Khadijeh Ghaziyani; Seyede Fatemeh Bagheri; Babak Ejlali
Volume 1, Issue 1 , June 2020, , Pages 82-97
Abstract
Purpose: This study aims to investigate the impact of the financial crisis on the investment fund industry using dynamic evaluation and comparing the performance of investment funds in different years from 2012 to 2017. Value-based data envelopment analysis is used to evaluate the performance of decision-making ...
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Purpose: This study aims to investigate the impact of the financial crisis on the investment fund industry using dynamic evaluation and comparing the performance of investment funds in different years from 2012 to 2017. Value-based data envelopment analysis is used to evaluate the performance of decision-making units (investment funds) and to present changes in performance throughout the year. Methodology: In terms of classification based on the purpose of this research, the purpose of the applied type is to develop applied knowledge in a specific field. This research is of library type in terms of research design. It has been used to collect research data by referring to the information contained in historical financial statements. Also, this research is descriptive-correlational in terms of data collection and inference. Findings: The study of various models of data envelopment analysis methods and the types of inputs and outputs of data envelopment analysis methods for evaluating mutual funds have been discussed. Since the investment policies of the funds are different from each other, the tools obtained are also different from each other. Therefore, using a tool such as the data envelopment analysis method can help examine the units under study under the same conditions. One of the tools that can be used for this purpose is the data envelopment analysis method because DEA is a non-parametric method. It considers the relationship between product outputs and inputs and defines the efficiency boundary. The efficiency threshold can be viewed as a performance measure in investment analysis. Originality/Value: The issue is related to the events that have taken place in the country, which are strongly affected by the economic recession and the banking system, which mainly include sanctions and the global financial crisis and liquidity fluctuations and exchange rate fluctuations; therefore, the conclusions in this study will be potentially valuable for fund managers and investors.
