Mayank Patel , Supratim Das Gupta , Vinodh Madhavan
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Investment style consistency and performance of Indian fixed income mutual funds
In this study, we examine investment style, and style consistency and its relationship with risk-adjusted performance of the Indian fixed income mutual funds (MFs) using a sample of 242 funds across 16 categories over a period from April 2015 to March 2020. Our findings indicate that (a) fund managers practice securities selection, but their securities selection ability fails to improve risk-adjusted returns; (b) higher style consistency leads to better risk-adjusted performance; and (c) investment style and style consistency have considerable impact on fund performance. This is possibly the first comprehensive study that analyses investment style and its relationship with the performance of Indian fixed income MFs and contributes to the growing body of research on performance evaluation of fixed income funds.
期刊介绍：
IIMB Management Review (IMR) is a quarterly journal brought out by the Indian Institute of Management Bangalore. Addressed to management practitioners, researchers and academics, IMR aims to engage rigorously with practices, concepts and ideas in the field of management, with an emphasis on providing managerial insights, in a reader friendly format. To this end IMR invites manuscripts that provide novel managerial insights in any of the core business functions. The manuscript should be rigorous, that is, the findings should be supported by either empirical data or a well-justified theoretical model, and well written. While these two requirements are necessary for acceptance, they do not guarantee acceptance. The sole criterion for publication is contribution to the extant management literature.Although all manuscripts are welcome, our special emphasis is on papers that focus on emerging economies throughout the world. Such papers may either improve our understanding of markets in such economies through novel analyses or build models by taking into account the special characteristics of such economies to provide guidance to managers.
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