Impact of Financial Benchmarks Upon the Portfolio Distribution of Mutual Funds: The Evidence From Turkish Capital Market

Fatih Kayhan, Berra Doğaner and Mehmet İslamoglu
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Fatih Kayhan: Kirklareli University
Berra Doğaner: Ostim Technical University
Mehmet İslamoglu: Karabuk University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2022, vol. 37, issue 118, 161-178

Abstract: The purpose of the study is to examine how financial benchmark returns impact the portfolio distribution of mutual funds. The scope of paper is limited to Turkish mutual funds market. Method employed in the paper; Granger Causality Test based on the VAR model is used. Findings of the quantitative analysis: As the return on government debt securities (index) inclines, the demand on Government Domestic Debt Securities goes up, and then, weight of government debt securities increases in consolidated portfolio of mutual funds. The paper concludes that for bonds, benchmark returns are effective on portfolio distribution of mutual funds.

Keywords: Funds; Portfolio Distribution; Benchmark (search for similar items in EconPapers)
JEL-codes: G10 G20 G23 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:37:y:2022:i:118:p:161-178

DOI: 10.33203/mfy.1140189

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