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Testing Strong Form Market Efficiency of Indian Capital Market: Performance Appraisal of Mutual Funds

International Journal of Business and Information Technology

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Title Testing Strong Form Market Efficiency of Indian Capital Market: Performance Appraisal of Mutual Funds
 
Creator Ikram, Sana; Department of Commerce,
AMU, Aligarh.
Khan, Abdul Qayyum; Department of Commerce,
AMU, Aligarh.
 
Description This paper tests the Strong Form Market Efficiency (SFME) of Indian Capital Market by evaluating performance of Mutual Funds over the period of 1 decade i.e; from 1st April 2000 to 30th April 2010, using monthly returns, based on NAV’s of 8 fund schemes. In this study, the index of NSE (i.e; S&P CNX Nifty) is being used as a benchmark in order to compare the performance of mutual funds with that of the benchmark. Risk and Return Analysis, Sharpe’s Measure, Treynor’s Measure, Jensen’s Measure are the risk adjusted performance measure used under this study in order to measure the performance of mutual funds against the benchmark to appraise the efficiency of Indian Capital Market. The results of this study suggest that the mutual funds outperformed the market which in turn leads to the conclusion that the Indian Capital Market is not Strong form Efficient.
 
Publisher International Journal of Business and Information Technology
 
Contributor none
 
Date 2011-07-26
 
Type —
 
Format application/pdf
 
Identifier http://ojs.excelingtech.co.uk/index.php/IJBIT/article/view/33
 
Source International Journal of Business and Information Technology; Vol 1, No 2 (2011): June
 
Language en
 
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