Does Mutual Fund Management in India Correspond to its Investment Objective Classification?

Luis Ferruz Agudo () and Cristina Ortiz Lázaro ()
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Luis Ferruz Agudo: Department of Accounting and Finance, Faculty of Economics and Business Studies, University of Zaragoza, C/Gran Vía, 2, Zaragoza, 50005, Spain
Cristina Ortiz Lázaro: Department of Accounting and Finance, Faculty of Economics and Business Studies, University of Zaragoza, C/Gran Vía, 2, Zaragoza, 50005, Spain

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2005, vol. 08, issue 04, 659-685

Abstract: The aim of this article is to investigate the mutual fund market in India and verify whether or not the fund classification obtained from the name given to identify them corresponds to that which would be obtained were prior management to be taken into account. This industry has undergone spectacular growth in recent years, making this study extremely interesting, not least because institutional control could be less in times of expansion. The methodologies employed in the study are factor analysis and cluster analysis. The former determines that risk would clearly identify two groups of funds in the same manner as public classification of the funds. Cluster analysis, on the other hand, identifies funds that are, in fact, very close to one another, when for the bulk of investors they are not.

Keywords: Indian mutual funds; factor analysis; cluster analysis (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S0219091505000555

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