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Research Article

JCR. 2020; 7(15): 3852-3856


Strong Form Market Efficiency: Empirical Evidence From Performance Appraisal Of Mutual Funds

Mrs L V Kamala Devi, Ankush Sengupta.

Abstract
Investing, as an activity, is very individualistic. It is subjective based on the needs and intentions of an
individual and this guides the investor in their choice of securities and required rate of returns. Mutual Funds
present an unconventional style of investing in this regard. They are a versatile product that is professionally
tailored for an investor’s needs. Moreover, the funds are based off of financial securities and are consequential
in the respective securities markets. Hence, the interest over price efficiency of these funds arises. For the
purpose of this study, 48 Equity Mutual Fund schemes from 5 Asset Management Companies (AMCs) (Based on
Asset Under Management) have been considered. Daily Returns from 31st March 2009 to 31st March 2019 was
calculated from the historical NAVs of the funds. The study focuses on testing Strong form of price efficiency, as
such, performance measures of Sharpe Ratio, Treynor’s Ratio and Jensen’s Alpha are calculated for the funds
as well as the benchmark indices to measure the performance of mutual funds against the benchmark and
appraise the efficiency of professionally managed securities.

Key words: Equity Mutual Funds, Sharpe’s Ratio, Treynor Ratio, Jensen’s Alpha,Strong Form Price Efficiency



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