Mutual Fund Performance Thesis

Mutual Fund Performance Thesis-64
Knowledge of the causes and degree of equity mutual fund volatility is beneficial to policy makers and economic forecasters in predicting the direction of mutual fund prices.However, previous Australian studies have only been limited into testing explicitly of superannuation funds and wholesale funds.These results have lead to a number of interesting and important research questions.

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Mutual Fund Performance Thesis

The primary objective of this thesis is to examine the lagged relationship between equity mutual funds and the stock market.The test results examined in this thesis support the notion that mutual funds managed by publicly-traded companies underperform compared to industry benchmarks.In addition, funds managed by publicly-traded management companies perform poorer in general compared to funds managed by privately-held companies.However, because the organizational form of companies in the finance industry is so different from those in other industries, the effect on performance is quite different.There has been little research done to determine how the organizational form of mutual fund management companies affect the performance of their mutual funds.The interesting finding in this study relates to the degree to which equity mutual fund prices influence stock market prices and to what extent security prices drive mutual fund prices.Therefore, potential price relationships may also exist between the different equity mutual fund categories.In this study, the existence and possible causes of the price dynamics are investigated over the period from 2000 to 2010 using daily data.Three study periods are considered, namely the period before the global financial crisis in 2007, the period after it, and the full period.Therefore, the study provides a further examination of mutual fund performance and price linkages by controlling for various equity mutual fund categories that can be useful to investors on which segments of Australian equity mutual funds they should consider investing in for differing economic conditions.The study also offers guidance to investors on which segments of Australian equity mutual fund prices are related to stock market prices and how they can use analysis of the prediction of market prices at the time of investment decision making.


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