The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan
In recent decades, fund families have attracted massive assets with their increasingly popular investment vehicles. Fund families are generally distinguished by their size, in terms of the assets under management (AUM) they manage. The fund family manages and controls the AUM of all individual funds...
Saved in:
| id |
my-usim-ddms-13048 |
|---|---|
| record_format |
uketd_dc |
| institution |
Universiti Sains Islam Malaysia |
| collection |
USIM Institutional Repository |
| language |
en_US |
| topic |
test test |
| spellingShingle |
test test Anas Ahmad Mahmoud Bani Atta The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan |
| description |
In recent decades, fund families have attracted massive assets with their increasingly popular investment vehicles. Fund families are generally distinguished by their size, in terms of the assets under management (AUM) they manage. The fund family manages and controls the AUM of all individual funds within the fund family. Most families are mixed families, they organise Islamic mutual funds (IMFs) and conventional mutual funds (CMFs). IMFs properties differ from CMFs, the most distinctive feature of IMFs lies in the application of Sharia on their investment. The objective of this thesis is to examine and compare three separate yet complementary dimensions of the fund family. First, The performance and performance persistence of fund families. Second, the flows of fund families. Third, the future performance of star fund families. The sample consists of 70 fund families contain 502 mutual funds (Saudi Arabia 25, Malaysia 20, Indonesia 14, and Pakistan 11 fund families), over the period from 2007 to 2018. The time series analysis, the panel pooled and fixed/random effect regression models, and the contingency table methodology are employed. In the first part, the results find that families take benefits from their advantages and outperformed the market benchmarks, Islamic fund families outperformed conventional fund families. Results also find that families are used their strategies and attributes to improve performance. Finally, the results provide evidence about the performance persistence, but it was short and only up to one month. In the second part, the results find an asymmetric response in fund family flows, star fund family attracts more flows, while the poor fund family is not faced with money withdrawal. Results also find that the fund family attributes carry significant weight in the investment decision. Lastly, for the spillover effect, there is an asymmetric response in the flows of peer funds to the presence of Islamic star and poor performing funds in the fund family, while don't find the same asymmetric response for conventional star and poor performing funds. In the third part, the results find a positive persistence performance on fund-family when investors select a fund from a star fund ownership family. Results also find fund families with star fund holding have a capability to persistently hold star fund in the future. This study contributes significantly by providing beneficial information about fund families to investors, regulators, and managers. The results show the fund family performance and characteristics information are important for investors to help them make fund investment decision making. The results will help fund family managers to design the best strategies to attract more money flows, and motivate them to lunch more Islamic funds. The results provide an indicator that regulators should encourage fund management companies to make fund family ranking information available in addition to mutual fund ranking. |
| format |
Thesis |
| author |
Anas Ahmad Mahmoud Bani Atta |
| author_facet |
Anas Ahmad Mahmoud Bani Atta |
| author_sort |
Anas Ahmad Mahmoud Bani Atta |
| title |
The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan |
| title_short |
The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan |
| title_full |
The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan |
| title_fullStr |
The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan |
| title_full_unstemmed |
The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan |
| title_sort |
effect of star funds ownership on fund family performance and flows: evidence from saudi arabia, malaysia, indonesia, and pakistan |
| granting_institution |
Universiti Sains Islam Malaysia |
| url |
https://oarep.usim.edu.my/bitstreams/8a48e156-52b5-4b56-812f-147167506f09/download https://oarep.usim.edu.my/bitstreams/71e4376c-7c6e-42b9-a5ac-a3f963eafb61/download https://oarep.usim.edu.my/bitstreams/0ee23256-08b5-4ad4-98e6-0f9d68a2062f/download https://oarep.usim.edu.my/bitstreams/be227e91-4bbf-4ed2-bf0c-7d2092e1814b/download https://oarep.usim.edu.my/bitstreams/fef7bdb8-2ea7-489e-b371-c7f3f2a68639/download https://oarep.usim.edu.my/bitstreams/f0d354b1-574a-47ba-836b-ff441bc0c7d8/download https://oarep.usim.edu.my/bitstreams/dc163bee-dee5-4438-999d-2a68d0a87a48/download https://oarep.usim.edu.my/bitstreams/62ec8c1c-76c7-4d95-a922-6fbb0635df3d/download https://oarep.usim.edu.my/bitstreams/a8444309-a200-44a4-a968-1afc6259d530/download |
| _version_ |
1812444775546093568 |
| spelling |
