The Investment Performance Of India

Chapter 2
REVIEW OF LITERATURE
 
Barua and Verma (1991) provided empirical evidence of equity mutual fund performance in India. They studied the investment performance of India’s first 7year close-end equity mutual fund, Master share. They found that the fund performed satisfactory for large investor in terms of rate of return. Ippolito (1992) expressed that fund/scheme selection by investors is based on past performance of the funds and money flows into winning funds more rapidly than they flow out of losing funds. Sarkar and Majumdar (1995) evaluated financial performance of five close-ended growth funds for the period February 1991 to August 1993, concluded that the performance was below average in terms of alpha values (all negative and statistically not significant) and funds possessed high risk.
 
Jaydev (1996) evaluated performance of two schemes during the period, June 1992 to March
1994 in terms of returns / benchmark comparison, diversification, selectivity and market timing skills. He concluded that the schemes failed to perform better than the market portfolio (ET’s ordinary share price index). Gupta and Sehgal (1997) evaluated mutual fund performance over a four year period, 1992-96. The sample consisted of 80 mutual fund schemes. They concluded that mutual fund industry performed well during the period of study. The performance was evaluated in terms of benchmark comparison, performance from one period to the next and their risk-return characteristics.
 
Mishra
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