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Journal articles on the topic 'Money market funds'

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Published: 4 June 2021
Last updated: 26 February 2023

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1

Kacperczyk, Marcin, and Philipp Schnabl. "How Safe Are Money Market Funds?*." Quarterly Journal of Economics 128, no. 3 (July 4, 2013): 1073–122. http://dx.doi.org/10.1093/qje/qjt010.

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Abstract We examine the risk-taking behavior of money market funds during the financial crisis of 2007–2010. We find that (1) money market funds experienced an unprecedented expansion in their risk-taking opportunities; (2) funds had strong incentives to take on risk because fund inflows were highly responsive to fund yields; (3) funds sponsored by financial intermediaries with more money fund business took on more risk; and (4) funds suffered runs as a result of their risk taking. This evidence suggests that money market funds lack safety because they have strong incentives to take on risk when the opportunity arises and are vulnerable to runs.
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2

Locke, Larry G., and Virginia R. Locke. "The SECs Attempted Use Of Money Market Mutual Fund Shadow Prices To Control Risk Taking By Money Market Mutual Funds." Journal of Business & Economics Research (JBER) 10, no. 6 (May 31, 2012): 345. http://dx.doi.org/10.19030/jber.v10i6.7025.

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One of the major advantages of money market mutual funds as a short term cash investment vehicle is that they are always purchased and sold for $1 per share. That constant $1 share price is maintained, despite the obvious fact that the funds holdings are frequently changing value, through a permissive SEC regulation that entitles money funds to value their portfolio securities at amortized cost rather than market value. At the same time, funds have always monitored their true market value in what is referred to as the funds shadow price, disclosed on a semi-annual basis. Starting in December, 2010, the SEC ordered money funds to publish their shadow prices monthly in hopes that investors would take notice and provide market discipline to money funds that failed to keep the funds market value sufficiently close to $1 per share. The expressed intention of the SEC was that investors would restrain money market fund managers from taking undue risks. This study analyzes whether the SECs strategy is working. By assessing the relationship between money market funds shadow prices and subsequent changes in net assets, the authors can look for evidence of whether the market is performing the function the SEC intends. The authors have examined monthly disclosures of shadow prices and asset changes for over 100 money market funds since the funds commenced reporting. Through a series of linear regression analyses, the authors have found no relevant correlation between money funds shadow prices and investor activity. The ramifications of this lack of correlation are potentially significant, particularly now as financial regulators are concerned that money fund holdings of European banks might transmit the current credit deterioration in Greece to U.S. markets. The SEC and other financial regulators are counting on disclosure of shadow prices as a tool to avoid the kind of risk taking that ultimately contributed to the credit market freeze experienced in 2008. If that tool is, in fact, not working, the SEC may be obliged to attempt alternative strategies. The authors discuss the policy implications of their findings.
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3

Martia, Dina Yeni, Muhammad Rois, Muliasari, Latifah Risqiana, and Noverdi Radja Dwilega. "Conventional Versus Sharia Money Market Mutual Funds: Which Performs Better During the Covid-19 Pandemic?" Journal of Management Theory and Practice (JMTP) 2, no. 3 (November 13, 2021): 35–40. http://dx.doi.org/10.37231/jmtp.2020.2.3.174.

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This study aims to determine whether conventional money market mutual funds perform better than sharia money market mutual funds or vice versa during the COVID-19 pandemic in Indonesia. This research method is descriptive with a quantitative comparison approach. This study employed secondary data obtained from IDX, Indonesian Bank, and Pasar Dana website. The research employed the money market mutual funds data, Net Asset Value, BI 7 Days Repo rate during year 2020. Sharpe ratio utilized in this research to determine the money market mutual funds performance. Then, the result compared by using Independent sample T-test on SPSS. The result uncovers that in general the performance of conventional money market mutual funds performance superior the sharia money market mutual funds performance during covid-19 in Indonesia. However, both mutual funds average Sharpe ratio show the negative number during 2020. Moreover, there are no significant difference between conventional and sharia money market mutual funds returns during the period 2020. The high different return on the maximum return due to some conventional mutual fund perform exceptional during 2020.
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Firli, Anisah, Risris Rismayani, and Dinna Miftahul Jannah. "Analysis of the influence of asset allocation policy, investment manager performance, and risk level on the performance of Sharia money market mutual funds in Indonesia." F1000Research 11 (July 11, 2022): 768. http://dx.doi.org/10.12688/f1000research.109708.1.

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Background: Islamic money market mutual funds have become an alternative to conventional investment instruments. This research has novelty in determining the variables of mutual fund performance by combining risk and return factors, asset allocation policy variables, and investment manager performance, which have a high impact on the return and risk level in reducing the risk of loss on investment. In addition, this research was conducted on the performance of Islamic money market mutual funds that have not been studied before. Methods: This research uses data on Islamic money market mutual funds registered with the Financial Services Authority in Indonesia. The performance of Islamic money market mutual funds was calculated using the Sharpe Method and tested using multiple regression analysis. Results: The results showed that the asset allocation policy, investment manager performance, and the level of risk simultaneously have a significant effect on the performance of Islamic money market mutual funds in Indonesia; however, partially, there is no significant effect between (1) the asset allocation policy on the performance of Islamic money market mutual funds in Indonesia: (2) investment manager performance on the performance of Islamic money market mutual funds in Indonesia, and (3) the level of risk on the performance of Islamic money market mutual funds in Indonesia. Conclusions: The results indicated that optimization of returns and risks was needed by considering the composition of asset allocation, choosing the right investment manager, and conducting a good risk level analysis to obtain optimal Islamic money market mutual fund performance.
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5

David Ferdinan, Hutagalung, Eko A. Widyanto, and Burhanuddin Burhanuddin. "Pengukuran Reksadana Menggunakan Sharpe dan Treynor Model Jenis Pasar Uang, Pendapatan Tetap dan Saham." Jurnal Indonesia Sosial Sains 3, no. 4 (April 21, 2022): 562–77. http://dx.doi.org/10.36418/jiss.v3i4.567.

