A Survey on the Efficiency of the Postmodern Performance Appraisal Measures of Mutual Funds in Tehran Stock Exchange
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

A Survey on the Efficiency of the Postmodern Performance Appraisal Measures of Mutual Funds in Tehran Stock Exchange

Authors
Davood Jafari Seresht
Marziyeh Bayat
Ali Javidi Athar
10.22034/jse.2016.11081
Abstract
According to the nature of the mutual funds, the use of an appropriate method for evaluating the performance of such funds always has been one of the most important issues in the field of investments performance evaluation. So, different criteria have already been introduced by researchers to evaluate the funds Performance.
The present paper examines the efficiency of the postmodern Performance measurements criteria compared with modern criteria based on data of the active mutual funds in Tehran Stock Exchange for the period of 6 years from April 2009 to March 2015. In this paper, Upside Potential Ratio, Sortino Ratio and Omega measure as postmodern Criteria and Sharp Return, Treynor Ratio, and Jensen Differential Return Measure as Modern Performance Measurements Criteria have been used. Results of the study show that there is a significant different between Postmodern and Modern Performance Measurements Criteria for Mutual Fund in Tehran Stock Exchange.
Keywords
Modern Performance Measurements Criteria
Mutual Fund
Postmodern Performance Measurements Criteria.