Assessment of Performance of Mutual Funds Listed in Dhaka Stock Exchange

  • Mohammad Rifat Rahman University of Chittagong, Bangladesh
  • Md. Mufidur Rahman Department of Banking & Insurance, Faculty of Business Administration, University of Chittagong, Bangladesh
  • Athkia Subat Department of Banking & Insurance, Faculty of Business Administration, University of Chittagong, Bangladesh
Keywords: Mutual Funds, Close End Mutual Funds, Performance analysis, Dhaka Stock Exchange, Bangladesh.

Abstract

This paper aims to investigate the Mutual Fund industry's performance in Bangladesh, considering the close-end mutual funds of 32 listed funds in the Dhaka Stock Exchange, Bangladesh. The study employed unbalanced panel data analysis throughout 2014 to 2019. By using an error-corrected panel data regression model with an attempt to investigate the performance of mutual funds considering several fundamental factors such as Return on Assets, Earning per unit, Fund Size, Fund Age, Dividend payout ratio, Net Asset Growth and Management Fees, etc.  After correcting autoregressive disturbance, the RE GLS regression model is selected to describe this panel data analysis. It demonstrates a significant positive connection between earning per unit and return on assets. The study identifies a significant negative relationship with fund age and asset growth in response to the change of return on assets. It also concludes there is no significant predictive power among the fund size, dividend payout ratio, management fees with return on assets while defining mutual fund performance. The study fills the gap by investigating the significant relationship of these following variables with the fundamental performance indicator. Findings of the empirical analysis suggest that the investors should pay close attention to earnings, fund age and assets growth while selecting mutual funds for investment. It is noticed that the company generally tends to pay lower dividend when the performance and profitability starts decrease. Policy makers should also pay attention to defining the downward characteristics of asset growth and dividend payout compared to the basic profitability ratios.

Downloads

Download data is not yet available.

References

Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. Review of Financial Studies, 18(4), 1403–1432. https://doi.org/10.1093/rfs/hhi030

Agiomirgianakis, G., Voulgaris, F., & Papadogonas, T. (2006). Financial factors affecting profitability and employment growth: the case of Greek manufacturing. International Journal of Financial Services Management, 1(2/3), 232. https://doi.org/10.1504/ijfsm.2006.009628

Akinyomi, O. J. (2013). Effect of Firm Size on Profitability: Evidence from Nigerian Manufacturing Sector. Prime Journal of Business Administration and Management (BAM), 3(9), 1171–1175. www.primejournal.org/BAM

Anjom, W. (2020). A Quantitative Approach to Evaluate the Financial Performance of Growth Oriented Bangladeshi Close-end Mutual Funds: An Empirical Study. Global Journal of Management and Business Research, 20(2), 55–65. https://doi.org/10.34257/gjmbrcvol20is2pg55

Al-Kuwari, D. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges: The Case of GCC Countries. Global Economy & Finance Journal, 2(2), 38–63. http://ssrn.com/abstract=1793150

Al-Malkawi, H.-A. N., AlShiab, M. S., & Pillai, R. (2018). The Impact of Company Fundamentals on Common Stock Prices : Evidence from MENA region The impact of company fundamentals on common stock prices : evidence from MENA region. The Business and Management Review, University of Oxford, UK, 9(July), 9–10.

Al-Najjar, B., & Kilincarslan, E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance (Bingley), 16(1), 135–161. https://doi.org/10.1108/CG-09-2015-0129

Arnott, R. D., & Asness, C. S. (2003). Surprise! Higher dividends =Higher earnings growth. Financial Analysts Journal, 59(1), 70–87. https://doi.org/10.2469/faj.v59.n1.2504

Babalos, V., Kostakis, A., & Philippas, N. (2009). Managing mutual funds or managing expense ratios? Evidence from Greek fund industry. Journal of Multinational Financial Management, 19(4), 256–272

Bai, J., & Ng, S. (2005). Tests for skewness, kurtosis, and normality for time series data. Journal of Business and Economic Statistics, 23(1), 49–60. https://doi.org/10.1198/073500104000000271

Bauwhede, H. Vander. (2009). On the relation between corporate governance compliance and operating performance. Accounting and Business Research, 39(5), 497–513. https://doi.org/10.1080/00014788.2009.9663380