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The Purpose of this research determine the results of measuring the performance of each type of mutual funds, namely the type of Money Market, Fixed Income and stocks in 2016 - 2020, if using the Sharpe method and the Treynor method and finding the type of Mutual fund with the best performance from these measurements. Sampling technique in this study using purposive sampling technique, totaling 30 samples of mutual funds. The analytical tool used in performance measurement is Microsoft Excel. The result of this performance measurement is the performance measurement of money market mutual funds, resulting in the Sucorinvest Money Market fund with the best performance based on Sharpe and Treynor methods. Fixed income mutual funds with Danamas Stabil that have the best performance based on Sharpe measurements and from stock funds, there are 2 Mutual funds, namely Sucorinvest Equity Fund and Sucorinvest Maxi Fund. The results of these measurements are Danamas Stabil from fixed income mutual funds are able to have the best performance of the 3 types of mutual funds based on Sharpe measurement, while based on the Treynor method, produce money market funds that have the best performance.
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6

David Ferdinan, Hutagalung, Eko A. Widyanto, and Burhanuddin Burhanuddin. "Pengukuran Reksadana Menggunakan Sharpe dan Treynor Model Jenis Pasar Uang, Pendapatan Tetap dan Saham." Jurnal Indonesia Sosial Sains 3, no. 4 (April 21, 2022): 562–77. http://dx.doi.org/10.36418/jiss.v3i4.567.

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The Purpose of this research determine the results of measuring the performance of each type of mutual funds, namely the type of Money Market, Fixed Income and stocks in 2016 - 2020, if using the Sharpe method and the Treynor method and finding the type of Mutual fund with the best performance from these measurements. Sampling technique in this study using purposive sampling technique, totaling 30 samples of mutual funds. The analytical tool used in performance measurement is Microsoft Excel. The result of this performance measurement is the performance measurement of money market mutual funds, resulting in the Sucorinvest Money Market fund with the best performance based on Sharpe and Treynor methods. Fixed income mutual funds with Danamas Stabil that have the best performance based on Sharpe measurements and from stock funds, there are 2 Mutual funds, namely Sucorinvest Equity Fund and Sucorinvest Maxi Fund. The results of these measurements are Danamas Stabil from fixed income mutual funds are able to have the best performance of the 3 types of mutual funds based on Sharpe measurement, while based on the Treynor method, produce money market funds that have the best performance.
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7

Tianyi, Ren, and Tajul Ariffin Masron. "A Case Study of Interbank Deposit Fund Market: Sustainable Emerging Markets in China." Malaysian Journal of Social Sciences and Humanities (MJSSH) 7, no. 7 (July 29, 2022): e001712. http://dx.doi.org/10.47405/mjssh.v7i7.1712.

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The first batch of interbank deposit funds was issued in China on December 3, 2021, and three batches of interbank deposit funds were issued in China as of May 2022, totaling 17 funds. As an emerging market, the interbank deposit fund market is a gap area of academic research. This paper analyzes the background of the development of the interbank deposit fund market in China, summarizes the current development of interbank deposit funds based on relevant data, introduces the specific profit model of interbank deposit funds, and explains their main advantages over short-dated bond funds and money funds. At the same time, this paper also discusses the main constraints faced by interbank depository funds, proposes corresponding solutions, and looks into the future development direction of China's interbank depository fund market. The above research plays a role in the sustainable development of the interbank depository fund market.
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8

Lewis, Craig M. "Money Market Funds and Regulation." Annual Review of Financial Economics 8, no. 1 (October 23, 2016): 25–51. http://dx.doi.org/10.1146/annurev-financial-121415-032823.

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9

Kordy, Kariman, Aliaa Bassiouny, and Eskandar Tooma. "Valuation discrepancies in money market funds during market disruptions: evidence from Egypt." Investment Management and Financial Innovations 17, no. 3 (September 8, 2020): 97–110. http://dx.doi.org/10.21511/imfi.17(3).2020.08.

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Money market funds (MMFs) are generally considered safe investment vehicles, but the 2008 global financial crisis showed their vulnerability during market disruptions resulting in increased regulatory oversight across developed markets to protect investors. This paper examines the effect of MMF accounting regulation on investors in an emerging market context. It hypothesizes that the continued use of amortized cost methods to account for MMFs’ Net Asset Value (NAV) during market disruptions can result in unfair treatment of investors. The Egyptian money market provided a unique laboratory to test this hypothesis over a prominent economic crisis that combined high levels of interest rate volatility with a redemption-only structure for MMFs. A model that measures the discrepancies between the amortized and floating market NAVs per certificate for various money market portfolios (MMPs) simulating MMFs of different durations is tested using the Egyptian data. A sharp rise in interest rates is found to lead to significant discrepancies between the amortized NAV per certificate relative to their floating value. Serial investor redemptions of the certificates compound the discrepancies, but only certificate holders remaining in the funds bear the accumulated losses, which are augmented for portfolios with higher durations. The results suggest that emerging market regulators consider introducing the rules that switch to floating NAV calculations for MMFs during such periods to promote equality across all investors.
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10

Totgi, Suchita B. "Significant Insights, Value Orientation and Differences Between the Mutual Fund Investment Flow and Indian Stock Market Returns – A Theoretical Assimilation." International Journal of Research Publication and Reviews 03, no. 12 (2022): 2352–56. http://dx.doi.org/10.55248/gengpi.2022.31274.

