A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
THE EMPIRICAL STUDY ON INVESTORS RISK PERCEPTION AND BEHAVIOUR OF EQUITY INVE...IAEME Publication
The purpose of this paper is to examine the relationship among the individual behavioural of Equity Investors and his Risk Perception. It explores individual investor’s preferences for Investment choices and provisionally investigates the impacts of risk tolerances and risk perceptions on their investment decisions. A sample of 200 investors using a structured questionnaire from investment avenues in Tiruchirappalli district. The result of analysis have shown that investor’s decisions to make their investment choices are significantly and negatively related to personal income level.
A Study of Investment Pattern of a Common Man A Literature Reviewijtsrd
In India where and how the people make investment of their earned money is a very important decision because all investment avenues professed risky by investors. Investment refers to any mechanism used for the purpose of generating future income. The main features of investment are safety of principal amount, regular return, and liquidity. there are various avenues of investment available such as shares, bonds, debentures, gold, mutual funds, FDs etc. Indian people usually having a habit to save money for future but mostly people are not able to make appropriate investment decisions because people are not much aware about the various financial product available in market. As each financial product is unique in terms of risk and return. The objective of the research is to study the various factors that affects the choice of investment of a common man. Various research has been conducted in this area but there is scarcity of literature that shows whether people are able to make appropriate decision in regard to achievement of their investment goals and whether the performance of their selected avenues are able to meet their expectations. So this study is conducted to analyze the available literature on investment patterns to get an insights of the investment pattern of different class of people. Divya Verma | Dr. Deepak Sahni "A Study of Investment Pattern of a Common Man: A Literature Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38178.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/38178/a-study-of-investment-pattern-of-a-common-man-a-literature-review/divya-verma
Performance Evaluation of Selected Open – Ended Mutual Funds in Indiainventionjournals
A mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. The mutual fund industry in India was started in the year 1963 with the formation of Unit Trust of India. This industry was privatized in the year 1993. In this study an attempt is made to analyse the performance evaluation of ten open ended mutual fund schemes for a period from April 01, 2010 to March 31, 2015.The analysis was done by using various financial tests like Average Return, Beta, Coefficient of Determination (R2 ), Sharpe Ratio, Treynor Ratio, Fama’s net selectivity and Treynor Mauzy Model, Thedata for the study was sourced from various websites of mutual fund schemes and from amfiindia.com. the investors who have invested in the selected mutual funds have earned the market return as the lower level and the investors who have invested in the Kotak 50 Growth fund have earned the higher return than the market return.
The Effect of Accounting Information on Abnormal Return of Stock: Assessment ...QUESTJOURNAL
ABSTRACT : The study aims to investigate the impacts of accounting information on the stock prices of syariah and conventional stocks using Capital Asset Pricing Model, and examine the capital market reaction as a result of dividend announcement. The accounting information variable used is Avarage Abnormal Return (AAR) as a dependent variable, while Earning per Share (EPS), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE) are independent variables. The population of the study are all stocks of companies registered in the Indoneisian Stock Exchange in 2014 and 2015 and had undertaken dividend announcement. The study sample is the return measured by 111 days of abnormal return consisting of 11 days of observation period of Window and 100 days of observation period of estimation. The number of samples fulfilling the sampling criteria are 106 different companies which announcement cash dividend comprising 70 syariah companies and 36 conventional companies. The objects have represented all industrial sector listed in the Indonesian Stock Exchange. The study indicates 8 types of stock portfolios, in all stock portfolios it is observable that the value of AAR variable increases after the dividend announcement.
A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
THE EMPIRICAL STUDY ON INVESTORS RISK PERCEPTION AND BEHAVIOUR OF EQUITY INVE...IAEME Publication
The purpose of this paper is to examine the relationship among the individual behavioural of Equity Investors and his Risk Perception. It explores individual investor’s preferences for Investment choices and provisionally investigates the impacts of risk tolerances and risk perceptions on their investment decisions. A sample of 200 investors using a structured questionnaire from investment avenues in Tiruchirappalli district. The result of analysis have shown that investor’s decisions to make their investment choices are significantly and negatively related to personal income level.
A Study of Investment Pattern of a Common Man A Literature Reviewijtsrd
In India where and how the people make investment of their earned money is a very important decision because all investment avenues professed risky by investors. Investment refers to any mechanism used for the purpose of generating future income. The main features of investment are safety of principal amount, regular return, and liquidity. there are various avenues of investment available such as shares, bonds, debentures, gold, mutual funds, FDs etc. Indian people usually having a habit to save money for future but mostly people are not able to make appropriate investment decisions because people are not much aware about the various financial product available in market. As each financial product is unique in terms of risk and return. The objective of the research is to study the various factors that affects the choice of investment of a common man. Various research has been conducted in this area but there is scarcity of literature that shows whether people are able to make appropriate decision in regard to achievement of their investment goals and whether the performance of their selected avenues are able to meet their expectations. So this study is conducted to analyze the available literature on investment patterns to get an insights of the investment pattern of different class of people. Divya Verma | Dr. Deepak Sahni "A Study of Investment Pattern of a Common Man: A Literature Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38178.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/38178/a-study-of-investment-pattern-of-a-common-man-a-literature-review/divya-verma
Performance Evaluation of Selected Open – Ended Mutual Funds in Indiainventionjournals
A mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. The mutual fund industry in India was started in the year 1963 with the formation of Unit Trust of India. This industry was privatized in the year 1993. In this study an attempt is made to analyse the performance evaluation of ten open ended mutual fund schemes for a period from April 01, 2010 to March 31, 2015.The analysis was done by using various financial tests like Average Return, Beta, Coefficient of Determination (R2 ), Sharpe Ratio, Treynor Ratio, Fama’s net selectivity and Treynor Mauzy Model, Thedata for the study was sourced from various websites of mutual fund schemes and from amfiindia.com. the investors who have invested in the selected mutual funds have earned the market return as the lower level and the investors who have invested in the Kotak 50 Growth fund have earned the higher return than the market return.