Belsley, D. A. (2006). Conditioning Diagnostics. In Encyclopedia of Statistical Sciences. John Wiley & Sons, Inc. https://doi.org/10.1002/0471667196.ess0275.pub2

Benesty, J., Chen, J., Huang, Y., Cohen, I. (2009). Pearson Correlation Coefficient. In Springer (Vol. 2, pp. 37–40). Springer-Verlag Berlin Heidelberg. https://doi.org/10.1007/978-1-4419-9863-7_372

Berkey, C. S., Hoaglin, D. C., Antczak-Bouckoms, A., Mosteller, F., & Colditz, G. A. (1998). Meta-analysis of multiple outcomes by regression with random effects. Statistics in Medicine, 17(22), 2537–2550. https://doi.org/10.1002/(SICI)1097-0258(19981130)17:22<2537::AID-SIM953>3.0.CO;2-C

Berkowitz, M. K., & Kotowitz, Y. (2002). Managerial quality and the structure of management expenses in the US mutual fund industry. International Review of Economics and Finance, 11(3), 315–330. https://doi.org/10.1016/S1059-0560(02)00099-0

Bettman, J. L., Kosev, M., & Sault, S. J. (2011). Exploring the asset growth effect in the australian equity market. Australian Journal of Management, 36(2), 200–216. https://doi.org/10.1177/0312896211404572

Bojnec, Š., & Latruffe, L. (2013). Farm size, agricultural subsidies and farm performance in Slovenia. Land Use Policy, 32, 207–217. https://doi.org/10.1016/j.landusepol.2012.09.016

Boyson, N. M. (2008). Hedge Fund Performance Persistence: A new Approach. Financial Analysis Journal, 64(6), 27-44.

Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239. https://doi.org/10.2307/2297111

Benfratello L. (2014) Random Effects Regression for Panel Data. In: Michalos A.C. (eds) Encyclopedia of Quality of Life and Well-Being Research. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-0753-5_2402

Carhart, M. M. (1997). On Persistence in Mutual Fund Performance. The Journal of Finance, LII(1), 57-82.

Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics, 87(1), 157–176. https://doi.org/10.1016/j.jfineco.2006.10.006

Chowdhury, T. S., Habibullah, M., & Nahar, N. (2018). Risk and Return Analysis of Closed-End Mutual Fund in Bangladesh. Journal of Accounting, Business and Finance Research, 3(2), 83–92. https://doi.org/10.20448/2002.32.83.92

Coad, A., Segarra, A., & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age? Structural Change and Economic Dynamics, 24(1), 173–189. https://doi.org/10.1016/j.strueco.2012.07.002

Colombelli, A., Krafft, J., & Quatraro, F. (2013). High-growth firms and technological knowledge: Do gazelles follow exploration or exploitation strategies? Industrial and Corporate Change, 23(1), 261–291. https://doi.org/10.1093/icc/dtt053

Colombelli, A., Krafft, J., & Vivarelli, M. (2016). To be born is not enough: the key role of innovative start-ups. Small Business Economics, 47(2), 277–291. https://doi.org/10.1007/s11187-016-9716-y

Curto, J. D., & Pinto, J. C. (2011). The corrected VIF (CVIF). Journal of Applied Statistics, 38(7), 1499–1507. https://doi.org/10.1080/02664763.2010.505956

Das, R. L. (2016). Performance of Mutual Funds: The Case of Bangladesh. World Journal of Social Sciences, 6(1), 210–221.

Dewri, L. V., & Islam, M. R. (2016). Performance of Public Mutual Funds (PMFs) in Emerging Economies: A Case of Bangladesh. International Journal of Business and Management, 11(6), 296. https://doi.org/10.5539/ijbm.v11n6p296

DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005

Díaz-Mendoza, A. C., López-Espinosa, G., & Martínez, M. A. (2014). The Efficiency of Performance-Based Fee Funds. European Financial Management, 20(4), 825–855. https://doi.org/10.1111/j.1468-036X.2012.00654.x

Drukker, D. M. (2003). Testing for Serial Correlation in Linear Panel-data Models. The Stata Journal, 3(2), 168–177. https://doi.org/10.1177/1536867x0300300206

Farsio, F., Geary, A., & Moser, J. (2004). The relationship between dividends and earnings. Journal for Economic Educators, 4(4), 1–5. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.496.9359&rep=rep1&type=pdf

Foong, S. S., Zakaria, N. B., & Tan, H. B. (2007). Firm Performance and Dividend-Related Factors: The Case Of Malaysia. Labuan Bulletin of International Business & Finance, 5(603), 97–111.

