Effect of Information Delay on Joint Investment Fund's Performance

Document Type : Research Paper


1 Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran

2 Department of Accounting, Arak Branch, Islamic Azad University, Arak, Iran.


The aim of this study is to evaluate the effect of information delay on the
performance of joint investment funds. In order to achieve the aim of this
study sample consisted of twenty funds in the Tehran Stock Exchange from
2010 to 2014 the systematic elimination method has been adopted. In this
study, the linear regression test has been used in order to evaluate the research
hypothesis. Data analysis and research hypothesis testing has been
done using EVIEWS software. Findings of the research prove the effect of
information delay on the performance of joint investment funds.


[1] Assadi, A., Shadmehr ,M, Timely dissemination of information effect on stock liquidity in Tehran
stock Exchange, International Conference on Management and Industrial Engineering, Institute of
Directors thinker capital.2014.
[2] Hosseini, A.H, Bagher Abad, H and Parsley, E, The relationship between cash flows of mutual
funds and index of Tehran Stock Exchange, Financial Research,2013, 15(2), P.201-214.
[3] Saeedi, A and Saidi, H, The relationship between capital flows and investment funds market re
turns: Evidence from Tehran Stock Exchange, 2012,13(32), P.35-56.
[4] Ghasemian, M, Amir Hosseini, Z, Jamali, A, Evaluation of performance evaluation criteria in
the ranking of mutual funds, few studies in management,2014, 5(2), P.143-158.
[5] Qalibaf, Effects of trading suspension on the circulation of shares, volatility and price discovery in
the Tehran Stock Exchange, Stock Exchange Quarterly, 2012,4(14), P.99-114.
[6] Cabrera, Á., and Cabrera, E.F, Knowledge-sharing Dilemmas. Organization Studies,2002,23(4)
[7] Chuprinin, O, Massa, M and Schumacher, D, Outsourcing in the International Mutual Fund In
dustry: An Equilibrium View. Journal of Finance,2015, forthcoming.
[8] Cici, Gjergji and Jaspersen, Stefan and Kempf, Alexander, Speed of Information Diffusion within
Fund Families ,2015, Available at SSRN: http://ssrn.com/ abstract=2565753.
[9] Eisele, A., Nefedova, T and Parise, G, Are Star Funds really shining?,Cross-trading and
Performance Shifting in Mutual Fund Families, 2014,Working Paper.
[10] Feldman,A. Can Third Avenue Get Back on Track? Barron's, URL: http://online.
barrons.com/articles/ can-third-avenue-get-back-on-track-1431136270.2015.
[11] Ferreira, M. A., Matos, P and Pires, P, Asset Management within Commercial Banking Groups:
International Evidence. Working Paper.2015.
[12] Kewei,H and Moskowitz, T, Market frictions, price delay and the cross-section of
expected returns. Review of Financial Studies,2002, 18 (3), P.981-1020.