Performance of Malaysian Equity Unit Trust : Selectivity

This study measures the performance of unit trusts in Malaysia by focusing on the selection abilities of fund managers in their effort to give better return to the investors. There were 41 equity unit trusts funds used as a sample for 120 months that is from 1995 until 2004. This study considers he...

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Main Author:	Raphy, Md. Radzi
Format:	Thesis
Language:	eng eng
Published:	2005
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/1340/1/RAPHY_B._MD._RADZI.pdf https://etd.uum.edu.my/1340/2/1.RAPHY_B._MD._RADZI.pdf
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id	my-uum-etd.1340
record_format	uketd_dc
spelling	my-uum-etd.13402013-07-24T12:11:31Z Performance of Malaysian Equity Unit Trust : Selectivity 2005-05-05 Raphy, Md. Radzi Faculty of Finance and Banking Faculty of Finance and Banking HG Finance This study measures the performance of unit trusts in Malaysia by focusing on the selection abilities of fund managers in their effort to give better return to the investors. There were 41 equity unit trusts funds used as a sample for 120 months that is from 1995 until 2004. This study considers heteroscedasticity problems and therefore, the findings had been separated into two parts that is before and after correcting for heteroscedasticity problem. Negative selectivities are observed in ten funds before the adjustment of heteroscedasticity whereas when this problem has been corrected, there are eleven funds that show negative selectivities. The findings give an indication that the unit trusts funds in Malaysia are not able to give a better return to investors. Some of the fund managers do not have an ability to do better than those managers that are using the naive buy and hold strategy. This result is consistent to Shamsher et al. (2000), Firth (1997), Chang and Lewellen (1985) and Henriksson (1984), who conclude that the fund managers did not have an ability to select securities that can provide returns that are more than the market returns. 2005-05 Thesis https://etd.uum.edu.my/1340/ https://etd.uum.edu.my/1340/1/RAPHY_B._MD._RADZI.pdf application/pdf eng validuser https://etd.uum.edu.my/1340/2/1.RAPHY_B._MD._RADZI.pdf application/pdf eng public masters masters Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
topic	HG Finance
spellingShingle	HG Finance Raphy, Md. Radzi Performance of Malaysian Equity Unit Trust : Selectivity
description	This study measures the performance of unit trusts in Malaysia by focusing on the selection abilities of fund managers in their effort to give better return to the investors. There were 41 equity unit trusts funds used as a sample for 120 months that is from 1995 until 2004. This study considers heteroscedasticity problems and therefore, the findings had been separated into two parts that is before and after correcting for heteroscedasticity problem. Negative selectivities are observed in ten funds before the adjustment of heteroscedasticity whereas when this problem has been corrected, there are eleven funds that show negative selectivities. The findings give an indication that the unit trusts funds in Malaysia are not able to give a better return to investors. Some of the fund managers do not have an ability to do better than those managers that are using the naive buy and hold strategy. This result is consistent to Shamsher et al. (2000), Firth (1997), Chang and Lewellen (1985) and Henriksson (1984), who conclude that the fund managers did not have an ability to select securities that can provide returns that are more than the market returns.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Raphy, Md. Radzi
author_facet	Raphy, Md. Radzi
author_sort	Raphy, Md. Radzi
title	Performance of Malaysian Equity Unit Trust : Selectivity
title_short	Performance of Malaysian Equity Unit Trust : Selectivity
title_full	Performance of Malaysian Equity Unit Trust : Selectivity
title_fullStr	Performance of Malaysian Equity Unit Trust : Selectivity
title_full_unstemmed	Performance of Malaysian Equity Unit Trust : Selectivity
title_sort	performance of malaysian equity unit trust : selectivity
granting_institution	Universiti Utara Malaysia
granting_department	Faculty of Finance and Banking
publishDate	2005
url	https://etd.uum.edu.my/1340/1/RAPHY_B._MD._RADZI.pdf https://etd.uum.edu.my/1340/2/1.RAPHY_B._MD._RADZI.pdf
_version_	1747827124954202112

Performance of Malaysian Equity Unit Trust : Selectivity

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