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Researchers and academicians from all over the world have become interested in the study of the causal relationship between mutual fund investment flow and stock market returns in recent years. But there is currently a contradictory body of empirical data on this matter. Additionally, there are a few studies that take the case of India into account. In order to better understand the dynamics of the relationship between mutual fund investment flow and stock market returns in India from January 2000 to May 2010, the following article will do just that. The Granger causality tests are applied using the Toda and Yamamoto approach, which yields evidence of a one-way causal relationship between stock market returns and mutual fund investment flow. This suggests that the expansion of stock market activity in India draws mutual funds to the stock market. Therefore, the government and monetary authorities should take the necessary actions to reduce the volatility and increase the efficiency of the capital market. By gathering money from households and investing it in the stock and debt markets, mutual funds enable portfolio diversification and relative risk aversion. In India, a specific type of mutual fund called fixed-income funds invests in debt securities that have been issued by businesses, banks, or the government. In India, fixed-income funds are also referred to as debt funds and income funds. The goal of the current study is to assess the performance of a few selected debt or income mutual fund schemes in India based on their daily NAV using various statistical measures. In the past ten years, income schemes have become more and more popular. The securities that were purchased are referred to as the fund's portfolio. There may have been restrictions on rival products, which led to the emergence of money market and (short-term) bond funds. In this study, the performance of several mutual fund types in India was compared and studied. The results showed that equities funds outperformed income funds. The study also found that institutional fund managers can time their investments and that equity fund managers have significant market timing ability, but broker operated funds did not demonstrate this ability. Additionally, empirical research has shown that fund managers possess significant timing ability and can time their investments to match market conditions.
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11

Jank, Stephan, and Michael Wedow. "Sturm und Drang in money market funds: When money market funds cease to be narrow." Journal of Financial Stability 16 (February 2015): 59–70. http://dx.doi.org/10.1016/j.jfs.2014.12.002.

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12

Bouveret, Antoine, Antoine Martin, and Patrick E. McCabe. "Money Market Fund Vulnerabilities: A Global Perspective." Finance and Economics Discussion Series 2022, no. 010 (March 18, 2022): 1–26. http://dx.doi.org/10.17016/feds.2022.012.

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Money market funds (MMFs) are popular around the world, with over $9 trillion in assets under management globally. From their origins in the 1970s, MMFs have operated in a niche between the capital markets and the banking system, as investment funds that offer private money‐like assets with features similar to those of bank deposits. Hence, they are vulnerable to runs that arise from liquidity transformation and from sudden changes in investor perceptions of the funds’ ability to serve as money‐like assets. Since 2000, MMF runs have occurred in many countries and under many regulatory regimes. The global pattern of runs and crises shows that MMF vulnerabilities are not unique to a particular set of governing arrangements, and that mitigating these vulnerabilities requires fundamental reforms that either place MMFs more clearly within the investment‐fund sector or establish protections for MMFs similar to those for deposits.
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13

Chiu, Hsin-Hui, and Lu Zhu. "Can mutual fund flows serve as market risk sentiment?" Journal of Risk Finance 18, no. 2 (March 20, 2017): 159–85. http://dx.doi.org/10.1108/jrf-08-2016-0103.

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Purpose This paper aims to examine the information content of mutual fund flows and its indication on investors’ preference/tolerance toward risk. Design/methodology/approach Mutual funds are grouped into different categories based on assets with different levels of risk perceptions (e.g. equity fund, money market fund), and this information is publicly accessible. This paper examines the correlation patterns between fund flows and changes in credit default swaps (CDS) spreads. In addition, it also examines such a relation by dividing the samples into different fund types (e.g. retail vs institutional fund flows). Findings This paper suggests that equity fund flows are negatively related to CDS spreads, whereas money market fund flows are positively related to CDS spreads. Furthermore, it indicates that retail fund flows provide insightful information and serve as the primary driver behind the relation between fund flows and CDS spreads. Originality/value The findings of this paper indicate that flows into equity and money market funds could serve as a risk sentiment in credit markets. And this is the first study, to the best of the author’s knowledge, to establish such a linkage between fund flows and CDS spreads to help investors gauge credit market sentiment.
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14

Huang, Lingling, Qianling Zeng, Fan Lin, Wenyan Deng, and Wenchao Pan. "Performance Evaluation of China Internet Monetary Fund Based on Super-efficient DEA." Sumerianz Journal of Economics and Finance, no. 43 (July 23, 2021): 96–101. http://dx.doi.org/10.47752/sjef.43.96.101.

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Since 2013, China’s Internet money fund market has entered a new era. On June 17, 2013, Yu’e Bao, jointly launched by Alipay and Tianhong Fund Company, was the first to go public. In just a few short years, the Internet money fund market has developed in full swing, and Tencent, Baidu, and JD have also participated in the development of related change wealth management businesses. This article uses super-efficiency DEA to evaluate fund performance. Through the validity test of 16 sample fund products in 2019, 7 sample funds are valid according to the DEA; and 16 sample fund products in 2020 are tested for validity, 9 sample funds are valid according to the DEA. The research found that most of the Internet financial products have not yet reached their effectiveness, which is mainly reflected in the fund’s custody and management fees. There is still a lot of room for development in China’s Internet fund market.
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Murphy, Jack, Brenden Carroll, Stephen Cohen, Joshua Katz, and Justin Goldberg. "SEC staff issues money market fund reform frequently asked questions." Journal of Investment Compliance 16, no. 4 (November 2, 2015): 47–54. http://dx.doi.org/10.1108/joic-08-2015-0059.

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Purpose – To explain the background and details of the responses from the Staff of the Division of Investment Management of the US Securities and Exchange Commission (SEC) to certain frequently asked questions (FAQs) regarding the July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (1940 Act). Design/methodology/approach – In July 2014, the SEC adopted sweeping amendments to Rule 2a-7 and other rules that govern money market funds under the 1940 Act (Amendments). The Amendments (i) require “institutional” money funds to operate with a floating net asset value (NAV), rounded to the fourth decimal place (e.g. $1.0000) and (ii) permit (and, under certain circumstances, require) all money funds to impose a “liquidity fee” (up to 2 per cent) and/or “redemption gate,” once weekly liquidity levels fall below the required regulatory threshold. The article briefly discusses the background and the events leading up to the FAQs and describes key responses from the Staff on a variety of issues. Findings – The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately. The FAQs provide clarity on a number of issues that are relevant to the money fund industry. Practical implications – Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance. Originality/value – Practical guidance from experienced financial services lawyers.
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Urban, Dariusz. "The Color of Government Money. Do Investors Differently Value the Investment of Sovereign Wealth Funds?" e-Finanse 13, no. 1 (November 1, 2017): 25–34. http://dx.doi.org/10.1515/fiqf-2016-0016.

