Selectivity and timing: evidence from the performance of Malaysian unit trusts
This paper presents an empirical examination of the selectivity and timing performance of 31 unit trusts in Malaysia. The empirical results indicate that during the] 990-1 995 period, Malaysian unit trusts appear to possess no market timing ability, except for the Kuala Lumpur Growth Fund. However,...
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Universiti Putra Malaysia Press
1997
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| Online Access: | http://psasir.upm.edu.my/id/eprint/3172/1/Selectivity_and_Timing_Evidence_from_the_Perfonnance.pdf http://psasir.upm.edu.my/id/eprint/3172/ http://www.pertanika.upm.edu.my/view_archives.php?journal=JSSH-5-1-3 |
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my.upm.eprints.31722015-09-09T07:11:14Z http://psasir.upm.edu.my/id/eprint/3172/ Selectivity and timing: evidence from the performance of Malaysian unit trusts Md Nassir, Annuar Ramadilli Mohd, Shamsher Mohamad Ngu, Mee Hua This paper presents an empirical examination of the selectivity and timing performance of 31 unit trusts in Malaysia. The empirical results indicate that during the] 990-1 995 period, Malaysian unit trusts appear to possess no market timing ability, except for the Kuala Lumpur Growth Fund. However, there is some evidence of superior selection ability on the part of fund managers in picking up "good" stocks. Eighty-one per cent of the sample of unit trusts are able to beat the market return and the Kuala Lumpur Growth Fund ranked highest in terms of selectivity measure. The study found a positive correlation coefficient of 0.53 between selectivity and timing performance among the unit trusts. Further evidence suggests that 81% of the unit trusts have not achieved the expected level of diversification, and risk-return characteristics of the trusts are generally inconsistent with their stated objectives. Universiti Putra Malaysia Press 1997-03 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/3172/1/Selectivity_and_Timing_Evidence_from_the_Perfonnance.pdf Md Nassir, Annuar and Ramadilli Mohd, Shamsher Mohamad and Ngu, Mee Hua (1997) Selectivity and timing: evidence from the performance of Malaysian unit trusts. Pertanika Journal of Social Sciences & Humanities, 5 (1). pp. 45-57. ISSN 0128-7702; ESSN: 2231-8534 http://www.pertanika.upm.edu.my/view_archives.php?journal=JSSH-5-1-3 |
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This paper presents an empirical examination of the selectivity and timing performance of 31 unit trusts in
Malaysia. The empirical results indicate that during the] 990-1 995 period, Malaysian unit trusts appear to possess no market timing ability, except for the Kuala Lumpur Growth Fund. However, there is some evidence of superior selection ability on the part of fund managers in picking up "good" stocks. Eighty-one per cent of the sample of unit trusts are able to beat the market return and the Kuala Lumpur Growth Fund ranked highest in terms of selectivity measure. The study found a positive correlation coefficient of 0.53 between selectivity and timing performance among the unit trusts. Further evidence suggests that 81% of the
unit trusts have not achieved the expected level of diversification, and risk-return characteristics of the trusts are generally inconsistent with their stated objectives. |
| format |
Article |
| author |
Md Nassir, Annuar Ramadilli Mohd, Shamsher Mohamad Ngu, Mee Hua |
| spellingShingle |
Md Nassir, Annuar Ramadilli Mohd, Shamsher Mohamad Ngu, Mee Hua Selectivity and timing: evidence from the performance of Malaysian unit trusts |
| author_facet |
Md Nassir, Annuar Ramadilli Mohd, Shamsher Mohamad Ngu, Mee Hua |
| author_sort |
Md Nassir, Annuar |
| title |
Selectivity and timing: evidence from the performance of Malaysian unit trusts |
| title_short |
Selectivity and timing: evidence from the performance of Malaysian unit trusts |
| title_full |
Selectivity and timing: evidence from the performance of Malaysian unit trusts |
| title_fullStr |
Selectivity and timing: evidence from the performance of Malaysian unit trusts |
| title_full_unstemmed |
Selectivity and timing: evidence from the performance of Malaysian unit trusts |
| title_sort |
selectivity and timing: evidence from the performance of malaysian unit trusts |
| publisher |
Universiti Putra Malaysia Press |
| publishDate |
1997 |
| url |
http://psasir.upm.edu.my/id/eprint/3172/1/Selectivity_and_Timing_Evidence_from_the_Perfonnance.pdf http://psasir.upm.edu.my/id/eprint/3172/ http://www.pertanika.upm.edu.my/view_archives.php?journal=JSSH-5-1-3 |
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