The Effect of Accounting Information on Abnormal Return of Stock: Assessment ...QUESTJOURNAL
ABSTRACT : The study aims to investigate the impacts of accounting information on the stock prices of syariah and conventional stocks using Capital Asset Pricing Model, and examine the capital market reaction as a result of dividend announcement. The accounting information variable used is Avarage Abnormal Return (AAR) as a dependent variable, while Earning per Share (EPS), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE) are independent variables. The population of the study are all stocks of companies registered in the Indoneisian Stock Exchange in 2014 and 2015 and had undertaken dividend announcement. The study sample is the return measured by 111 days of abnormal return consisting of 11 days of observation period of Window and 100 days of observation period of estimation. The number of samples fulfilling the sampling criteria are 106 different companies which announcement cash dividend comprising 70 syariah companies and 36 conventional companies. The objects have represented all industrial sector listed in the Indonesian Stock Exchange. The study indicates 8 types of stock portfolios, in all stock portfolios it is observable that the value of AAR variable increases after the dividend announcement.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
An Empirical Study on Underwriting Risk of Insurance Companies in Bangladeshijtsrd
The objective of this study is to give a clear overview of the insurance companies operated in the Bangladesh. This study aims to find the determinants of the underwriting risk of the insurance companies in Bangladesh. Further it extends the study to determine the decision and risk taking ability of the insurance companies in the Bangladeshi context. The sample used in this study has taken from the Bangladeshi insurance company incorporated under the Bangladeshi insurance act for the time frame between 2013 and 2017. Using SPSS statistical software the multiple linear regression analysis has been done. Empirical result shows that underwriting risk is related to the different factors such as firm size, capital level, GDP, liquid asset and return on asset. The limitation of this study was the lack of availability of the data and sample is limited to Bangladeshi insurance company. Mohammad Imtiaz Alam "An Empirical Study on Underwriting Risk of Insurance Companies in Bangladesh" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd26379.pdfPaper URL: https://www.ijtsrd.com/management/risk-management/26379/an-empirical-study-on-underwriting-risk-of-insurance-companies-in-bangladesh/mohammad-imtiaz-alam
Mergers and Acquisitions in Indian Banking Sector A Case of Bharat Overseas B...ijtsrd
Mergers and Acquisitions MandAs continue to be a significant force in the restructuring of the financial services industry. The Indian Commercial Banking Sector, which has played a pivotal role in the country’s economic development, is currently passing through an exciting and challenging phase. The present research papers studies the impact of MandA on the financial performance of Bharat Overseas Bank and Indian Overseas Bank. The study uses key financial ratios to find the impact of MandA on financial performance of selected banks. Dr. Soniya Gambhir "Mergers and Acquisitions in Indian Banking Sector (A Case of Bharat Overseas Bank and Indian Overseas Bank)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38415.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38415/mergers-and-acquisitions-in-indian-banking-sector-a-case-of-bharat-overseas-bank-and-indian-overseas-bank/dr-soniya-gambhir
The Influence Of Manager Abilities On Sharia Mutual Fund Performance(Study I...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Общественно-деловое издание Курс.ру (kurs.ru) создано в 2011 году с амбициозной целью прожить долгую, полную событий жизнь, наполненную всевозможными новостями этого мира. Основная цель нашего динамично развивающегося интернет-издания – отражение реального положения в политике, экономике России и мира, а также настроений в обществе. Для достижения этой цели мы стараемся аккумулировать весь спектр мнений и новостей, касающихся различных событий в различных сферах жизни и, тем самым, доносить до читателя объективную картину происходящего.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
An Empirical Study on Underwriting Risk of Insurance Companies in Bangladeshijtsrd
The objective of this study is to give a clear overview of the insurance companies operated in the Bangladesh. This study aims to find the determinants of the underwriting risk of the insurance companies in Bangladesh. Further it extends the study to determine the decision and risk taking ability of the insurance companies in the Bangladeshi context. The sample used in this study has taken from the Bangladeshi insurance company incorporated under the Bangladeshi insurance act for the time frame between 2013 and 2017. Using SPSS statistical software the multiple linear regression analysis has been done. Empirical result shows that underwriting risk is related to the different factors such as firm size, capital level, GDP, liquid asset and return on asset. The limitation of this study was the lack of availability of the data and sample is limited to Bangladeshi insurance company. Mohammad Imtiaz Alam "An Empirical Study on Underwriting Risk of Insurance Companies in Bangladesh" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5 , August 2019, URL: https://www.ijtsrd.com/papers/ijtsrd26379.pdfPaper URL: https://www.ijtsrd.com/management/risk-management/26379/an-empirical-study-on-underwriting-risk-of-insurance-companies-in-bangladesh/mohammad-imtiaz-alam
Mergers and Acquisitions in Indian Banking Sector A Case of Bharat Overseas B...ijtsrd
Mergers and Acquisitions MandAs continue to be a significant force in the restructuring of the financial services industry. The Indian Commercial Banking Sector, which has played a pivotal role in the country’s economic development, is currently passing through an exciting and challenging phase. The present research papers studies the impact of MandA on the financial performance of Bharat Overseas Bank and Indian Overseas Bank. The study uses key financial ratios to find the impact of MandA on financial performance of selected banks. Dr. Soniya Gambhir "Mergers and Acquisitions in Indian Banking Sector (A Case of Bharat Overseas Bank and Indian Overseas Bank)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38415.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38415/mergers-and-acquisitions-in-indian-banking-sector-a-case-of-bharat-overseas-bank-and-indian-overseas-bank/dr-soniya-gambhir
The Influence Of Manager Abilities On Sharia Mutual Fund Performance(Study I...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Общественно-деловое издание Курс.ру (kurs.ru) создано в 2011 году с амбициозной целью прожить долгую, полную событий жизнь, наполненную всевозможными новостями этого мира. Основная цель нашего динамично развивающегося интернет-издания – отражение реального положения в политике, экономике России и мира, а также настроений в обществе. Для достижения этой цели мы стараемся аккумулировать весь спектр мнений и новостей, касающихся различных событий в различных сферах жизни и, тем самым, доносить до читателя объективную картину происходящего.