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AbstractThe article aims at pointing out the differences in market reactions regarding the announcement of an investment of selected Sovereign Wealth Funds in companies listed on the London Stock Exchange. The research sample consists of 796 market transactions made by four selected Sovereign Wealth Funds. The author employed event study methodology to calculate the average abnormal returns and cumulative abnormal returns for each fund in subsamples. The empirical findings suggest that investors react differently to the information about a fund’s investment. To the best of the author’s knowledge, the literature does not provide any answer as to how the market reacts to information disclosure of individual funds. Therefore, this paper bridges the gap in the literature within this field.
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Nabi, Agha Ammad, and Umair Zuhair. "Performance and Evaluation of Portfolio of Mutual Funds." Journal of Economic Info 2, no. 2 (April 30, 2015): 1–5. http://dx.doi.org/10.31580/jei.v2i2.85.

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The basic approach of any kind of investor is to handle and minimize the risk and increase their profits. It is common fact that to manage the risk is not to have all eggs in a basket in monetary markets and this saying is familiar as diversification. The diversifications need decision regarding which basket to have which eggs and how much eggs should have in the basket. The lack of financial expertise in the context of mutual funds for making investment in markets has introduced mutual funds with the state of mind of financial experts. The experts of financial markets have only advantage since the fact that it is always win-win situation for them who don’t know about investment and decreasing the risk via managing funds in effective way by bigger portfolios and sufficient amount of money. As the mutual fund industry of Pakistan expanded with some pace in first decade of this century and due to this reason the performance evaluation of this industry become critical and hot topic. The study aims to measure the performance of Pakistani mutual fund industry from 2014 to 2017. There are total 233 mutual funds operating in the mutual industry of Pakistan, out of 233 mutual funds, total 45 mutual funds were selected for the study; 23 mutual funds were from equity while only 22 mutual funds were selected form money market. Sharpe ratio was used to measure the risk-adjusted performance of mutual funds and the Sharpe ratio in both equity funds and money market funds are positive, thus indicating that funds managers have the ability to diversify investment to decrease the risk.
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18

Pizzani, Lori. "New Rules for Money Market Funds." CFA Institute Magazine 21, no. 1 (January 2010): 32–33. http://dx.doi.org/10.2469/cfm.v21.n1.18.

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19

Schmidt, Lawrence, Allan Timmermann, and Russ Wermers. "Runs on Money Market Mutual Funds." American Economic Review 106, no. 9 (September 1, 2016): 2625–57. http://dx.doi.org/10.1257/aer.20140678.

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We study daily money market mutual fund flows at the individual share class level during September 2008. This fine granularity of data allows new insights into investor and portfolio holding characteristics conducive to run risk in cash-like asset pools. We find that cross-sectional flow data observed during the week of the Lehman failure are consistent with key implications of a simple model of coordination with incomplete information and strategic complementarities. Similar conclusions follow from daily models fitted to capture dynamic interactions between investors with differing levels of sophistication within the same money fund, holding constant the underlying portfolio. (JEL D14, G11, G23)
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20

Gallagher, Emily, and Sean Collins. "Money Market Funds and the Prospect of a US Treasury Default." Quarterly Journal of Finance 06, no. 01 (February 15, 2016): 1640001. http://dx.doi.org/10.1142/s2010139216400012.

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US debt ceiling crises in 2011 and 2013 were marked by significant outflows from money market funds (MMFs). This study evaluates the behavior and motivations of investors redeeming from MMFs during these crises. We find that the majority of redemptions reflect a generalized flight-to-liquidity and are, therefore, primarily a function of the liquidity needs of a fund’s investor base. Funds holding Treasury securities at greatest risk of default or with market values below their $1 share price experience flows that are insignificantly different from other funds, all else equal. We also find evidence that a significant portion of the outflows stem, not from liquidity concerns, but from an opportunistic yield play on the repo market created by the crises. Finally, we offer anecdotal evidence that the government’s guarantee of bank deposits had the perverse effect of encouraging outflows from MMFs during the 2011 crisis.
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Murphy, Jack, Stephen Cohen, Brenden Carroll, Aline A. Smith, Matthew Virag, and Justin Goldberg. "US SEC approves sweeping amendments to rules governing money market funds." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 25–39. http://dx.doi.org/10.1108/joic-01-2015-0016.

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Purpose – To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940. Design/methodology/approach – Explains the background, including problems during the financial crisis, the USA Treasury’s temporary guarantee program in 2008, earlier SEC proposals, and the USA Financial Stability Oversight Council’s recommendations. Details the amendments to Rule 2a-7, including the authorization to impose liquidity fees and redemption gates, the floating net asset value (NAV) requirement, the impact of the amendments on unregistered money funds operating under Rule 12d1-1, guidance on fund valuation methods, disclosure requirements, requirements for money fund portfolios to be diversified as to issuers of securities and guarantors, stress testing requirements, and compliance dates. Findings – The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately. Practical implications – Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance. Originality/value – Practical guidance from experienced financial services lawyers.
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Suharti, Titing, Renea Shinta Aminda, Widhi Ariyo Bimo, Immas Nurhayati, and Siti Mulyati Dewi. "Performance of Conventional and Sharia Mutual Funds Using Sharpe, Treynor and Jensens Methods." Proceedings of The International Halal Science and Technology Conference 15, no. 1 (December 8, 2022): 48–58. http://dx.doi.org/10.31098/ihsatec.v15i1.594.

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Mutual funds is an instrument investment which is the best recommendation for beginner investor or an alternative investment that more safe and eficient. Investing growth give an opportunity to economic growth and to agregat growth of a country macro economic. That things were positive impacted to many factors for harmony and prospery. Research purpose - Indonesia is a country with the majorities moeslims citizen, to know how money market conventional and sharia mutual funds performances that can become a scient or subject to inform the investors of optional instrument investment it is does not depends to any religion. Using the portofolio method performance there are Sharpe Index, Treynor Index, and Jensen Alpha. And the variables using net asset value of money market mutual funds, risk free BI-7DRR, JKSE, and JII periode time 2017-2021. This research can show that mutual funds is a sustainable investment caused both of risk and return are the same. Research result In 2020 pandemic covid-19 hitten Indonesia and streamed untill 2022 but in the fact investment popularity doing hightly, a lot of campaign and promoting influencer to pull on teenegers become a new investor. Money market mutual fund is a suitable recommendation for investor beginner according with increased of under asset management value of money market mutual funds during pandemic. On the practice there are more options of mutual funds with two principle are conventional and sharia mutual funds.
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23

Avkiran, Necmi K. "Explaining Systemic Risk in Money Market Funds." Theoretical Economics Letters 08, no. 09 (2018): 1525–52. http://dx.doi.org/10.4236/tel.2018.89098.

