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Performance evaluation of Indian equity mutual funds: a bootstrap analysis

Author

Listed:
  • Bushra Khalid
  • Nisar Ahmad Khan

Abstract

The majority of Indian studies on mutual funds have documented superior performance of equity funds vis-à-vis the market benchmark. The question is whether this superior performance, demonstrated by fund managers, is the result of genuine stock selection abilities or merely the outcome of luck. We apply a bootstrap statistical technique as suggested by Kosowski et al. (2006) to evaluate the performance of the Indian open-end, domestic growth-oriented equity mutual fund schemes over the 2000 to 2019 period. The bootstrap analysis helps to segregate genuine stock-selection skills from luck. Our findings signify that superior performance demonstrated by the top mutual funds cannot be attributed to the sampling variation (luck) and these fund managers do possess genuine stock-picking skills.

Suggested Citation

  • Bushra Khalid & Nisar Ahmad Khan, 2022. "Performance evaluation of Indian equity mutual funds: a bootstrap analysis," International Journal of Financial Services Management, Inderscience Enterprises Ltd, vol. 11(3), pages 216-231.
    • Handle: RePEc:ids:ijfsmg:v:11:y:2022:i:3:p:216-231
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