FINANCIAL LITERACY ON INVESTMENT PERFORMANCE: THE MEDIATING EFFECT OF BIG-FIV...IAEME Publication
Purpose: In behavioural finance is enclosed by the implementation of human psychology. It displays the behaviour as cognitive and affective. Investors are motivated to participate in innovative financial products and financial instruments in the markets. Decisions of investors have emerged with their awareness of market dynamics and the psyche. Prediction about investors’ behaviour may difficult task. Methodology: The researcher used stratified random sampling technique to collect data in metropolitan cities (Chennai, Coimbatore, Madurai, Salem, and Tiruchirappalli) in Tamil Nadu State. The three variables are financial literacy is considered as independent variable, Big Five Personality traits is treated as mediating variable and investment performance is displayed as dependent variable Findings: There is a positive and significant relationship between financial literacy and investment attitude on investments. Investors must focus on their performance towards investment decisions. Conclusion: The result shows that the knowledge and attitude of the investors are highly influence investment decisions. Most of the investors make their decision making based on their past performances in financial activities
A Study of Behavioural Factors Affecting Individual Investment Decisionsijtsrd
Although finance has been studied for thousands of years, behavioral finance which considers the human behaviour in finance is a pretty new area. Behavioral finance theories, which might be based totally at the psychology, try to apprehend how feelings and cognitive mistakes impact man or woman traders' behaviour buyers referred to on this look at are referred to person traders .The primary goal of this have a look at is exploring the behavioral factors influencing person buyers' selections on the NSE and BSE Stock Exchange. Furthermore, the members of the family among these elements and funding overall performance also are tested. The have a look at begins with the present theories in behavioral finance, based totally on which, hypotheses are proposed. Then, those hypotheses are examined via the questionnaires dispensed to individual buyers on the Broking Firms, college students and professionals. The data collected from the Stock Broking firms, Students, Professionals through structured questionnaire were examined and data collected were analyzed using Cronbachs Alpha Reliability Test, based totally on which, hypotheses are proposed. The result indicates that there are 5 behavioral elements affecting the funding selections of person investors at the NSE and BSE Stock Exchange Herding, Market, Prospect, Overconfidence gamble's fallacy, and Anchoring ability bias. Most of these elements have mild impacts whereas Market element has high affect. This test also tries to discover the correlation among these behavioral factors and investment overall performance. Among the behavioral factors referred to above, best 3 elements are located to influence the Investment Performance Herding inclusive of shopping for and promoting choice of trading shares extent of buying and selling stocks velocity of herding , Prospect such as loss aversion, remorse aversion, and mental accounting , and Heuristic inclusive of overconfidence and gamble's fallacy . The heuristic behaviors are determined to have the highest advantageous impact at the investment overall performance while the herding behaviors are stated to persuade undoubtedly the investment overall performance on the lower degree. In assessment, the possibility behaviors provide the negative impact on the funding overall performance. Pawankumar S Hallale | Manjiri Gadekar "A Study of Behavioural Factors Affecting Individual Investment Decisions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28100.pdf Paper URL: https://www.ijtsrd.com/management/business-economics/28100/a-study-of-behavioural-factors-affecting-individual-investment-decisions/pawankumar-s-hallale
Fiduciary or paper money is issued by the Central Bank on the basis of
computation of estimated demand for cash. Monetary policy guides the Central
Bank’s supply of money in order to achieve the objectives of price stability (or low
inflation rate), full employment, and growth in aggregate income.
AN ANALYSIS OF AWARENESS ON FINANCIAL INVESTMENT AVENUES AMONG AIRLINE EMPLOYEESIAEME Publication
In this paper, the main objective to know in which investment avenue the majority of airline employees were prefer to investing their funds such as equity, derivatives, Gold bonds, mutual funds, crypto currency, and government securities, and to find out the expectations from investment, amount of investment, the risk-bearing capacity, level of awareness among the employees with help of demographic factors. The study was conducted among airline employees from various airlines in chennai city of Tamilnadu with a sample size of 300 respondents. Descriptive research design was adopted for the study and the primary data was collected through schedule method with the help of a structured questionnaire and the sampling technique adopted was snow ball sampling technique. Data was analyzed and interpreted with the help of statistical tools like Chisquare test and percentage analysis by using SPSS software. So an attempt is made to study the different investment avenues available and the awareness level of various investment avenues among airline employees and their willingness towards investing in financial assets. The study concludes that preference of airline employees towards various investment avenues with the expectation of safety, liquidity and to secure their income generation.
A Study on Performance of Selected Mutual Funds in HDFC Bank at Anantapurijtsrd
Mutual fund is one of the important investment vehicles that offer good investment prospects to the investors. Mutual fund is a trust that pools the savings of various individuals by issuing units to them and then invests it in various securities such as shares, debentures and bonds as per stated objectives of the scheme. Today a wide variety of mutual fund schemes are available for the investors such as Open ended, Close ended, Interval, Growth, Income, Balanced, Equity Linked Saving Schemes ELSS and Exchange Traded Funds ETF , etc. These schemes are catering to the investors needs, risk and return tolerance The main aim of this paper is to know the performance of selected HDFC fund and comparative performance of HDFC Select fund schemes the return fund that mutual fund with an objective. The results found that HDFC Large cap fund is best performer in risk premium returns with high average returns with low risk. Other funds like liquid fund scheme money market scheme giving same performance. However, index fund scheme is better in terms of returns but not risk premium benefits however. Money market fund scheme is best risk premium giver but returns are low. M. Nandini | Dr. P. Viswanath "A Study on Performance of Selected Mutual Funds in HDFC Bank at Anantapur" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51954.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51954/a-study-on-performance-of-selected-mutual-funds-in-hdfc-bank-at-anantapur/m-nandini
RISK RETURN ANALYSIS OF EQUITY FUNDS - A STUDY OF SELECTED EQUITY FUNDS OF HD...indexPub
The examination of the risk, return, and volatility of the HDFC equities mutual funds assists investors who
are looking to invest specifically in the schemes of HDFC equity funds to choose the proper schemes that
meet their risk appetite. Mutual funds are one of the greatest investment vehicles for investors. In order to evaluate if HDFC equities mutual funds outperform the market in the short, medium, and long terms, as well as to provide investors and the company with pertinent advice, the study compared the risk and return of several HDFC equity funds available in the market. The study aimed to determine significant difference of annual returns of growth and dividend of HDFC equity funds. The study was carried out with the sample of ten equity mutual funds schemes of HDFC for the period of ten years that is from 2012 to 2021 and focused on net asset value and share prices. The outcome of the study revealed that there is a significant difference in the annual returns of the HDFC growth and dividend equity funds
EVALUATING PERCEPTION OF INVESTORS TOWARDS MUTUAL FUNDS & PERFORMANCE OF THE ...Nishant Kumar
This study has investigated into the perception of the investors in Indian markets towards Mutual Funds and has evaluated the returns of the top Mutual Fund performers in India over period of last 3 years – January 1, 2016 to December 31, 2018. It has helped us to conclude on how different schemes attract investors of different age groups and how the impact of different characteristics are known by investors.