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Jain, Dr Meghna. "A Study of Selected Flexi Cap Mutual Funds." Journal of Corporate Finance Management and Banking System, no. 24 (July 2, 2022): 16–24. http://dx.doi.org/10.55529/jcfmbs.24.16.24.

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This paper represents an overview on the performance evaluation of the flexi cap mutual funds. A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors in order to invest in securities like stock, bonds, money market instruments and other assets. Flexi cap funds are open ended dynamic equity schemes that invest across large cap, mid cap and also small cap stocks. These funds allow the investors to diversify their portfolios across market capitalizations in order to reduce risk and volatility. Thus, the fund manager is responsible to analyze the potential of various businesses irrespective of their size and allocation of funds to different sectors and other businesses. This paper also attempts to analyze the best flexi cap mutual funds for the Generation Z. The objective of this research paper is to evaluate the performance of the Parag Parikh flexi cap fund, UTI flexi cap fund and PGIM India flexi fund over the time period of last four years i.e. 2018-19 to 2021-22.
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25

Kiymaz, Halil. "A performance evaluation of Chinese mutual funds." International Journal of Emerging Markets 10, no. 4 (September 21, 2015): 820–36. http://dx.doi.org/10.1108/ijoem-09-2014-0136.

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Purpose – The purpose of this paper is to examine the performance of Chinese mutual funds during the period of January 2000 to July 2013. Emerging market funds provide investors with alternative risk exposure for their portfolios. The Chinese market has developed rapidly and differs from developed markets regarding wide range of market and economic characteristics, including size, liquidity, and regulation. The performance of these funds is investigated by using various risk adjusted measures. The study also compares performances of mutual fund subgroups and explains the factors influencing their performances. Design/methodology/approach – This is an empirical paper using various risk performance measures. These measures include the Sharpe ratio, Information ratio, Treynor ratio, M-squared and Jensen’s α. The data comprises 1,037 funds. These funds are further divided into ten subgroup of funds based on their classification: equity (484); aggressive allocation (95 funds); conservative allocation (18 funds); moderate allocation (85 funds); aggressive bond (92 funds); normal bond (52 funds); guaranteed (29 funds); money market (53 funds); and QDII funds (119 funds). A cross-sectional analysis of fund performance is performed using Sharpe and Jensen’s measures as dependent variables and fund-specific variables (Age, Turnover, Tenure, Frontload, Redemption fees, and Management fees), market-specific variables (P/E ratio, P/B ratio, Market capitalization), and fund types as independent variables. Findings – The findings show that Chinese funds generate positive αs for their investors. The highest return is provided with aggressive allocation funds followed by moderately aggressive allocation funds. The average Jensen’s α is the highest in aggressive allocation funds. QDII funds do not provide significant positive αs; in several instances αs are negative. Further analysis of sub-periods show that Chinese funds do not consistently provide excess returns and show great variations. The study also finds that older funds, funds with higher fees, high price to book ratio, and smaller funds continue to perform better than other funds. Originality/value – This study adds value by focussing on Chinese funds and risk/return characteristics of these funds. The research will further explore factors explaining these returns.
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Ochnio, Emil. "Changes in the profitability of investment funds in Poland in the period 2005-2016." Annals of Marketing Management and Economics 3, no. 1 (June 30, 2017): 59–68. http://dx.doi.org/10.22630/amme.2017.3.1.6.

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The paper examines the rates of return of three main types of investment funds in the period of from 2005 to June 2016. The analysis covers 120 equity, 55 bond and 60 mixed funds and is based on data taken from www.bossa.pl, www.analizy.pl and www.izfa.pl. The results of analysis indicate that macroeconomic conditions significantly shape fund returns, though the impact is diversified by fund type. Better stock market conditions benefit equity and mixed funds, and the periods of economic slowdown are favorable for safer funds, including bond and money market funds. For the entire period, equity funds achieved the highest returns, but with the highest risk. The opposite situation concerned bond funds. The average returns of every type of fund were higher than deposit rates – more than 50% of the funds outgained them.
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Tan, Ömer Faruk. "Mutual Fund Performance: Evidence From South Africa." EMAJ: Emerging Markets Journal 5, no. 2 (November 12, 2015): 49–57. http://dx.doi.org/10.5195/emaj.2015.83.

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This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE) yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966), Treynor ratio (1965), Jensen's alpha (1968) methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966) and Henriksson & Merton (1981) regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966) regression analysis method is applied for market timing ability of fund managers.
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Kristina, Erika, and Wahyu Tisno Atmojo. "DECISION SUPPORT SYSTEM SELECTING MONEY MARKET MUTUAL FUND USING AHP METHOD." JURTEKSI (Jurnal Teknologi dan Sistem Informasi) 8, no. 3 (August 9, 2022): 343–50. http://dx.doi.org/10.33330/jurteksi.v8i3.1618.

