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"68 percent of Total Mutual Fund Schemes are not efficient" : Research Study
By: Indian Institute of Finanance
Mutual Funds are the financial institutions which play a crucial role in mobilizing savings and investing them in the capital market. This study attempts to indentify the efficiency of the selected mutual fund schemes within growth and income schemes and for all selected mutual fund schemes. The DEA technique helps to identify the efficient unit in a given set of identical or homogenous business units. It compares the observed outputs and inputs, identifies the relatively best practice units to define the efficient frontier and then measure the degree of inefficiency of the other units relative to the efficient frontier.
The study has used different attributes of mutual funds viz., total Risk and Expenses ratio as input and Asset Under Management and 10 year mean annual return as output variables. From the analysis, 54% of growth schemes are found efficient, 58% of Dividend schemes are found efficient. As a whole only 32% of the schemes are found efficient.
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Indian Institute of Finanance