Goddard, John ;Molyneux, Phil; Wilson, J. O. S. (2004). The Profitability of European Banks : A Cross-Sectional and Dynamic Panel Analysis. The Manchester School, 72(3), 1463–6786.

Golec, J. H. (1996). The effects of mutual fund managers’ characteristics on their portfolio performance, risk and fees. Financial Services Review, 5(2), 133–147. https://doi.org/10.1016/s1057-0810(96)90006-2

Grazzi, M., & Moschella, D. (2018). Small, young, and exporters: New evidence on the determinants of firm growth. Journal of Evolutionary Economics, 28(1), 125–152. https://doi.org/10.1007/s00191-017-0523-7

Grossman, Sanford J.;Stiglitz, J. E. (1980). Stockholder Unanimity in Making Production and Financial Decisions. Oxford University Press The Quarterly Journal of Economics, 94(3), 543–566. http://www.jstor.org/stable/1884584

Gugler, K., & Yurtoglu, B. B. (2003). Corporate governance and dividend pay-out policy in Germany. European Economic Review, 47(4), 731–758. https://doi.org/10.1016/S0014-2921(02)00291-X

Greene, William H. (2008). Econometric Analysis, 6th ed. Upper Saddle River, NJ: Prentice Hall.

Haniffa, R., & Hudaib, M. (2006). Corporate governance structure and performance of Malaysian listed companies. Journal of Business Finance and Accounting, 33(7–8), 1034–1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x

Hannan, M. T., & Freeman, J. (1984). Structural Inertia and Organizational Change. American Sociological Review, 49(2), 149–164.

Helwege, J., Pirinsky, C., & Stulz, R. M. (2007). Why do firms become widely held? an analysis of the dynamics of corporate ownership. Journal of Finance, 62(3), 995–1028. https://doi.org/10.1111/j.1540-6261.2007.01229.x

Hemadivya, K., & Devi, R. (2013). A Study On Relationship Between Market Price and Earnings Per Share With Reference To Selected Companies. International Journal of Marketing, Financial Services & Management Research, 2(9), 126–133.

Holderness, C. G., Kroszner, R. S., & Sheehan, D. P. (1999). Were the good old days that good? Changes in managerial stock ownership since the great depression. Journal of Finance, 54(2), 435–469. https://doi.org/10.1111/0022-1082.00114

Howatt, B., Zuber, R. A., Gandar, J. M., & Lamb, R. P. (2009). Dividends, earnings volatility and information. Applied Financial Economics, 19(7), 551–562. https://doi.org/10.1080/09603100802345397

Hassan, M., & Akhter, T. (2011). Risk Adjusted Performance of Mutual Fund: Evidence from Bangladesh. Journal of Finance and Banking, 9(1), 1–24.

Hussain, N. (2017). Mutual fund performance; funds and country-specific characteristics: A comparative study of Pakistan and India equity funds. Journal of Poverty, Investment, and Development, 37(2017), 18–24.

Hult, G. T. M., Ketchen, D. J., Griffith, D. A., Chabowski, B. R., Hamman, M. K., Dykes, B. J., Pollitte, W. A., & Cavusgil, S. T. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39(6), 1064–1080. https://doi.org/10.1057/palgrave.jibs.8400398

Hun, M. P. (2011). Practical Guides To Panel Data Modeling : A Step by Step. Public Management and Public Analysis Program, 1–53.

Ibrahim, Q., Rehman, R. U., & Raoof, A. (2010). Role of corporate governance in firm performance: A comparative study between chemical and pharmaceutical sectors of pakistan. International Research Journal of Finance and Economics, 50(50), 7–16. http://www.eurojournals.com/finance.htm

ICB Asset Management Company Limited. (2018). ICB AMCL Close End Mutual Funds Annual Report 2017-2018.