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Abstract: Money Market Mutual Funds are a short-term and low-risk investment vehicle suitable for novice investors. The large list of Money Market Mutual Funds for sale makes it difficult for novice investors to choose the best one. Therefore, in selecting Money Market Mutual Funds, a decision support system is needed by using the AHP (Analytical Hierarchical Process) method. Calculations using the AHP method can produce ratings that can be used as a reference in selecting Money Market Mutual Funds. The highest-ranking result in this study is Batavia Dana Kas Maxima. Keywords: AHP; Decision Support System; Money Market Mutual Funds Abstrak: Reksa Dana Pasar Uang adalah sarana investasi jangka pendek dan berisiko rendah yang cocok bagi investor pemula. Banyaknya daftar Reksa Dana Pasar Uang yang dijual membuat investor pemula kesulitan dalam memilih yang terbaik. Oleh sebab itu, diperlukan sistem pendukung keputusan dalam memilih Reksa Dana Pasar Uang dengan menggunakan metode AHP (Analytical Hirearchy Process). Perhitungan metode AHP dapat menghasilkan peringkat yang dapat dijadikan acuan dalam memilih Reksa Dana Pasar Uang. Hasil peringkat tertinggi pada penelitian ini adalah Reksa Dana Pasar Uang (RDPU) Batavia Dana Kas Maxima. Kata kunci: AHP; Reksa Dana Pasar Uang; Sistem Pendukung Keputusan
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Dewi Tamara, Ir, and Shintia Revina. "Indonesian Mutual Funds Classification Using Clustering Method." Advanced Science Letters 21, no. 4 (April 1, 2015): 826–29. http://dx.doi.org/10.1166/asl.2015.5892.

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Mutual funds have existed since 1990 as an alternative investment in Indonesia. The objective of this research is to examine the existing classification of mutual funds database. The data of mutual funds is taken from Bloomberg through Portal Reksadana 2013 which covered 690 mutual funds. The existing classification consists of mutual funds fixed income (reksadana pendapatan tetap), equity (reksadana saham), money market (reksadana pasar uang) and structured (reksadana campuran). The existing financial attributes consists of the net asset value, percentage annualized return the last 6 months, 1 year, 3 years, 5 years and year-to-date. This paper uses K-means clustering to propose new classification of Indonesian mutual funds. The result reveals that mutual funds in equity and fixed income belong to its group. However, mutual funds money market is belong to mutual fund fixed income and mutual funds structures are identified to mutual funds equity. Furthermore, we find that in average 43% of Indonesian mutual funds are misclassified in accordance with their attributes. Finally, it is suggested to re-group the mutual funds into smaller classification, which has lower rates of misclassified mutual funds and possibility to achieve better performances in terms of its percentage annualized return.
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Rout, Bishwajit, and Sangeeta Mohanty. "FACTORS INFLUENCING THE INVESTORS TO INVEST IN MUTUAL FUNDS: AN EMPIRICAL ANALYSIS." International Journal of Engineering Technologies and Management Research 6, no. 9 (March 31, 2020): 45–52. http://dx.doi.org/10.29121/ijetmr.v6.i9.2019.450.

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Indian mutual fund industry started with traditional products like equity fund, debt fund and balanced fund and later significantly increased it’s product base. Today, the industry has introduced a wide range of products such as money market funds, sector specific funds, index funds, gilt funds, insurance linked funds, exchange traded funds, and marching towards reality funds. The different types of schemes offered by the Indian mutual fund industry provide several options of investment to common man. What is noteworthy is that bulk of the mobilization has been by the private sector mutual funds rather than bank sponsored mutual funds. Through this paper the author has attempted to focus on the the factors that motivate the investors to invest in mutual funds.
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Hendratri, Bhaswarendra Guntur. "Pasar Uang Antarbank Dengan Prinsip Syariah." JES (Jurnal Ekonomi Syariah) 1, no. 2 (March 2, 2017): 266–74. http://dx.doi.org/10.30736/jes.v1i2.20.

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Islamic banking development that is increasingly requires the development of Islamic banking products, which are used to meet the needs and demands of its customers. Islamic banking can overcome or manage their liquidity in an Islamic way, both the sukuk and other types of investments, which certainly does not violate the Islamic sharia. The keys are used by banks in their liquidity management is the availability of primary and secondary reserves. In fulfillment of secondary reserve, bank can invest idle fund in Money Market. Islamic interbank money market is able to support smooth for Islamic banking to use Islamic interbank money market as a means to organize and manage liquidity. Interbank money market with Sharia principle is one of the facilities provided by Bank Indonesia as control of Indonesia banking in terms of utilization of idle funds held by Islamic banking. Interbank money market with Sharia, which has the right to publish is only a BUS or UUS because, in the future, BUS or UUS will be the manager of the funds, both in terms of SIMA (Mudharabah Interbank Investment Certificate) or SIKA (Commodity Interbank Certificate). Commodity Certificates based on Sharia (SIKA) is different with SIMA. SIKA uses murabahah contract. The trade is conducted in the commodity exchange. The interbank money market with Sharia principles is not much different from the risks that exist in the money market in general. However, the risk in interbank money market seems more minimal because is conceptualized and organized by Bank Indonesia.
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Briggs, John, and Ejike Nwankpa. "EVALUATION OF THE PERFORMANCE OF COLLECTIVE INVESTMENT SCHEMES IN NIGERIA." International Journal of Development Strategies in Humanities, Management and Social Sciences 12, no. 2 (March 12, 2022): 34–45. http://dx.doi.org/10.48028/iiprds/ijdshmss.v12.i2.03.

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This paper examined the performance of thirteen (13) large-size money market funds in Nigeria based on the net asset values (NAV) as at 31 December 2021. Mutual fund data were obtained from the website of Securities and Exchange Commission, 91-day treasury bills true yield and stop rates which served as proxy for benchmark index and risk-free rates respectively from Central Bank of Nigeria statistical bulletin while returns yielded by the funds were obtained from the audited accounts and factsheets of the mutual funds. The performance evaluation was carried out using Sharpe ratio, Treynor ratio and Jensen’s Alpha for the period January 2018 to December 2021. The result is opposed to previous works that on the average, mutual funds did not generate returns to outperform the market index. All the 13 money market funds recorded positive ratios across all the three measurement ratios. It was observed that mutual funds industry in Nigeria is presently underutilized and underdeveloped. Also, the Nigerian mutual funds sector is heavily concentrated on fixed income investment rather than being widely spread across various investments outlets. The paper points to the need for collaboration between regulators and operators in facilitating awareness and distribution channels while the fund managers are called to select their stocks based on research and analysis as well as to always use risk-adjusted measures in reporting their performance.
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Chan, Kam C., William J. Trainor, and Edward R. Wolfe. "Senior Loan Funds as a Money Market Alternative." Journal of Investing 16, no. 4 (November 30, 2007): 108–16. http://dx.doi.org/10.3905/joi.2007.698973.

