ارزیابی عملکرد صندوق های سرمایه گذاری سهمی و معمای استقبال از آنان توسط سرمایه گذاران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری مدیریت مالی، پردیس البرز دانشگاه تهران، تهران، ایران

2 مدرس، گروه مدیریت مالی و بیمه، دانشکدۀ مدیریت و حسابداری، دانشگاه شهید بهشتی، تهران، ایران.

3 استادیار. گروه کسب و کار جدید، دانشگاه تهران، تهران، ایران.

4 دانشیار ، گروه مدیریت دولتی، دانشگاه تهران، تهران، ایران.

چکیده

هدف اصلی این پژوهش بررسی سه دلیل برای عدم استقبال از صندوق­های شاخصی توسط سرمایه‌گذاران و در مقابل سرمایه­گذاری در صندوق­های سهمی توسط ایشان است. دلیل اول عملکرد بهتر صندوق­های در سهام در بلندمدت نسبت به شاخص­کل است. دلیل دوم دستکاری پرتفوی صندوق­های سهمی با استفاده از اثر قیمتی توسط مدیرانشان و کسب بازده بیشتر در کوتاه مدت است. دلیل سوم این است که صندوق­های شاخصی به درستی شاخص دنبال­کننده­شان را ردیابی نمی­کنند. بر اساس نتایج پژوهش دلیل اول و دوم رد و دلیل سوم برای کوتاه­مدت پذیرفته شد.

کلیدواژه‌ها


عنوان مقاله [English]

Performance evaluation of actively managed mutual funds and the puzzle of their acceptance by investors

نویسندگان [English]

  • Firoozeh Salardini 1
  • Hossein Abdoh Tabrizi 2
  • Hasti Cheetsazan 3
  • Ezatolah Abbasian 4
1 Ph.D. Candidate in Financial Management,Alborz campus, University of Tehran, Tehran, Iran.
2 Lecturer, Department of Financial Management and Insurance, Shahid Beheshti University, Tehran, Iran.
3 Assistant Prof., Department of Business Creation, University of Tehran, Tehran, Iran.
4 Associate Prof, Department of Public Administration, University of Tehran, Tehran, Iran.
چکیده [English]

The main purpose of this study is to investigate three reasons for not accepting index funds by investors and in contrast to investing in equity funds by them. The first reason is the better performance of stock funds in the long run than the overall index. The second reason is to manipulate the portfolio of equity funds by using the price effect by their managers and gain more returns in the short term. The third reason is that index funds do not track their follower index correctly. Based on the research results, the first and second reasons were rejected and the third reason was accepted for the short term.

کلیدواژه‌ها [English]

  • Mutual Fund Puzzle؛ Index Fund؛ Modern and Postmodern Portfolio Theory
  • Price Impact
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