Ilaboya, O. J., & Ohiokha, I. F. (2016). Firm Age, Size and Profitability Dynamics: A Test of Learning by Doing and Structural Inertia Hypotheses. Business and Management Research, 5(1), 19–39. https://doi.org/10.5430/bmr.v5n1p29

Ivashkovskaya, I., & Zinkevich, N. (2009). The Relationship Between Corporate Governance and Company Performance in Concentrated Ownership Systems: the Case of Germany. Journal of Corporate Finance Research, 3(4), 34–56. https://doi.org/10.17323/j.jcfr.2073-0438.3.4.2009.34-56

Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India’s top companies. Corporate Governance: An International Review, 17(4), 492–509. https://doi.org/10.1111/j.1467-8683.2009.00760.x

Jónsson, B. (2007). Does the size matter?The relationship between size and profitability of Icelandic firms. Bifröst Journal of Social Science, 1. http://bjss.bifrost.is

Kabir Biplob, M. N. (2017). Performance Evaluation of Bangladeshi Mutual Fund: An Analysis of Monthly Return Based on Net Asset Value. International Journal of Economics & Management Sciences, 06(03), 428. https://doi.org/10.4172/2162-6359.1000428

Karaca, S. S., & Eksi, I. H. (2012). The Relationship between Ownership Structure and Firm Performance: An Empirical Analysis over ?stanbul Stock Exchange (ISE) Listed Companies. International Business Research, 5(1), 172–181. https://doi.org/10.5539/ibr.v5n1p172

Kaur, I. (2018). Effect of mutual funds characteristics on their performance and trading strategy: A dynamic panel appraoch. Cogent Economics and Finance, 6(1), 1-17.

KESWAN, M. S. (2011). The Conditional Performance of Indian Mutual Funds: An Empirical Study. International Journal of Multidisciplinary Research, 1(4), 14–38.

Khatab, H., Masood, M., Zaman, K., Saleem, S., & Saeed, B. (2011). Corporate Governance and Firm Performance: A Case study of Karachi Stock Market. International Journal of Trade, Economics and Finance, 2(1), 39–43. https://doi.org/10.7763/ijtef.2011.v2.76

Klapper, L. F., & Love, I. (2002). Corporate Governance, Investor Protection and Performance in Emerging Markets. In World Bank Policy Research Working Paper 2818. https://doi.org/10.2139/ssrn.303979

Kumar, V. (2019). Performance Analysis of Select Equity Mutual Funds in India. Research Review International Journal of Multidisciplinary, 04(05), 1476–1479.

Kuncová, M., Hedija, V., & Fiala, R. (2016). Firm size as a determinant of firm performance: The case of swine raising. Agris On-Line Papers in Economics and Informatics, 8(3), 77–89. https://doi.org/10.7160/aol.2016.080308

Kennedy, P. (2003). A guide to econometrics.5th ed., MIT press.

Lee, J. (2009). Does size matter in firm performance? Evidence from US public firms. International Journal of the Economics of Business, 16(2), 189–203. https://doi.org/10.1080/13571510902917400

Lipson, M. L., Mortal, S., & Schill, M. J. (2011). On the scope and drivers of the asset growth effect. Journal of Financial and Quantitative Analysis, 46(6), 1651–1682. https://doi.org/10.1017/S0022109011000561

Loderer, C. F., & Waelchli, U. (2010). Firm Age and Performance. SSRN Electronic Journal, 1–51. https://doi.org/10.2139/ssrn.1342248

Low, Soo-Wah. (2010) Relationship between fund performance and characteristics of the Malaysian Unit Trust Fund. Singapore Management Review, vol. 32, no. 1, pp. 29+. Gale Academic

Maggina, A., Consultant, B., & Tsaklanganos, A. (2012). Asset Growth and Firm Performance Evidence From Greece. The International Journal of Business and Finance Research, 6(4), 113–124.

Majanga, B. B. (2015). The Dividend Effect on Stock Price- An Empirical Analysis of Malawi Listed Companies. Accounting and Finance Research, 4(3). https://doi.org/10.5430/afr.v4n3p99

Majumdar, S. K. (1997). The impact of size and age on firm-level performance: Some evidence from India. Review of Industrial Organization, 12(2), 231–241. https://doi.org/10.1023/A:1007766324749

Mancinelli, L., & Ozkan, A. (2006). Ownership structure and dividend policy: Evidence from Italian firms. European Journal of Finance, 12(3), 265–282. https://doi.org/10.1080/13518470500249365

MICHAEL J. COOPER, HUSEYIN GULEN, M. J. S. (2008). Asset Growth and the Cross-Section of Stock Returns MICHAEL. THE JOURNAL OF FINANCE, LXIII(4), 1609–1651.