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34

Baklanova, Viktoria, and Joseph Tanega. "EU proposal for regulation on money market funds." Law and Financial Markets Review 7, no. 5 (September 30, 2013): 250–55. http://dx.doi.org/10.5235/17521440.7.5.250.

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35

La Spada, Gabriele. "Competition, reach for yield, and money market funds." Journal of Financial Economics 129, no. 1 (July 2018): 87–110. http://dx.doi.org/10.1016/j.jfineco.2018.04.006.

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36

Strahan, Philip E., and Başak Tanyeri. "Once Burned, Twice Shy: Money Market Fund Responses to a Systemic Liquidity Shock." Journal of Financial and Quantitative Analysis 50, no. 1-2 (April 2015): 119–44. http://dx.doi.org/10.1017/s0022109015000101.

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AbstractAfter Lehman’s collapse in 2008, investors ran from risky money market funds. In 27 funds, outflows overwhelmed cash inflows, thus forcing asset sales. These funds sold their safest and most liquid holdings. Funds were thus left with riskier and longer maturity assets. Over the subsequent quarter, however, the hard-hit funds reduced risk more than other funds. In contrast, money funds hit by idiosyncratic liquidity shocks before Lehman did not alter portfolio risk. The result suggests that moral hazard concerns with the Treasury Guarantee of investor claims did not increase risk taking. Funds that benefited most from the government bailout reduced risk.
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37

Baig, Ahmed S., and Drew B. Winters. "Month-End Regularities in the Overnight Bank Funding Markets." Journal of Risk and Financial Management 14, no. 5 (May 3, 2021): 204. http://dx.doi.org/10.3390/jrfm14050204.

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The money market rates in the United States exhibit various calendar patterns that are grounded in institutional and regulatory factors. In this paper, we document a new regularity in the overnight fed funds market. Specifically, we identify patterns of decreased volatility along with consistent and significant month-end rate drops in the fed fund rates. Our findings suggest that short-term liquidity requirements of the Basel III reforms are, in part, responsible for the regularity in fed funds.
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38

Ennis, Huberto M., Jeffrey M. Lacker, and John A. Weinberg. "Money Market Fund Reform: Dealing with the Fundamental Problem." Journal of Risk and Financial Management 16, no. 1 (January 9, 2023): 42. http://dx.doi.org/10.3390/jrfm16010042.

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After the events in March 2020, it became clear to U.S. policymakers that the 2014 reform of the money market funds (MMFs) industry had not successfully addressed the stability concerns associated with surges in withdrawals. In December 2021, the SEC proposed a new set of rules governing how money market funds can operate. A fundamental problem behind the instability of money market funds is the expectation that backstop liquidity support will be provided by the government in the event of financial distress, along with the government’s inability to credibly commit to not provide such support. This expectation dampens funds’ incentives to take steps ahead of time to mitigate the risk of sudden withdrawals. The newly proposed reforms are aimed at constraining withdrawals or penalizing them with “swing pricing”. We argue that if the commitment problem is the fundamental issue, it would be more useful to reduce expectations of ex-post support by requiring MMFs to have contractual commitments in place, ex-ante, for liquidity support from private parties.
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Parlatore, Cecilia. "Fragility in money market funds: Sponsor support and regulation." Journal of Financial Economics 121, no. 3 (September 2016): 595–623. http://dx.doi.org/10.1016/j.jfineco.2016.05.004.

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40

Goswami, Bhaskar. "Performance of Select Money Market Mutual Funds in India." Global Journal of Interdisciplinary Social Sciences 6, no. 4 (August 30, 2017): 1–9. http://dx.doi.org/10.24105/gjiss.6.4.1701.

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41

Lam, Chun H., Rajat Deb, and Tom Fomby. "Deregulation and the demand for money market mutual funds." Journal of Macroeconomics 11, no. 2 (March 1989): 297–308. http://dx.doi.org/10.1016/0164-0704(89)90044-x.

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42

Farinella, Joseph A., and Randy D. Jorgensen. "Fee waivers for tax-exempt money market mutual funds." Journal of Economics and Finance 26, no. 1 (March 2002): 31–49. http://dx.doi.org/10.1007/bf02744450.

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43

Punj, Dr Shruti. "Risk and Return Analysis of Selected Flexi Cap Mutual Funds." International Journal of Multidisciplinary Research and Analysis 05, no. 10 (October 15, 2022): 2763–71. http://dx.doi.org/10.47191/ijmra/v5-i10-25.

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Mutual funds are considered by the investors as an ideal investment for people who are not having huge sum of money and wish to invest in a portfolio of stocks wherein the share price is quite high. The investors may or may not be aware about the ways investment could be done in stock market and there are different investment options which are available in the market based on a different risk and return. Flexi cap mutual funds offerfund managers a freedom for investing across themes/ sectors and market capitalizations. In Flexi Cap mutual funds, the fund managers could invest on the basis of outlook of market. These schemes generally recommended to the moderate investors for creating wealth over long time period. This study is based on the evaluation of risk and return of different flexi cap mutual funds and compares the performance of these funds so as to find the best flexi cap fund based on different measures of return and risk. Based on the average of the monthly returns, though it is negative, the lowest average negative return is of Aditya Birla and Parag Parikh Flexi Cap mutual funds. The maximum times the highest return has been of Parag Parikh Flexi Cap mutual fund during different quarters. Based on the average Annual return, highest return is of Parag Parikh Flexi Cap mutual fund, followed by UTI Flexi Cap fund, SBI Flexi Cap fund, PGIM Flexi Cap fund and Aditya Birla Flexi Cap mutual fund.
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44

Baele, Lieven, Geert Bekaert, Koen Inghelbrecht, and Min Wei. "Flights to Safety." Review of Financial Studies 33, no. 2 (June 7, 2019): 689–746. http://dx.doi.org/10.1093/rfs/hhz055.