This study looks specifically into open-ended equity schemes. Returns have been calculated using daily closing values of NAV of the selected schemes. BSE-Sensex has been chosen as the market portfolio as a comparison basis here. Based on Sharpe, Treynor, and Jensen’s measure the historical performance of the selected schemes are evaluated, whose results will be useful for investors for taking better investment decisions.
Factors Influencing Investment Decisions of Retail Investors- A Descriptive S...inventionjournals
Investment decisions have gained importance due to the general increase in employment opportunities and economic development of a nation. Awareness of investment avenues has led to the ability and willingness of working people to save and invest their funds for returns, in that perspective this study was conducted. The volatile behaviour of markets has challenged the hypothesis of efficient markets which motivates ones to understand the driving forces behind it. It is the major concern for academicians, investors and portfolio managers to understand the reasons causing irrationality in the markets. This paper uses the theory of behavioural finance to examine the factors influencing investment decisions of individual investors. From the extensive literature review, it was found that there is no single factor which influences the investment decisions of an individual. Moreover factors influencing investment decision varies from time to time, place to place, person to person, securities to securities etc. It was suggested that the policy makers of investment avenues must consider all the variables and its impact on the investors investment decisions while introducing any investment avenues to the market.
Similar to An analytical study on investors’ awareness and perception towards the hedge funds in gujarat (20)
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
A STUDY ON THE REASONS FOR TRANSGENDER TO BECOME ENTREPRENEURSIAEME Publication
The study explores the reasons for a transgender to become entrepreneurs. In this study transgender entrepreneur was taken as independent variable and reasons to become as dependent variable. Data were collected through a structured questionnaire containing a five point Likert Scale. The study examined the data of 30 transgender entrepreneurs in Salem Municipal Corporation of Tamil Nadu State, India. Simple Random sampling technique was used. Garrett Ranking Technique (Percentile Position, Mean Scores) was used as the analysis for the present study to identify the top 13 stimulus factors for establishment of trans entrepreneurial venture. Economic advancement of a nation is governed upon the upshot of a resolute entrepreneurial doings. The conception of entrepreneurship has stretched and materialized to the socially deflated uncharted sections of transgender community. Presently transgenders have smashed their stereotypes and are making recent headlines of achievements in various fields of our Indian society. The trans-community is gradually being observed in a new light and has been trying to achieve prospective growth in entrepreneurship. The findings of the research revealed that the optimistic changes are taking place to change affirmative societal outlook of the transgender for entrepreneurial ventureship. It also laid emphasis on other transgenders to renovate their traditional living. The paper also highlights that legislators, supervisory body should endorse an impartial canons and reforms in Tamil Nadu Transgender Welfare Board Association.
BROAD UNEXPOSED SKILLS OF TRANSGENDER ENTREPRENEURSIAEME Publication
Since ages gender difference is always a debatable theme whether caused by nature, evolution or environment. The birth of a transgender is dreadful not only for the child but also for their parents. The pain of living in the wrong physique and treated as second class victimized citizen is outrageous and fully harboured with vicious baseless negative scruples. For so long, social exclusion had perpetuated inequality and deprivation experiencing ingrained malign stigma and besieged victims of crime or violence across their life spans. They are pushed into the murky way of life with a source of eternal disgust, bereft sexual potency and perennial fear. Although they are highly visible but very little is known about them. The common public needs to comprehend the ravaged arrogance on these insensitive souls and assist in integrating them into the mainstream by offering equal opportunity, treat with humanity and respect their dignity. Entrepreneurship in the current age is endorsing the gender fairness movement. Unstable careers and economic inadequacy had inclined one of the gender variant people called Transgender to become entrepreneurs. These tiny budding entrepreneurs resulted in economic transition by means of employment, free from the clutches of stereotype jobs, raised standard of living and handful of financial empowerment. Besides all these inhibitions, they were able to witness a platform for skill set development that ignited them to enter into entrepreneurial domain. This paper epitomizes skill sets involved in trans-entrepreneurs of Thoothukudi Municipal Corporation of Tamil Nadu State and is a groundbreaking determination to sightsee various skills incorporated and the impact on entrepreneurship.
DETERMINANTS AFFECTING THE USER'S INTENTION TO USE MOBILE BANKING APPLICATIONSIAEME Publication
The banking and financial services industries are experiencing increased technology penetration. Among them, the banking industry has made technological advancements to better serve the general populace. The economy focused on transforming the banking sector's system into a cashless, paperless, and faceless one. The researcher wants to evaluate the user's intention for utilising a mobile banking application. The study also examines the variables affecting the user's behaviour intention when selecting specific applications for financial transactions. The researcher employed a well-structured questionnaire and a descriptive study methodology to gather the respondents' primary data utilising the snowball sampling technique. The study includes variables like performance expectations, effort expectations, social impact, enabling circumstances, and perceived risk. Each of the aforementioned variables has a major impact on how users utilise mobile banking applications. The outcome will assist the service provider in comprehending the user's history with mobile banking applications.
