INVESTIGATING PERFORMANCE OF THE INVESTMENT COMPANY LISTED IN TEHRAN STOCK EXCHANGE DURING 1374-1380

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ARAB MAZAR YAZDI MOHAMMAD; MASHAYEKH SH.

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Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2006 | Volume:12 | Issue:42 Page(s): 41-60

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Title

INVESTIGATING PERFORMANCE OF THE INVESTMENT COMPANY LISTED IN TEHRAN STOCK EXCHANGE DURING 1374-1380

Author(s)

ARAB MAZAR YAZDI MOHAMMAD | MASHAYEKH SH. | Issue Writer Certificate

Keywords

ACTIVE MANAGEMENT INVESTMENT COMPANYQ4

PASSIVE MANAGEMENT INVESTMENT COMPANYQ4

HOT HANDQ4

EXCESS RETURNQ2

TREY NOR MODELQ4

Abstract

Positive theory assumes that maximizing wealth is the most important factor in investing decision. On the other hand, in agency theory, there isn't information asymmetry between Investment Company as an agent and their stockholders as a principal. In other word principal asses information for decision making, while he don't have all of information that agent has. According to this theory, principal is risk averse, it means he assumed risk if expect return increase. The cost of Investment Company is assumed by their stockholders if them earn additional return, other wise agency cost will be loaded to their stockholders. This article shows result of part of research that investigates the performance the investment company that boursian part of their portfolios at least 50%. Jensen model was used for measuring performance. The result demonstrates 26.9 percent average gross EXCESS RETURN. however it is 1.1 percent of this return was assigned to operating expenses that seems not be important.Net EXCESS RETURN was 25.8 that was important that represents their positive performance in compare with overall market. However the results of this research didn't show HOT HAND in their performance using Jensen and Treynor measuring models for performance ranking. Therefore it seems investment companies can discharge their agency responsibilities in respect of their boursian part of portfolio in the research period well.

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APA: Copy

ARAB MAZAR YAZDI, MOHAMMAD, & MASHAYEKH, SH.. (2006). INVESTIGATING PERFORMANCE OF THE INVESTMENT COMPANY LISTED IN TEHRAN STOCK EXCHANGE DURING 1374-1380. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 12(42), 41-60. SID. https://sid.ir/paper/8078/en

Vancouver: Copy

ARAB MAZAR YAZDI MOHAMMAD, MASHAYEKH SH.. INVESTIGATING PERFORMANCE OF THE INVESTMENT COMPANY LISTED IN TEHRAN STOCK EXCHANGE DURING 1374-1380. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2006;12(42):41-60. Available from: https://sid.ir/paper/8078/en

IEEE: Copy

MOHAMMAD ARAB MAZAR YAZDI, and SH. MASHAYEKH, “INVESTIGATING PERFORMANCE OF THE INVESTMENT COMPANY LISTED IN TEHRAN STOCK EXCHANGE DURING 1374-1380,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 12, no. 42, pp. 41–60, 2006, [Online]. Available: https://sid.ir/paper/8078/en

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