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Abstract We identify flight-to-safety (FTS) days for twenty-three countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample and are associated with a 2.7% average bond-equity return differential and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both quality and liquidity in international equity markets, but mainly a flight to quality in the U.S. corporate bond market. Emerging markets, endowment funds, and hedge funds perform poorly during FTS, whereas hedge funds appear to vary their systematic exposures prior to an FTS. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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45

Kandel, Laxman Raj. "Investors’ Preference Towards Mutual Fund: An Analytical Evidence From Kathmandu Valley." Pravaha 25, no. 1 (October 11, 2020): 103–11. http://dx.doi.org/10.3126/pravaha.v25i1.31939.

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This paper analysis investors’ preference towards mutual fund. The study was conducted inside the Kathmandu valley. In terms of familiarity with the various financial securities currently available in the Nepalese capital market, investors have high familiarity with fixed deposits, medium familiarity with shares and low familiarity with bonds and debentures and money market instruments. Incase of the preference for the structure of the mutual fund, more than two-third of the total respondent were in favor of Close Ended Mutual Funds. Potential investors of mutual funds prefer family members followed by self-analysis as a medium for getting understanding to create the awareness of mutual funds; TV Advertisement and Print Newspaper are effective, as these sources are preferred by the potential investors. This study concludes that mutual funds could be an admirable institution for bridging the gap between the individual savers and the established business in Nepal. Investors are showing more interest in mutual fund these days.
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PATEL, JYOTI. "A STUDY ON PERFORMANCE EVALUATION OF SELECTED MUTUAL FUNDS IN INDIA." GAP GYAN - A GLOBAL JOURNAL OF SOCIAL SCIENCES 3, no. 4 (November 30, 2020): 80–85. http://dx.doi.org/10.47968/gapgyan.340012.

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In the Indian Capital market various platforms for the investor to take a position their money for getting more return. Among equity share, bond, Treasury bill, bond, open-end fund then many, but within the Indian capital market, an open-end fund is one among the foremost favorable platforms for an investor to increase their wealth. That is why here we are conducting a study on selected mutual funds in India, the sample of the study is 7 mutual funds The Financial ratio analysis is employed for performance evaluation of fund, therein taking NAV (Net assets value) and return of the three years from 17th July 2017 to 2019. Finding Sharpe ratio, Variance, BETA, and Jenson's alpha on the bases of three-year data. In this study found market sentiment affect more in aggressive hybrid open-end fund compare to conservative.
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ALESTALO, NOORA, and VESA PUTTONEN. "Asset allocation in Finnish pension funds." Journal of Pension Economics and Finance 5, no. 1 (February 8, 2006): 27–44. http://dx.doi.org/10.1017/s1474747205002295.

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This paper empirically examines the strategic asset allocation and the asset/liability issues in the Finnish defined benefit pension funds. The results indicate that there is a relationship between the liability structure and the asset allocation. While pension funds with younger participants have more equity exposure, more mature pension funds have more fixed income investments.Wide dispersion in asset allocations is also found between the funds. One fund holds its entire portfolio in fixed income securities, whereas other funds have none or only few fixed income holdings. Equity investments also vary dramatically, ranging from 0% to over 70% of the asset allocation. The same applies to investments in a sponsor, real estate investment, and money market investments. A portion of these different asset allocations is explained by the liability structure, but another part remains unexplained. The other variables affecting strategic asset allocation of a pension fund are not obvious, but they could include factors such as regulatory environment, historical reasons, mean-variance optimization instead of ALM, sponsor's own preferences or pension fund's irrationality. Analyzing these factors would be a fruitful topic for further research. Additionally, international comparisons would be a fruitful topic for further investigation.
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Bajracharya, Rajan Bilas, and Rushil Bhakta Mathema. "A Study of Investors’ Preference towards Mutual Funds in Kathmandu Metropolitan City, Nepal." Journal of Advanced Academic Research 4, no. 2 (April 1, 2018): 130–38. http://dx.doi.org/10.3126/jaar.v4i2.19543.

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A Mutual Fund is an investment vehicle that pools funds from various investors and invests the funds in stocks, bonds, short-term money-market instruments, other securities or assets or some combination of these investments. The primary goal behind investment in mutual fund is to earn goods return with comparatively low risk. The main objective of this research is to identify investors’ preference towards mutual fund in Kathmandu metropolitan city. By using in structured questionnaire, Description statistical tools like chi-square test have been used for analyzing the data. The findings from this research are that the most of the investors are doubtful to invest the new age investment like mutual funds.
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Aspadarec, Waldemar. "Investment performance of hedge funds." Folia Oeconomica Stetinensia 13, no. 1 (December 1, 2013): 174–85. http://dx.doi.org/10.2478/foli-2013-0001.

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Abstract Economic function of hedge funds is exactly the same as the one performed by investment funds. In both cases managers are in charge of investors’ money. Investors hope that if they withdraw their money, they will recover their contribution and fair return. The first section of the article presents the essence of hedge funds. The second section discusses measures for assessing the effects of investment policy pursued by hedge funds. The third section analyses the investment performance of hedge funds compared to S&P 500 index. The results of the analysis enabled the author to state that hedge funds achieve considerably higher rates of return regardless of market situation.
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Iswadi, Iswadi. "PENGARUH BI RATE, INFLASI, KURS, DAN PDB RIIL TERHADAP DANA PIHAK KETIGA (DPK) SERTA DAMPAKNYA TERHADAP PEMBIAYAAN BERDASARKAN PRINSIP BAGI HASIL PADA PERBANKAN SYARIAH DI INDONESIA PERIODE 2009-2014." Studia Economica : Jurnal Ekonomi Islam 1, no. 2 (July 2, 2015): 37. http://dx.doi.org/10.30821/se.v1i2.240.

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<p>Financial institutions, especially banking institutions have a strategic role for driving the economy of country. To give financing, the bank must obtain the fund in order to give the financing. There are two factors that affect the bank's ability to obtain funds from the public, namely internal and external factors. Internal factors that affecting in obtaining third-party funds are; bank products, interest rate policy, quality of service, the atmosphere of the office, location of offices, and the reputation of the office. While external factors, such as economic conditions, the activity and the condition of the government, the condition of money market, capital markets, government policies and regulations of Bank Indonesia.</p>
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