ANALYSE THE USER PREDILECTION ON GPAY AND PHONEPE FOR DIGITAL TRANSACTIONSIAEME Publication
Technology upgradation in banking sector took the economy to view that payment mode towards online transactions using mobile applications. This system enabled connectivity between banks, Merchant and user in a convenient mode. there are various applications used for online transactions such as Google pay, Paytm, freecharge, mobikiwi, oxygen, phonepe and so on and it also includes mobile banking applications. The study aimed at evaluating the predilection of the user in adopting digital transaction. The study is descriptive in nature. The researcher used random sample techniques to collect the data. The findings reveal that mobile applications differ with the quality of service rendered by Gpay and Phonepe. The researcher suggest the Phonepe application should focus on implementing the application should be user friendly interface and Gpay on motivating the users to feel the importance of request for money and modes of payments in the application.
VOICE BASED ATM FOR VISUALLY IMPAIRED USING ARDUINOIAEME Publication
The prototype of a voice-based ATM for visually impaired using Arduino is to help people who are blind. This uses RFID cards which contain users fingerprint encrypted on it and interacts with the users through voice commands. ATM operates when sensor detects the presence of one person in the cabin. After scanning the RFID card, it will ask to select the mode like –normal or blind. User can select the respective mode through voice input, if blind mode is selected the balance check or cash withdraw can be done through voice input. Normal mode procedure is same as the existing ATM.
IMPACT OF EMOTIONAL INTELLIGENCE ON HUMAN RESOURCE MANAGEMENT PRACTICES AMONG...IAEME Publication
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends for conflict management as an integral part of effective human resource management.
VISUALISING AGING PARENTS & THEIR CLOSE CARERS LIFE JOURNEY IN AGING ECONOMYIAEME Publication
Our life journey, in general, is closely defined by the way we understand the meaning of why we coexist and deal with its challenges. As we develop the "inspiration economy", we could say that nearly all of the challenges we have faced are opportunities that help us to discover the rest of our journey. In this note paper, we explore how being faced with the opportunity of being a close carer for an aging parent with dementia brought intangible discoveries that changed our insight of the meaning of the rest of our life journey.
A STUDY ON THE IMPACT OF ORGANIZATIONAL CULTURE ON THE EFFECTIVENESS OF PERFO...IAEME Publication
The main objective of this study is to analyze the impact of aspects of Organizational Culture on the Effectiveness of the Performance Management System (PMS) in the Health Care Organization at Thanjavur. Organizational Culture and PMS play a crucial role in present-day organizations in achieving their objectives. PMS needs employees’ cooperation to achieve its intended objectives. Employees' cooperation depends upon the organization’s culture. The present study uses exploratory research to examine the relationship between the Organization's culture and the Effectiveness of the Performance Management System. The study uses a Structured Questionnaire to collect the primary data. For this study, Thirty-six non-clinical employees were selected from twelve randomly selected Health Care organizations at Thanjavur. Thirty-two fully completed questionnaires were received.
Living in 21st century in itself reminds all of us the necessity of police and its administration. As more and more we are entering into the modern society and culture, the more we require the services of the so called ‘Khaki Worthy’ men i.e., the police personnel. Whether we talk of Indian police or the other nation’s police, they all have the same recognition as they have in India. But as already mentioned, their services and requirements are different after the like 26th November, 2008 incidents, where they without saving their own lives has sacrificed themselves without any hitch and without caring about their respective family members and wards. In other words, they are like our heroes and mentors who can guide us from the darkness of fear, militancy, corruption and other dark sides of life and so on. Now the question arises, if Gandhi would have been alive today, what would have been his reaction/opinion to the police and its functioning? Would he have some thing different in his mind now what he had been in his mind before the partition or would he be going to start some Satyagraha in the form of some improvement in the functioning of the police administration? Really these questions or rather night mares can come to any one’s mind, when there is too much confusion is prevailing in our minds, when there is too much corruption in the society and when the polices working is also in the questioning because of one or the other case throughout the India. It is matter of great concern that we have to thing over our administration and our practical approach because the police personals are also like us, they are part and parcel of our society and among one of us, so why we all are pin pointing towards them.
A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED...IAEME Publication
The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
ATTRITION IN THE IT INDUSTRY DURING COVID-19 PANDEMIC: LINKING EMOTIONAL INTE...IAEME Publication
Globally, Millions of dollars were spent by the organizations for employing skilled Information Technology (IT) professionals. It is costly to replace unskilled employees with IT professionals possessing technical skills and competencies that aid in interconnecting the business processes. The organization’s employment tactics were forced to alter by globalization along with technological innovations as they consistently diminish to remain lean, outsource to concentrate on core competencies along with restructuring/reallocate personnel to gather efficiency. As other jobs, organizations or professions have become reasonably more appropriate in a shifting employment landscape, the above alterations trigger both involuntary as well as voluntary turnover. The employee view on jobs is also afflicted by the COVID-19 pandemic along with the employee-driven labour market. So, having effective strategies is necessary to tackle the withdrawal rate of employees. By associating Emotional Intelligence (EI) along with Talent Management (TM) in the IT industry, the rise in attrition rate was analyzed in this study. Only 303 respondents were collected out of 350 participants to whom questionnaires were distributed. From the employees of IT organizations located in Bangalore (India), the data were congregated. A simple random sampling methodology was employed to congregate data as of the respondents. Generating the hypothesis along with testing is eventuated. The effect of EI and TM along with regression analysis between TM and EI was analyzed. The outcomes indicated that employee and Organizational Performance (OP) were elevated by effective EI along with TM.
INFLUENCE OF TALENT MANAGEMENT PRACTICES ON ORGANIZATIONAL PERFORMANCE A STUD...IAEME Publication
By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
A STUDY OF VARIOUS TYPES OF LOANS OF SELECTED PUBLIC AND PRIVATE SECTOR BANKS...IAEME Publication
Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
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appetite for risks, most willing to take risks in anticipation of explosive reward. This
study investigates the investors’ awareness level about hedge funds as an investment
avenue and their perception towards the factors challenging the growth of hedge funds
as an investment opportunity.
LITERATURE REVIEW
The study on hedge fund has been undertaken for example by Gavin Cassar and
Joseph Gerakos (2011), Richard W. Sias and David A. Whidbee (2010), Tom Nohel,
Z. Jay Wang and Lu Zheng (2010), David J. Brophy, Paige P. Ouimet and Clemens
Sialm (2009), John M. Griffin and Jin Xu (2009), Benjamin J. Haskin, Joseph G.
