An overview on effect of investment period on performance of investment funds accepted in Tehran stock exchange (2009-2013)

Mozhdeh Sadat Emadi¹

1) Msc at Business Management, Islamic Azad University Of Buin zahra -

Publication : 2nd International Conference on Management and Social Science(2icmsconf.com)
Abstract :
Abstract There is a high tendency to evaluate investment performance in capital market because evaluation of performance of investment funds appears as evaluation of performance of investment experts. Investment period has been mentioned as a factor affecting investment decisions at the area of investment. In the present research, effect of investment period on performance of investment funds accepted in Tehran stock exchange has been examined, that this research has been categorized as an applied research in which documentary method has been used. The present research has been classified to two groups including investment funds with long-term investment period and investment funds with short-term investment based on average short-term and long-term investment and has been tested based on risk and return, i.e. once based on monthly portfolio returns and once based on monthly return on equity funds by means of Jensen s alpha, Treynor measure, Sharpe measure and M2 measure. Results from this research indicated that investment period does not influence performance of investment funds; the funds with short-term and long-term investment have the same performance, yet the indicators of price and cash return as the benchmark index have had poorer performance than exchange.
Keywords : Key words- investment period return market index investment risk risk-adjusted performance criteria