Identifing and ranking the affectinve factors on liquidity timing in Iranian mutual funds

Subject Areas : Financial engineering

hamid sabzali ¹ , gholamreza zomorodian ² , farhad hanifi ³

1 - Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran.
2 - Department of Financial Management, central Tehran Branch, Islamic Azad University. Tehran, Iran and member of Modern Financial Risk Research Group
3 - Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

Received: 2020-10-10 Accepted : 2020-10-20 Published : 2021-09-23

Keywords: Mutual Fund, External Factors, Fuzzy Delphi Method, Internal Factors, Liquidity Timing,

Abstract :

Mutual funds are one of the types of financial intermediaries, including institutions that sell their investment unit to the public, raise funds and invest them in a variety of securities. However, managing mutual funds is fraught with complexities and difficulties that arise from achieving optimal returns and cash flow management as the most important management criteria. Market scheduling, meanwhile, is an important dimension for mutual funds. With this approach, in this study, an attempt has been made to identify and rank the factors affecting the timing of liquidity in Iranian mutual funds. The results of the study showed that the returns of parallel markets and stocks (weighing 0.206), bank interest rates (weighing 0.194) and political developments (weighing 0.193) are the most important external and macroeconomic factors that affect liquidity and liquidity timing in mutual funds. In addition, among the internal factors, the three variables of ability and management skills of the fund (weighing 0.206), net value and percentage of cash assets of the fund (weighing 0.1734) and the risks facing the fund (weighing 0.1726) are the most They have had an impact on liquidity and the timing of liquidity in mutual funds.