For many years, researchers have argued that ‘value strategies' outperform the ‘growth strategies'. In this paper, we have attempted to explore this possibility in the Indian stock market and tried to find the magnitude and pattern of value premium, if any. The results indicated that value...

This paper examines the ‘stability' of beta coefficients over time in Indian equity market, both across calendar periods and across some ‘control periods' or subperiods, corresponding to bull and bear phases in the market. We found some evidence of instability of betas over shorter time...

This study revisits the Bowman's (1980, 1984) risk-return Paradox using accounting risk and return proxies, for 1004 Indian firms, existing continuously between 2000 to 2015. We find strong evidence of a ‘partial' paradox. Firms which are poorly performing or below-median in the ranking...

In this paper we did a return based style analysis of equity mutual funds in India using quadratic optimization of an asset class factor model proposed by William Sharpe. We analyzed the relative performance of the funds with respect to their style benchmarks. Our results show that the funds...

The financial media has traditionally devoted considerable space to the identification of funds with superior ‘track records' and those of ‘winner funds' repeating their performance. This paper attempts to test this important issue of ‘persistence' in performance of equity mutual funds in...

Persistence in performance of fund managers has been a topic of interest among finance fraternity for the last four decades. In this paper we evaluated the relative performance of equity mutual funds in India with respect to three performance indicators, and also tested the persistence in their...

Based on ‘ agency theory' the present study argues that in a negotiated and collateral security based debt financing system where the need for debt financing of the firms is largely met by the banks in absence of active and liquid corporate debt market , there should be a two way relationship...

In this paper we evaluated the relative performance of equity mutual funds in India with respect to three performance indicators namely raw returns, the tracking error they generate over their benchmarks, and the information ratios they attain and also tested the persistence in their performance...