Αξιολόγηση της επίδοσης των ελληνικών Α.Ε.Δ.Α.Κ.
Evaluation of the performance of the Greek Μutual Funds Management Companies
Μιχαλάρη, Ελένη Χ.
SubjectΑμοιβαία κεφάλαια -- Ελλάδα ; Επενδύσεις -- Ελλάδα ; Mutual funds -- Greece ; Investments -- Greece ; Portfolio management
The history of the institution of mutual funds on international capital market is very long, however their appearance in Greece took place rather late. Today, in 45 years of operation the institution evolved and developed in such a way that it is one of the most dynamic sectors of the economy. Important factor in the evolution and development of mutual funds have been the Mutual Funds Management Companies. Therefore, the success of a mutual fund and consequently of unit-holders is primarily due to behavior that is displayed by the management team on operational and strategic issues investment. The purpose of this study is the evaluation of the performance of "Greek Mutual Funds Management Companies " that have been active in the period 2005-2010. Our study focuses on management held in Equity and in Mixed Domestic mutual funds. The methodology followed in the evaluation of mutual funds and managers was with the use of performance indicators Treynor, Sharpe and Jensen. Finally, according to the results of our empirical study concluded that the returns of mutual funds have moved in the same context with the rest of the economy and that the performance of fund managers considered satisfactory according to the prevailing market conditions.