جستجوی مقالات مرتبط با کلیدواژه "mutual funds" در نشریات گروه "مدیریت"

Today, in the modern economy, due to the growth of the capital market, the importance of investment for people has increased. One of the main concerns of investors, in the first instance, is selecting the most appropriate investment option. Mutual funds are a type of investment that gathers investors' funds to invest in a diverse range of securities, thereby reducing investment risk and increasing returns. In the field of investment decision-making, the process of selecting the most appropriate fund from a wide range of options can be complex. In the literature, various criteria have been developed to evaluate the performance of mutual funds. In this research, the most important criteria have been identified and evaluated using a new technique in the field of multi-criteria decision-making.

Opportunity loss is a fundamental concept in economics and management, referring to the costs incurred from not choosing the best possible option in a particular situation. This concept can serve as the basis for determining the value associated with information and economic decision-making. In fact, opportunity loss helps us better understand the real costs of our choices, enabling us to make more informed decisions. In this research, based on the problem-solving assumptions, a new technique called Opportunity Loss-Based Polar Coordinate Distance (OPLO-POCOD) has been used for evaluating and ranking mutual funds. Due to its strong and scientific logic in analyzing opportunity losses, this technique is recognized as an efficient tool in the decision-making process. One of the notable advantages of this technique is its ability to conduct precise evaluations and comprehensive rankings of various options. Using this method, it is possible to systematically assess the opportunity losses of each option and evaluate their positions relative to the best available condition. This evaluation is based on distance in polar coordinate space, which allows analysts to identify the strengths and weaknesses of each option both intuitively and quantitatively. Overall, this research not only contributes to a better understanding of the concept of opportunity losses but also provides a novel method for evaluating and ranking mutual funds, assisting investors and decision-makers in making more informed choices. This approach can enhance decision-making processes in the fields of investment and financial management, ultimately leading to increased efficiency and effectiveness of investments.

In this research, using the filters of fund size and one-year, two-year, and three-year performance, and based on the information available on the website of the Financial Information Processing Center of Iran (Fipiran), 20 stock funds were selected from among various mutual funds with the most assets and best performance. The research results indicate that stock funds option 14 with a DOL value of 0.000841, option 15 with a DOL value of 0.017437, and option 19 with a DOL value of 0.03432 received the highest rankings.

Based on this research, in addition to a comprehensive ranking of the options, a more detailed analysis has been conducted on three dimensions: the characteristics of the mutual fund, the personality characteristics of the mutual fund manager, and the performance evaluation criteria of the mutual fund. Mutual fund managers, by becoming aware of their fund's ranking, can analyze the efficiency and inefficiency of the fund across various dimensions and based on top-performing funds.

The objective of this study is to conduct a systematic review and meta-analysis of mutual fund performance evaluation studies, focusing on the historical evolution of performance assessment methods based on fund style.

This research is divided into two main sections. The first section involves a quantitative analysis of prominent ISI-listed studies on mutual fund performance from 1900 to 2023, using bibliometric software such as HistCite™ and VOSviewer. This bibliometric analysis identifies and categorizes key studies based on citation counts. The second section reviews the evolution of mutual fund performance measurement criteria and various approaches used in the literature, critically analyzing the strengths and limitations of these methods.

The bibliometric analysis revealed significant trends in mutual fund performance evaluation, with a clear evolution in methodologies over time. The study identified two primary approaches: asset-based analysis and return-based analysis. Key findings indicate that while both approaches have their merits, asset-based analysis offers a more accurate assessment of managerial skill by considering the composition of the fund’s holdings. Additionally, the analysis highlighted the most cited studies and influential journals in the field, providing a comprehensive overview of the research landscape.

The study concludes that mutual fund performance evaluation has significantly evolved, with increasing complexity and sophistication in methodologies. The findings underscore the importance of selecting appropriate performance measurement criteria based on the specific characteristics of the mutual fund.

The purpose of this study is to investigate the impact of the financial crisis on the investment fund industry using dynamic evaluation and comparing the performance of investment funds in different years from 2012 to 2017. Value-based data envelopment analysis is used to evaluate the performance of decision-making units (investment funds) and to present changes in performance throughout the year.

 In terms of classification based on the purpose of this research is of the applied type, the purpose of which is to develop applied knowledge in a specific field. This research is of library type in terms of research design. It has been used in order to collect research data by referring to the information contained in historical financial statements. Also, this research is descriptive-correlational in terms of data collection and inference.

 The study of various models of data envelopment analysis method as well as the types of inputs and outputs of data envelopment analysis method for evaluating mutual funds have been discussed. Since the investment policies of the funds are different from each other, the tools obtained are also different from each other. Therefore, it can be useful to use a tool such as the data envelopment analysis method that examines the units under study under the same conditions. One of the tools that can be used for this purpose is the data envelopment analysis method because DEA is a non-parametric method. It considers the relationship between product outputs and its inputs and defines the boundary of efficiency. The efficiency threshold can be considered as a measure of performance in investment analysis.

Originality/Value:

The issue is related to the events that have taken place in the country, which are strongly affected by the economic recession and the banking system, which mainly include sanctions and the global financial crisis and liquidity fluctuations and exchange rate fluctuations; therefore, the conclusions in this study will be potentially useful for fund managers and investors.