Persistence of Equity Mutual Fund Performance in Thailand
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Abstract
This study investigates the performance of equity mutual funds in Thailand. We fi nd
that their returns vary with economic cycle and stock market condition. Overall,
equity mutual funds in Thailand show better performance during bear markets
instead of bull markets. Nevertheless, only one-third of the equity mutual funds
in this study can reveal the excess returns compared to benchmark. For the persistence
of equity mutual fund performance, top-performing funds can maintain
their status in short term while some bad performers remain.
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