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Publisher's Note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations
- Publisher
- Springer Journals
- Copyright
- Copyright © The Author(s), under exclusive licence to Springer Japan KK, part of Springer Nature 2022
- ISSN
- 1387-2834
- eISSN
- 1573-6946
- DOI
- 10.1007/s10690-022-09367-7
- Publisher site
- See Article on Publisher Site
Abstract
In this paper, we examine the persistence of large-cap equity mutual funds performance, market timing skills, and selectivity of fund managers in India. The study uses monthly data of net assets values (NAV), market capitalization, and price to book ratio. The sample data period is from January 2000 to December 2019. We employ the methodology of Jensen (1968), Fama-French (1993), and Carhart (1997) models for forming portfolios and mimicking portfolios. The results reveal that the benchmark market index outperforms mutual funds. Moreover, there is a little evidence showing that Indian fund managers who consistently work on large-cap equity funds can generate abnormal returns.
Journal
Asia-Pacific Financial Markets – Springer Journals
Published: Mar 1, 2023
Keywords: Performance persistence; Market timing; Stock selection skills; Large cap equity funds; Contingency table; C12; G11; G23