Miguel A Ferreira, A. K. (2013). The Determinants of Mutual Fund Performance: A Cross-Country Study. Review of Finance, 17(2), 482-525.

M. J. Harrison & B. P. M. McCabe (1979) A Test for Heteroscedasticity Based on Ordinary Least Squares Residuals, Journal of the American Statistical Association, 74:366a, 494-499, DOI: 10.1080/01621459.1979.10482544

Nabi, A. A. (2014). Earnings per share impact on non-financial firms Performance. Journal of Economic Info, 1(4), 1–7. https://doi.org/10.31580/jei.v1i4.87

Nasser Saki, Ali Esmaeilzadeh Maghari , Mahtab Arab, R. H. (2018). The Relationship of Net Asset Growth and Profitability Index with Stock Returns Evidence from Tehran Stock Exchange. Pacific Business Review International, 10(10), 57–65.

Nicolescu, L., Tudorache, F. G., & Androniceanu, A. (2020). Performance risk analysis on mutual funds versus stock exchanges in young financial markets. Journal of International Studies, 13(1), 279–294. https://doi.org/10.14254/2071-8330.2020/13-1/18

Nissim, D., & Ziv, A. (2001). Dividend changes and future profitability. Journal of Finance, 56(6), 2111–2133. https://doi.org/10.1111/0022-1082.00400

Parviz Saeidi ; Abolghasem Okhli. (2012). Studying the effect of assets return rate on stock price of the companies accepted in Tehran stock exchange. Business and Economic Horizons, 08, 12–22. https://www.ceeol.com/search/article-detail?id=190964

Pellegrino, G. (2017). Barriers to innovation in young and mature firms. Journal of Evolutionary Economics, 28(1), 181–206. https://doi.org/10.1007/s00191-017-0538-0

Pervan, Maja;Višić, J. (2012). Influence of Firm Size on Its Business Success. Croatian Operational Research Review, 3(1), 213–223.

Pickering. (1968). The Company As A Separate Legal Entity. The Modern Law Review, 31(5).

Ping, Z., & Ruland, W. (2006). Dividend payout and future earnings growth. Financial Analysts Journal, 62(3), 58–69. https://doi.org/10.2469/faj.v62.n3.4157

Qamruzzaman, M. (2014). Comparative Study on Performance Evaluation of Mutual Fund Schemes in Bangladesh : An Analysis of Monthly Returns. Journal of Business Studies Quarterly, 5(4), 190–209.

Rahman, A. B. M. M., Fang, P., & Suborna, Q. (2012). Mutual Fund Performance : An Analysis of Monthly Returns of an Emerging Market. Research Journal of Finance and Accounting, 3(4), 34–47.

Radipere, S., & Dhliwayo, S. (2014). The role of age and business size on small business performance in the South African small enterprise sector. Problems and Perspectives in Management, 12(4), 7–12.

Renneboog, L., & Trojanowski, G. (2007). Control structures and payout policy. Managerial Finance, 33(1), 43–64. https://doi.org/10.1108/03074350710715809

Robert, T. Kleiman and Anandi P. Sahu (1988), The relationship between Mutual Fund size and risk-adjusted performance: An analysis of load funds. American Business Review.

Roger Otten, D. B. (2002). European Mutual Fund Performance. European Financial Management, 8(1), 75-101.

Rouf, M. A. (2011). The Relationship Betweem Corporate Governance and Value of the Firm in Developong Countries: Evidence from Bangladesh. The International Journal of Applied Economics and Finance, 5(3), 237–244. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2576591

Santarelli, E., Klomp, L., & Thurik, R. (2006). Entrepreneurship, Growth, and Innovation. In Entrepreneurship, Growth, and Innovation (Issue June 2014). https://doi.org/10.1007/0-387-32314-7

Sharif, N., Ahmad, N., & Dos Santos, M. J. P. L. (2020). Earning per unit of common stockholder: A predictor of share prices. 19th International Association on Public and Nonprofit Marketing (IAPNM):“Sustainability: new challenges for marketing and socioeconomic development".

