Mutual fund performance evaluation: an empirical investigation of Greek mutual fund performance evaluation using Morningstar's ,ethodology

Νικόλαος Δ. Φίλιππας, Έλενα Νικολαΐδου


In this article Greek Equity Mutual Funds are evaluated for the first time using the
Morningstar methodology. In addition, for comparability reasons, we present results using
Jensen's methodology. The two methods do not rank the Mutual Funds under examination accordingly,
however, using the Spearman criterion, the correlation coefficient was found to be
statistically significant at 0,42. Finally, we tested the consistency of performance of mutual fund
managers through time. The empirical results show that past rankings of mutual funds can be
used to predict future rankings, a finding that contradicts the theory of market efficiency.


Mutual funds; Performance evaluation; Morningstar

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η δικτυακή πύλη της ευρωπαϊκής ένωσης ψηφιακή ελλάδα ΕΣΠΑ 2007-2013