Μια εμπειρική αξιολόγηση της επίδοσης των Ελλήνων διαχειριστών αμοιβαίων κεφαλαίων

Abstract

During the last years the mutual funds industry has experienced explosive growth, not only
worldwide but in Greece also. This growth can be attributed to the unique benefits that mutual
funds offer to individual investors. As a result of this widely documented trend, the performance
of portfolio managers has become an increasingly important focus among financial analysts.
This paper is unique in evaluating Greek mutual fund managers in terms of «market timing»
and «selectivity» performance using new methodology. It should be noted that since the official
General Index does not include dividends, a new index named Total Performance Index,
constructed by us, is employed into the analysis.
The empirical results do not reveal any ability of the fund managers to time the market
correctly or select undervalued securities, irrespectively of how the returns of the index are
calculated.