my-usim-ddms-130482024-10-03T18:02:33Z The Effect Of Star Funds Ownership On Fund Family Performance And Flows: Evidence From Saudi Arabia, Malaysia, Indonesia, And Pakistan Anas Ahmad Mahmoud Bani Atta In recent decades, fund families have attracted massive assets with their increasingly popular investment vehicles. Fund families are generally distinguished by their size, in terms of the assets under management (AUM) they manage. The fund family manages and controls the AUM of all individual funds within the fund family. Most families are mixed families, they organise Islamic mutual funds (IMFs) and conventional mutual funds (CMFs). IMFs properties differ from CMFs, the most distinctive feature of IMFs lies in the application of Sharia on their investment. The objective of this thesis is to examine and compare three separate yet complementary dimensions of the fund family. First, The performance and performance persistence of fund families. Second, the flows of fund families. Third, the future performance of star fund families. The sample consists of 70 fund families contain 502 mutual funds (Saudi Arabia 25, Malaysia 20, Indonesia 14, and Pakistan 11 fund families), over the period from 2007 to 2018. The time series analysis, the panel pooled and fixed/random effect regression models, and the contingency table methodology are employed. In the first part, the results find that families take benefits from their advantages and outperformed the market benchmarks, Islamic fund families outperformed conventional fund families. Results also find that families are used their strategies and attributes to improve performance. Finally, the results provide evidence about the performance persistence, but it was short and only up to one month. In the second part, the results find an asymmetric response in fund family flows, star fund family attracts more flows, while the poor fund family is not faced with money withdrawal. Results also find that the fund family attributes carry significant weight in the investment decision. Lastly, for the spillover effect, there is an asymmetric response in the flows of peer funds to the presence of Islamic star and poor performing funds in the fund family, while don't find the same asymmetric response for conventional star and poor performing funds. In the third part, the results find a positive persistence performance on fund-family when investors select a fund from a star fund ownership family. Results also find fund families with star fund holding have a capability to persistently hold star fund in the future. This study contributes significantly by providing beneficial information about fund families to investors, regulators, and managers. The results show the fund family performance and characteristics information are important for investors to help them make fund investment decision making. The results will help fund family managers to design the best strategies to attract more money flows, and motivate them to lunch more Islamic funds. The results provide an indicator that regulators should encourage fund management companies to make fund family ranking information available in addition to mutual fund ranking. Universiti Sains Islam Malaysia 2021-10 Thesis en_US https://oarep.usim.edu.my/handle/123456789/13048 embargo embargo https://oarep.usim.edu.my/bitstreams/8a48e156-52b5-4b56-812f-147167506f09/download 5b088a18f507adeb5b7e025d70e2260e https://oarep.usim.edu.my/bitstreams/71e4376c-7c6e-42b9-a5ac-a3f963eafb61/download a25904748f1816ce4e3b3430361bdfed https://oarep.usim.edu.my/bitstreams/0ee23256-08b5-4ad4-98e6-0f9d68a2062f/download a0ae8006c4a3c905ab6546785549c656 https://oarep.usim.edu.my/bitstreams/be227e91-4bbf-4ed2-bf0c-7d2092e1814b/download c9e1b2caaa73a74008bff3b9deef55b7 https://oarep.usim.edu.my/bitstreams/fef7bdb8-2ea7-489e-b371-c7f3f2a68639/download 002ddd0812769ea77839a72637250e11 https://oarep.usim.edu.my/bitstreams/f0d354b1-574a-47ba-836b-ff441bc0c7d8/download 7e19458ae47ff3f61c29d16139a5eee2 https://oarep.usim.edu.my/bitstreams/dc163bee-dee5-4438-999d-2a68d0a87a48/download 9cef4451cb01dde2c11f55f27a8536f0 https://oarep.usim.edu.my/bitstreams/62ec8c1c-76c7-4d95-a922-6fbb0635df3d/download 5686c03a678a48abfd9350a6f05eba8d https://oarep.usim.edu.my/bitstreams/a8444309-a200-44a4-a968-1afc6259d530/download 18d9111c11eb4aa881c971f2579ea7c0 https://oarep.usim.edu.my/bitstreams/43a261e3-7215-44c5-b6c1-4fbbea0ed5ce/download 3cefb261829ae74b1216123225655942 https://oarep.usim.edu.my/bitstreams/4d390406-2d14-4f97-bce0-29d73d87da22/download da9705f890c4951a5d88620fb28939e4 https://oarep.usim.edu.my/bitstreams/43c27d0b-765f-46b3-ba97-439d0b48002e/download 35bb20bd6d66fa1174c135eb452685ab https://oarep.usim.edu.my/bitstreams/17964b53-cdb0-4616-98bd-9ad0c8a9ff71/download ffa680ff71a2bfc3ef29b2cd9c8b07f8 https://oarep.usim.edu.my/bitstreams/be6a9327-9c18-4ce7-a247-a458188bac3c/download 3c1831dc315ddb0fbd3cff5573112430 https://oarep.usim.edu.my/bitstreams/23dc68cc-595f-4afd-8a67-a348a2c2a5e8/download 16cb0d6316a95e8adbcce182f5d32c05 https://oarep.usim.edu.my/bitstreams/362acaf8-e12d-450f-8afa-a3798b8b9785/download 5e0377034a7773f9ed685d0b56b84d68 https://oarep.usim.edu.my/bitstreams/b2c8c066-7500-48a3-94db-550243074ccd/download fe447d74bd0d0b43d5b62d574e4100aa https://oarep.usim.edu.my/bitstreams/3eca5b70-28c1-48b4-b529-fd9275ead0cd/download e45e502c29991d307006ed85b3fcb588 test test |