Davis and Jocelyn C. Flynn (2009), Vikas Agarwal and Narayan Y. Naik(2004),
Duen-Li Kao (2002) and Simon Firth and Alix Prentice (2002).
Gavin Cassar and Joseph Gerakos (2011) investigated the extent to which hedge
fund managers smooth self-reported returns. In contrast to prior research on the
“anomalous” properties of hedge fund returns, authors observe the mechanisms used
to price the fund’s investment positions and report the fund’s performance to
investors, thereby allowing us to differentiate between asset illiquidity and
misreporting-based explanations. The researchers found that funds using less
verifiable pricing sources and funds that provide managers with greater discretion in
pricing investment positions are more likely to have returns consistent with
intentional smoothing. Traditional controls, however, such as removing the manager
from the setting and reporting of the fund’s net asset value and the use of reputable
auditors and administrators, are not associated with lower levels of smoothing. At the
end the researcher reported that with respect to asset illiquidity versus misreporting,
investment style and portfolio characteristics explain 14.0–24.3% of the variation in
our smoothing measures, and pricing controls explain an additional 4.1–8.8%,
suggesting that asset illiquidity is the major factor driving the anomalous properties of
self-reported hedge fund returns. Richard W. Sias and David A. Whidbee (2010)
attempted to examines the relation between insider (officers and directors)
transactions and trading between institutional and individual investors to better
understand what motivates insiders to trade, the role of institutional investors in
providing liquidity to insiders, and how insiders’ perception of mispricing is related to
net demand by individual investors versus institutional investors. Researchers found
that is a strong inverse relation between insider trading and institutional demand the
same quarter and over the previous year and suggested a combination of factors
contribute to this relation. First, institutional investors are more likely to provide the
liquidity necessary for insiders to trade. Second, insiders are more likely to buy low
valuation and low lag return stocks while institutions are attracted to the opposite
security characteristics. At the end the researchers concluded that insider trading is
inversely related to demand by institutional investors (and positively related to
demand by individual investors) in the same quarter and over the previous year.
Institutional investors providing liquidity to insiders and institutions’ and insiders’
attraction to opposite security characteristics account for most of these relations. Tom
Nohel, Z. Jay Wang and Lu Zheng(2010) attempted to examine situations where the
same fund manager simultaneously manages mutual funds and hedge funds.
Researchers refer to this as side-by-side management. They have documented 344
such cases involving 693 mutual funds and 538 hedge funds. Proponents of this
practice argue that it is essential to hire and retain star performers. Detractors argue
that the temptation for abuse is high, and the practice should be banned. Analysis
based on various performance metrics showed that side-by-side mutual fund managers
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significantly outperform peer funds, consistent with this privilege being granted
primarily to star performers. Interestingly, side-by-side hedge fund managers are at
best on par with their style category peers, casting further doubt on the idea that
conflicts of interest undermine mutual fund investors. David J. Brophy, Paige P.
Ouimet and Clemens Sialm (2009) discussed Security structures, Characteristics of
PIPE(private investments in public equity) securities, Characteristics of PIPE
companies, Stock price performance, Short-term stock price performance, Long-term
stock price performance, Determinants of stock price performance, Additional
measures of long-term performance, Short interest of PIPE companies and
Performance of hedge funds that invest in PIPEs In his research paper titled research
paper titled ““Hedge Funds as Investors of Last Resort?”. This paper discusses the
role of hedge funds in private placements. At the end the researcher found that
investments by hedge funds are associated with significantly negative long run
performance of the underlying equity, even after controlling for the security type.
John M. Griffin and Jin Xu(2009) sheds some light on hedge funds in the equity
market by examining their trading intensity, their relative weights compared to the
market and mutual funds, and the types of securities they hold. Researchers have also
examined the ability of hedge fund and mutual fund aggregate holdings, changes in
holdings, and large position bets to predict the cross section of future stock returns.
Hedge fund stock picking, sector selection, and average style are compared relative to
mutual funds. Finally, they have examined differences in ability within the hedge fund
industry. Decomposing returns into three components, authors found that hedge funds
are better than mutual funds at stock picking by only 1.32% per year on a value-
weighted basis, and this result is insignificant on an equal-weighted basis or with
price-to-sales benchmarks. Hedge funds exhibit no ability to time sectors or pick
better stock styles. Surprisingly, we find only weak evidence of differential ability
between hedge funds. Overall, our study raises serious questions about the perceived
superior skill of hedge fund managers. Benjamin J. Haskin, Joseph G. Davis and
Jocelyn C. Flynn (2009) seek to examine regulatory and compliance issues for hedge
funds valuing complex assets. Within the context of hedge fund valuation, the paper
provides a general overview of: the regulatory background of hedge funds and the
central role valuation plays in the operation and regulation of such funds; relevant
cases brought by the SEC; and a discussion of valuation best practices. Hedge funds
are not ‘‘unregulated.’’ There is a body of law and accounting standards that applies
to hedge fund valuation. Nevertheless, hedge fund valuation standards are evolving in
this era of heightened regulatory scrutiny. The common concepts that have emerged
from valuation best practices will likely provide the underpinning for any regulatory
initiatives regarding hedge fund valuation. Vikas Agarwal and Narayan Y. Naik
(2004) attempted to characterize the systematic risk exposure of hedge funds using
buy-and hold and option based strategies. Results showed that a large number of
equity- oriented hedge fund strategies exhibits payoffs resembling a short position in a
put option on the market index and therefore bear a left tailed risk. At the end
researchers concluded that with the systematic risk exposure of hedge funds, recent
performance appears significantly better than long run performance. Duen-Li Kao
(2002) empirically examined whether the alphas of hedge funds and those of long-
only portfolios present different distributions and are derived from different risk
factors. The researchers discussed adjusted for return volatility differences, hedge
funds seem to offer more consistent alphas for potential transfer to either equity or
bond asset classes than do long-only portfolios- even under extreme market
conditions. Potential explanations for the findings include lack of data reliability and
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differences between hedge funds and actively managed long-only funds in
compensation, investment constraints, and structures. Factors related to market index
returns do not adequately detect hedge funds' risk postures beyond a fund's exposure
to the market-directional risk of standard asset classes. Risk factors derived from asset
prices in financial markets do provide timely and systematic descriptions of the risks
underlying trading strategies used by hedge funds. The multifactor style-risk analysis
can effectively monitor a hedge fund's exposure to systematic versus idiosyncratic
risks and volatility-risk factors over time. Hung-Gay Fung, Xiaoqing Eleanor Xu,
Jot Yau(2002) examined the performance of 115 global equity-based hedge funds
with reference to their target geographical markets in the seven-year period 1994-
2000. Several results are noteworthy. First, global hedge fund managers do not show
positive market-timing ability but do demonstrate superior security-selection ability;
the Jensen's alphas we found, before and after controlling for market timing, are
sizable and positive. Second, incentive fees and leverage both have a significant
positive impact on a hedge fund's risk-adjusted return (as demonstrated by Sharpe
ratios and Jensen's alphas) but not on a fund’s "selectivity index" (i.e., its performance
after controlling for market-timing effects). Third, incentive fees can lower the hedge
fund’s up-market and down-market systematic risk. Fourth, the size of a hedge fund is
consistently related to its return performance. Finally, contrary to the general
perception, leverage does not significantly affect the systematic risk of hedge funds.
