Yatırım fonlarının performans değerlendirmesi: Türkiye üzerine bir araştırma
Başlık çevirisi mevcut değil.
- Tez No: 26102
- Danışmanlar: PROF. DR. ÖZDEMİR AKMUT
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Performans değerlendirme, Sermaye piyasası, Türkiye, Yatırım fonları, Performance evaluation, Capital market, Turkey, Mutual funds
- Yıl: 1993
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: İşletme Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
Özet yok.
Özet (Çeviri)
SUMMARY Mutual fund is one of the intermediaries operating 1n capital markets. Providing professional portfolio management, increasing portfo lio return by utilizing scale economy's advantages, decreasing the portfolio risk by spreading are the basic functions of mutual funds. Moreover, one important role is the help to develop and regulate the capital markets. In general the steps for portfolio management are planning the Investment aim, determining the investment strategy and policy, choos ing the investment alternative obtaining the results and evaluating portfolio performance. All investors give a high importance to perform ance evaluation since the main reason for“investment”to increase wealthy. Performance measurement enables the investor to appraise how well the portfolio manager has done 1n achieving desired return targets and how well risk has been controlled 1n the process. Performance evaluation of mutual funds in Turkey is the main subject of the study. In the first section, general characteristics and functions of mutual funds are given. Then the method of calculating returns and appropriate measures of risk are discussed. We not only discuss methods of comparing relative performance based only on rate of return but also composite performance measures that consider risk as 239well as return. In the last section, the critical evaluation of Turkish experi ence 1n mutual funds 1s summarized. In Turkey, mutual funds have been regulated by The Capital Market Law of 1981. By the establishment of the first mutual fund in 1987, iş Fon 1, a rapid Increase has been seen 1n the area. By the end of August 1992, there are 79 mutual funds estab lished by 28 banks in operation. Examining the porfollo structure of the funds show that they prefer the risk free securities and operate like a bond funds. We attempt to evaluate the performance of 36 mutual funds for the period January 1990 to August 1992 using the Jensen ratio and the Sharpe ratio. But the method developed by Jensen assumes that the port folios are well diversified. This assumption does not hold for the mutual funds in Turkey. For this reason we repeat 7 mutual funds per formance rankings in two subsamples using only Sharpe performance index. Results show that the performance of the mutual funds are not satisfac tory. In conclusion, it is important to emphasize that mutual funds, in general, do not seem to be concerned with channeling long term savings into securities market. But using the portfolio management techniques in fund management will result in realizing the expected functions of mutual funds. 240
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DERYA EKEMEN
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ÇETİN ALİ DÖNMEZ
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Başlık çevirisi yok
FATMA YÜKSEL
Yüksek Lisans
Türkçe
1997
İşletmeAdnan Menderes Üniversitesiİşletme Ana Bilim Dalı
Y.DOÇ.DR. FERİŞTAH SÖNMEZ