Shehzad, K., & Ismail, A. (2014). Value relevance of Accounting Information and its Impact on Stock Prices: Case Study of Listed Banks at Karachi Stock Exchange. Journal of Economic Info, 1(3), 6–9. https://doi.org/10.31580/jei.v1i3.109

Shumway, T. (2001). Forecasting bankruptcy more accurately: A simple hazard model. Journal of Business, 74(1), 101–124. https://doi.org/10.1086/209665

Singh, D. A., & Gaur, A. S. (2009). Business group affiliation, firm governance, and firm performance: Evidence from china and india. Corporate Governance: An International Review, 17(4), 411–425. https://doi.org/10.1111/j.1467-8683.2009.00750.x

Stulz, R. M. (2010). Merton Modern Finance. Financial Management Association International, 29(4), 119–131. http://www.jstor.org/stable/3666371

Subat, Athkia;Rahman, Md. Mufidur;Rahman, M. R. (2020). Employees Perception on Recruitment and Selection Process in Banking Sector of Bangladesh. The Journal of Management Theory and Practice, 1(3), 21–27. http://dx.doi.org/ 10.37231/jmtp.2020.1.3.41

Taani, Khalaf;Hamed Banykhaled, M. H. (2011). the Effect of Financial Ratios, Firm Size and Cash Flows From Operating Activities on Earnings Per Share: (an Applied Study: on Jordanian Industrial Sector). International Journal of Social Sciences and Humanity Studies, 3(1), 197–205.

Ting, I. W. K., Kweh, Q. L., & Somosundaram, K. (2017). Ownership concentration, dividend payout and firm performance: The case of Malaysia. Malaysian Journal of Economic Studies, 54(2), 269–280. https://doi.org/10.22452/mjes.vol54no2.6

Titman, S., John, K. C., Xie, W. F., Wei, K. C. J., & Xie, F. (2003). Capital Investments and Stock Returns Capital Investments and Stock Returns (No. 9951). http://www.nber.org/papers/w9951

Umar, Muhammad Sani;Musa, T. B. (2013). Stock Prices and Firm Earning Per Share in Nigeria. Jorind, 11(2), 187–192. www.transcampus.org/journals

UWUIGBE, U., & OLUSANMI, O. (2012). An Empirical Examination of the Relationship between Ownership Structure and the Performance of Firms in Nigeria. International Business Research, 5(1), 208–215. https://doi.org/10.5539/ibr.v5n1p208

Vaughan, S. B. (2001). Small is beutiful. The Journal of Portfolio Management, 9-17.

Vijayakumar, N., & Muruganandan, S. (2012). The Relationship Between Fund Performance and Fund Characteristics: Evidence from India. IUP Journal of Applied Finance, 18(2).

Williams, R. (2020). Heteroskedasticity. https://www3.nd.edu/~rwilliam/stats2/l25.pdf

Wmss, W. (2019). Impact of Dividend Policy on Firm Performance Evidence From Listed Companies in Colombo Stock Exchange. Global Schientific Journals, 7(10), 225–239. www.globalscientificjournal.comwww.globalscientificjournal.com

Wooldridge, J. M. 2002. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT Press.

Xing, Y. (2008). Interpreting the value effect through the Q-theory: An empirical investigation. Review of Financial Studies, 21(4), 1767–1795. https://doi.org/10.1093/rfs/hhm051

Yao, T., Yu, T., Zhang, T., & Chen, S. (2011). Asset growth and stock returns: Evidence from Asian financial markets. Pacific Basin Finance Journal, 19(1), 115–139. https://doi.org/10.1016/j.pacfin.2010.09.004

Yuliza, A. (2018). The Effects of Earnings Per Share and Firm Size to Stock Price LQ45 Company Listed in Indonesian Securities. International Journal of Engineering & Technology, 7(4.9), 247–249. https://doi.org/10.14419/ijet.v7i4.9.21089

Zou, Kelly H.;Tuncali, Kemal;Silverman, S. G. (2003). Correlation and simple linear regression. Radiology, 27(4), 617–622. https://doi.org/10.1148/radiol.2273011499

Published
2022-02-05
How to Cite
Mohammad Rifat Rahman, Md. Mufidur Rahman, & Athkia Subat. (2022). Assessment of Performance of Mutual Funds Listed in Dhaka Stock Exchange. The Journal of Management Theory and Practice (JMTP), 3(1), 1-12. https://doi.org/10.37231/jmtp.2022.3.1.167
Section
Finance & Economics