Simon Firth and Alix Prentice (2002) discussed important issues related to hedge
funds in his paper titled “Legal and regulatory protections for hedge fund
investors”. A common perception is that, as investors in hedge funds are afforded a
lesser level of legal and regulatory protections than investors in regulated products,
there is a deficiency in the degree of transparency and disclosure afforded to them.
This paper examines from a largely UK perspective whether that is, in practice, the
case.
Research objective:
To analyze the awareness level about Hedge Funds as an investment avenue
among the investor community of Gujarat
To study the investor’s perception towards the benefits of investing into hedge
funds
To study the investor’s perception towards the factors that challenges the growth
of Hedge Funds
Hypothesis of the study
There is no association between the Age of the investors and the Awareness for the
Hedge Funds.
There is no association between the Education of the investors and the Awareness
of the Hedge Funds.
Investors’ give equal ratings to the advantages associated with hedge funds.
Investors give equal ratings to the factors that challenge the growth of Hedge
Funds in India.
Methodology
This is an analytical study based on the primary data collected through scientifically
developed questionnaire. The questionnaire has been personally administered on
sample size of 246, chosen on a convenient basis from the cities of Gujarat state. A
literature review was undertaken to identify what parameters to consider in research.
It outlines the previous research with respect to customer satisfaction, awareness in
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the industry. Second, in-depth interviews were held with customers to establish the
evaluation criteria and the factors which result in customer satisfaction. Third, a
questionnaire was constructed and piloted. Questionnaire was prepared keeping in
mind the various outcomes possible. Care was taken to minimize the possibility of
wrong interpretation and biased views. The five-point likert scale was used to analyze
the different variables and their relationship. For the analysis of data statistical
methods are applied with the aid of SPSS (Statistical Package for Social Science)
software, version 16.0 and excel. Sample size was determined using following
formula.
Here Z = 1.96, p = 0.20, q = 0.80, d = 0.05,
n = 245.8624 ≈ 246
Sample
The population comprised investors as defined in similar studied in literature. A
convenience sampling procedure was used on a sample of 246 respondents. The
population of this study was investors of major cities of Gujarat.
Characterstics of the sample
Category Frequency
18-23 46
24-29 63
30-35 49
Age
35-40 41
40+ 47
Total 246
10,000-20,000 58
20,001-30,000 73
Monthly Income 30,001-40,000 41
40,000+ 74
Total 246
Student 33
Professional 109
Businessman 27
Occupation Housewife 17
Govt. employee 32
Others 28
Total 246
Undergraduate 8
Graduate 78
Education Level
Postgraduate 160
Total 246
Male 183
Gender Female 63
Total 246
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6. International Journal of Advanced Research in Management (IJARM), ISSN 0976 –
6324 (Print), ISSN 0976 – 6332 (Online), Volume 3, Issue 1, January- June (2012)
Findings and Analysis
1. Hedge funds are same as Mutual Funds was not believed by majority of the
investors.
2. Looking at the various Advantages of Hedge Funds, investors rated highly for the
advantage of Potential to adopt various Tactics & Strategies, wherein investors
responded between BELEVE and STRONGLY BELIEVE.
3. Looking at the various Challenges that hamper the Growth of Hedge Funds In
India, challenges namely SEBI Regulations, Lack of awareness about Hedge
Funds, Misperceptions about Hedge Funds, Lack of standard Hedge Fund Indices
in India and Lack of transparency and secretive nature of Hedge Funds were
highly rated by the investors.
4. Out of the respondents who were AWARE about the Hedge Funds, 62.3%
believed that Hedge Funds are NOT better option than Mutual Funds.
5. Out of the total 61 respondents, who were AWARE about Hedge Funds, 39
respondents, i.e. 63.9% respondents agreed to invest in Hedge Funds, if they were
an Accredited Investors.
6. 34.4% respondents would invest about 10 to 20% of their total value of the
portfolio in Hedge Funds, followed by 20 to 30% of their portfolio by other 16.4%
respondents.
7. 42.6% of the respondents would like to be stay invested in Hedge Funds for 1 to 3
years
8. 26.2% respondents expected 30 to 40% returns per annum from the investment
they have made in Hedge Funds.
9. From those who were not AWARE about Hedge Funds, majority of them were
eager to know about it and found the concept interesting.
Hypothesis testing:
1. Awareness towards hedge funds and Age
Cross tabulation:
Are you aware about hedge funds? * Age
Age Total
18-23 24-29 30-34 35-40 40+
8 26 12 4 11 61
Awar
17.4 41.3 24.5 9.8 23.4 24.8
e
% % % % % %
38 37 37 37 36 185
Awar
Not
82.6 58.7 75.5 90.2 76.6 75.2
e
% % % % % %
46 63 49 41 47 246
Total
100 100 100 100 100 100
% % % % % %
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7. International Journal of Advanced Research in Management (IJARM), ISSN 0976 –
6324 (Print), ISSN 0976 – 6332 (Online), Volume 3, Issue 1, January- June (2012)
Chi-Square Test
Asymp.
