio is managed passively or the fund’s portfolio is a closet indexer. In other hand, when the value of R2 is near to zero, it shows that the fund’s portfolio is managed actively. Thus, the active management is proportional to (1 - R2) value. Finally by utilizing regression equation, the impact of mutual fund’s active management, expenses ratio, turnover ratio, size, fund flow ratio and individual investor share ratio on fund performance is investigated.

According to the results, there is a significant inverse relation between active management and mutual fund performance. Funds with larger size and higher expense ratio show improvement in performance, and increment of fund’s flow reduces its performance. In funds with weak performance, there is a reverse relation between turnover ratio and performance. Also, there is a significant direct relation between individual investor share and fund’s performance.

Active management did not result in performance improvement in Tehran Stock Exchange Market.