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The performance of Finnish funds: A comparison between Finnish funds and a European index
University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
2018 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This paper evaluates the performance of Finnish funds between January 2013 and April 2018. The purpose was to study if Finnish funds over- or underperform the market and if there are differences between returns on different fund categories. In line with previous studies, asset-pricing models were applied, which were chosen to be capital asset pricing model, Fama and French’s three-factor model and later developed fivefactor model. The models were used to find Jensen’s alpha to evaluate the performances. This was done by regressing the average returns of funds and market index on the variables in the models. Moreover, Sharpe ratio and average return were evaluated to find under- or overperformance. The data was observed on monthly basis and was collected from DataStream and Kenneth French’s data library. Empirical work revealed significant alphas on equity funds and Finland-funds. Comparing all aspects, equity and Finland-funds generated highest returns and reward-to-risk ratios. Hence, the study found that the two groups overperformed the market while the other fund categories showed no under- or overperformance of the market.

Place, publisher, year, edition, pages
2018. , p. 46
Keywords [en]
Finnish funds, Asset pricing models, Performance, Jensen’s alpha, Sharpe ratio
National Category
Economics
Identifiers
URN: urn:nbn:se:hv:diva-12672Local ID: NAX500OAI: oai:DiVA.org:hv-12672DiVA, id: diva2:1230971
Subject / course
Nationalekonomi
Educational program
Mäklarekonom
Supervisors
Examiners
Available from: 2018-07-05 Created: 2018-07-05 Last updated: 2018-07-05Bibliographically approved

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
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More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf