A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä
Analyzing performance of investment companies listed in the Tehran stock exchange by selected ratios and measures
Tekijät: Tehrani, Reza; Ahmadinia, Hamed; Hasbaei, Amaneh
Kustantaja: ACADEMIC JOURNALS
Kustannuspaikka: VICTORIA ISLAND
Julkaisuvuosi: 2011
Lehti:: African Journal of Business Management
Tietokannassa oleva lehden nimi: AFRICAN JOURNAL OF BUSINESS MANAGEMENT
Lehden akronyymi: AFR J BUS MANAGE
Vuosikerta: 5
Numero: 17
Aloitussivu: 7428
Lopetussivu: 7439
Sivujen määrä: 12
ISSN: 1993-8233
DOI: https://doi.org/10.5897/AJBM11.204
Verkko-osoite: https://academicjournals.org/journal/AJBM/article-full-text-pdf/113BABA16163.pdf
Tiivistelmä
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.
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