A1 Refereed original research article in a scientific journal
Analyzing performance of investment companies listed in the Tehran stock exchange by selected ratios and measures
Authors: Tehrani, Reza; Ahmadinia, Hamed; Hasbaei, Amaneh
Publisher: ACADEMIC JOURNALS
Publishing place: VICTORIA ISLAND
Publication year: 2011
Journal:: African Journal of Business Management
Journal name in source: AFRICAN JOURNAL OF BUSINESS MANAGEMENT
Journal acronym: AFR J BUS MANAGE
Volume: 5
Issue: 17
First page : 7428
Last page: 7439
Number of pages: 12
ISSN: 1993-8233
DOI: https://doi.org/10.5897/AJBM11.204
Web address : https://academicjournals.org/journal/AJBM/article-full-text-pdf/113BABA16163.pdf
Abstract
This paper tried to analyze the performance of the investment companies listed in Tehran Stock Exchange that had active portfolio management from 2006 to 2010 by Sharp, Treynor, and Sortino ratios. For more profound study of their performances, this research used some of the measures, including turnover, liquidity, size and diversification of portfolio. After gathering needed test data and relevant statistical tests as Kolmogorov-Smirnov and Shapiro-Wilk, the results showed the distribution of data was not normal. Therefore, the hypothesis was tested by nonparametric tests. The results of the first hypothesis about the three mentioned above ratios and with Freidman and Wilcoxen tests showed the companies had better controls on systematic risk than other components. The result of the second hypothesis by using combined Anova and Multiple Anova showed portfolio turnover in the companies had positive and significant affect in the companies performances than other measures. It is possiblefor anyone to be able to find a company that has a high level of portfolio turnover and a high level of performance than other companies while it has a lower level of other measures.
This paper tried to analyze the performance of the investment companies listed in Tehran Stock Exchange that had active portfolio management from 2006 to 2010 by Sharp, Treynor, and Sortino ratios. For more profound study of their performances, this research used some of the measures, including turnover, liquidity, size and diversification of portfolio. After gathering needed test data and relevant statistical tests as Kolmogorov-Smirnov and Shapiro-Wilk, the results showed the distribution of data was not normal. Therefore, the hypothesis was tested by nonparametric tests. The results of the first hypothesis about the three mentioned above ratios and with Freidman and Wilcoxen tests showed the companies had better controls on systematic risk than other components. The result of the second hypothesis by using combined Anova and Multiple Anova showed portfolio turnover in the companies had positive and significant affect in the companies performances than other measures. It is possiblefor anyone to be able to find a company that has a high level of portfolio turnover and a high level of performance than other companies while it has a lower level of other measures.
UTU Research Portal