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Subject and Keywords:

risk and efficiency   investment funds   classic measures   multidimensional comparison analysis   alternative measures

Abstract:

The subject of the article focuses on the classification of the investment funds in terms of similarity in terms of risk and investment efficiency. This knowledge will enable the investor to make decisions as to how to invest and possibly change the investment strategy by adjusting the composition of the portfolio to the market situation and optimizing the payment amount in the future. To this end, the tools of multidimensional comparative analysis were used, which allowed to create maps of similarity of the IF investigated (using classical and alternative measures) constituting the basis for further assessment of their homogeneity. The article shows that the classifications used by managers who measure the efficiency by the average rate of return, while as a measure of risk they use the standard deviation and the classic indicators, are not correct, because they confirm the homogeneity of the sample in spite of its absence. It has been shown, that it is necessary to apply alternative measures in the absence of asymmetry in the distribution of return rates.

Place of publishing:

Wrocław

Publisher:

E-Wydawnictwo. Prawnicza i Ekonomiczna Biblioteka Cyfrowa. Wydział Prawa, Administracji i Ekonomii Uniwersytetu Wrocławskiego

Contributor:

Ćwiąkała-Małys, Anna. Red.   Karpińska, Marzena. Red.   Wrzosek, Stefan. Rec.

Date issued:

2018

Detailed Type:

ebook

Identifier:

ISBN 978-83-66066-27-4

DOI:

10.23734/23.18.007

Language:

pol   eng

Relation:

(Prace Naukowe Wydziału Prawa, Administracji i Ekonomii Uniwersytetu Wrocławskiego)   (Finanse i Rachunkowość / Zakład Zarządzania Finansami Instytutu Nauk Ekonomicznych, ISSN 2451-3938 ; nr 4)

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Access rights:

The use of this material is allowed only with accordance of applicable rules of fair use or other exceptions provided by law, and any broader use requires the permission of the authorized entity

License:

Making materials available on the basis of the agreement with the owner of the property copyrights

Rights holder:

Copyright by Magdalena Homa   Copyright by Monika Mościbrodzka