The Effect of Environmental and Managerial Factors on Investment Mutual Funds' Return in Iran
Subject Areas : Futurology
Z.
Poorzamani
1
(نویسنده مسئول یا طرف مکاتبه)
A.
Rohy
2
(ندارد)
A.M.
Safari
3
(ندارد)
Keywords: Investment Mutual Fund, Open End Mutual Fund, Net Asset Value of Per Unit, Total Net Asset
, 
, Value, Funds Return,
Abstract :
The capital market as a mirror of economy has different functions. One is to improve liquidity in themarket, which provides security for investors. Financial innovations for managing risks are aim toachieve this goal. Accordingly, various kinds of funds have been designed to collect money fromnonprofessional investors in order to reduce risk and make a profit. In this study, we gathered datafrom 13 authorized mutual funds during a 65-week period . To examine the effect of variables on fundreturns, the Fama-MacBeth multilateral regression model was used. The parameters were estimatedusing a mixed panel-data model. Seven fundamental hypotheses were tested; three were disproved;and the rest were confirmed. The results show a meaningful and positive correlation between funds’ex-fluctuations of returns, last period return, age, assets turnover rate, and acquired return. However,no positive or meaningful correlation was found between assets under funds managers’ control, fundfees and charges, rate of injection of new money to funds, and the funds’ acquired returns