Value df
Sig. (2-sided)
Pearson Chi-
15.546 4 0.004
Square
Likelihood Ratio 15.737 4 0.003
Linear-by-Linear
1.372 1 0.241
Association
N of Valid Cases 246
a. = 0 cells (.0%) have expected count less than 5.
The minimum expected count is 10.17
It can be inferred from the above table that there is a Strong association between the
Age of the investors and the Awareness for the Hedge Funds. The Asymptotic
Significant value is 0.004, which is less than 0.05; this means that the H0 is rejected.
2. Awareness towards hedge funds*Education
Cross tabulation
Are you aware about hedge funds? * Education
Education Total
UG Grad PG
Ye 2 17 42 61
Aware
s 25.0% 21.8% 26.3% 24.8%
No 6 61 118 185
75.0% 78.2% 73.8% 75.2%
8 78 160 246
100% 100% 100% 100%
Chi-Square Test
Asymp.
Value df
Sig. (2-sided)
Pearson Chi-Square .558(a) 2 .756
Likelihood Ratio .567 2 .753
Linear-by-Linear
.384 1 .535
Association
N of Valid Cases 246
a = 1 cells (16.7%) have expected count less than 5.
The minimum expected count is 1.98.
It can be inferred from the above table that there is NO association between the
Education of the investors and the Awareness for the Hedge Funds. The Asymptotic
Significant value is 0.756, which is more than 0.05; this means that the H0 is not
rejected
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8. International Journal of Advanced Research in Management (IJARM), ISSN 0976 –
6324 (Print), ISSN 0976 – 6332 (Online), Volume 3, Issue 1, January- June (2012)
3. Investors’ give equal ratings to the advantages associated with hedge funds
Sig. 2-
Advantages 0.05
tailed
Potential for positive returns 0.027 < 0.05
Potential to adopt various
0.199 > 0.05
Tactics & Strategies
Minimum volatility risk 0.000 < 0.05
Enhance portfolio
0.000 < 0.05
efficiency and diversification
Alignment of manager
0.001 < 0.05
goals with investors’ goals
Investment in all
0.000 < 0.05
possible avenues
Provide liquidity
0.000 < 0.05
to the market
Most of all the investors give different weightage to the different advantages
associated with hedge funds.
4. Investors give equal ratings to the factors that challenge the growth of Hedge
Funds in Indi
Prospective Advancement Sig. 2
0.05
of HEDGE FUNDS tailed
SEBI providing a Registered & Regulated
0.139 > 0.05
platform to HEDGE FUNDS
HEDGE FUNDS Companies will Increase in
0.008 < 0.05
Size and Offerings
Greater Increase in the Number of HEDGE
0.009 < 0.05
FUNDS playing in the market
Reduced HEDGE FUNDS Fees and Cost,
0.000 < 0.05
against higher returns
More Powerful & Reliable Indices providing
0.210 > 0.05
the accurate data
Improved Transparency in terms of Capital
0.282 > 0.05
Structure, Strategies adopted
Enhanced investor’s Liquidity & Willingness
0.788 > 0.05
to invest In HEDGE FUND
Increase in the level of Awareness about
0.013 < 0.05
HEDGE FUNDS in public
From the above test it can be seen that the null hypothesis is rejected and alternate
hypothesis is not rejected for 4 factors while means that the majority of the
Investors’ responded that they are neutral about the following factors that are the
prospects of Hedge Funds in India namely hedge funds Companies will Increase in
Size and Offerings, Greater Increase in the Number of hedge funds playing in the
market, Reduced hedge funds Fees and Cost, against higher returns and Increase in
the level of Awareness about hedge funds in public. They believe and strongly
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9. International Journal of Advanced Research in Management (IJARM), ISSN 0976 –
6324 (Print), ISSN 0976 – 6332 (Online), Volume 3, Issue 1, January- June (2012)
believed about the following factors that are the prospects of Hedge Funds in India
namely, SEBI providing a Registered & Regulated platform to hedge funds, More
Powerful & Reliable Indices providing the accurate data, Improved Transparency in
terms of Capital Structure, Strategies adopted and Enhanced investor’s Liquidity &
Willingness to invest In hedge fund.
Limitations of research and Future research directions
The present study is based on a moderate sample size and areas covered are major
cities of Gujarat state therefore the results of this study cannot be generalized. The
total sample size was 246 useable questionnaires, after disaggregation into the
demographic categories, a few of subgroups were small in number. For example, the
sample is skewed to a particular gender with 75 Percent of the respondents being
male. Future researcher could make several extensions of the current study. As
mentioned above the research is just a small step in understanding the constructs of
Investor’s awareness and their perception. The causal relationships between the two
have not been investigated. Future research could examine a wider respondent base
across the States of India with more diversified sample in the research. Future
researchers could use quota sampling across the different income groups, gender and
age categories. Hedge fund is such as a wide area of research that no single study can
cover different dimensions related to it. Even primary surveys for studying the
perceptions of investors towards hedge funds time to time is not a regular feature in
India, Hence there is much potential of research on a bigger scale covering wider
area.
CONCLUSIONS
The awareness level regarding hedge funds is very less in area covered for study. The
investors are not aware of the advantage that they can get by investing in hedge funds
nor are they aware of the basic functioning of hedge funds. Investors in Gujarat prefer
to invest in government securities and fixed deposits of nationalize banks were they
can have complete safety of their funds though they get less returns. The investors
willing to take risk invest in equity markets, land, gold etc. Access to financial
consultant for the management of the funds is costly so very few investors prefer to
have their own financial consultant for the management of their funds. Investors
generally see the past performance of the funds for investing their money in it which
is not the right way to analyze the funds portfolio.
REFERENCES
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• Naik, V. A. (2004), “Risk and portfolio Decisions involving hedge funds”,
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6324 (Print), ISSN 0976 – 6332 (Online), Volume 3, Issue 1, January- June (2012)
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