Portfolio Performance Evaluation of Selected Sector Index of BSE

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It is a reearch paper on the portfolio performance evaluation of seleced sector index of BSE

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    VOLUME NO.4(2013),ISSUE NO.09 (SEPTEMBER) ISSN0976-2183

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    CONTENTSCONTENTSCONTENTSCONTENTSSr.No. TITLE & NAME OF THE AUTHOR (S)

    PageNo.

    1 HOSPITALS OUTSOURCING COMPLETE DEPARTMENTS: A STUDYDR. T. LATA SUJATA, B. KRISHNA REDDY & DR. C.JAYALAKSHMI

    1

    2 A STUDY OF CORPORATE BOND MARKET IN INDIA AND ITS LIQUIDITYHEMA GWALANI & DR. D. B. BHARATI

    5

    3 FRUIT AND VEGETABLE MARKETING FOR SMALL SCALE GROWERS IN INDIA

    DR. M S SUBHAS & HALASWAMY D. NAIK

    ! PERFORMANCE OF PROFITABILITY MANAGEMENT IN LANCO INDUSTRIES LIMITED: AN EVALUATIONN. K. PRADEEP KUMAR & P. MOHAN REDDY

    12

    5 KEY CHALLENGES FOR INDIAN MANAGERS: IMPACT OF FDI ENTRY IN RETAIL MARKETCHELLAM SHENBAGAM

    1"

    " IMPACT OF FOREIGN INSTITUTIONAL INVESTMENT ON STOCK INDICES IN INDIADR. S. NIRMALA & ARUNA.G

    1

    # TREND AND PROSPECT OF PRIVATE EQUITY FUND IN ASIA$PACIFIC COUNTRIES: A LESSON FROM INDIADR. MANAS CHAKRABARTI

    2"

    % CORPORATE ENVIRONMENTAL REPORTING IN THE CONTET OF RECENT CHANGES IN REGULATORY FRAMEWORK WITH SPECIALREFERENCE TO INDIA

    DR. BHASKAR JYOTI BORA & TILAK CH DAS

    32

    BRAND CHOICE DECISION OF INDIAN URBAN FAMILY

    SRI. JAYA PRAKASH RATH, SRI. RAJESH KUMAR SAIN & SRI. ANJAN KUMAR MOHANTY

    3

    1' FOREIGN DIRECT INVESTMENT IN INDIAN MULTI BRAND RETAIL TRADE: STAKEHOLDER PERSPECTIVEPRATIK MAVANI & DR. AMIT R. PANDYA

    !2

    11 EFFICIENT MARKET HYPOTHESIS IN CHINA STOCK MARKETSSHIKHA MAHAJAN & MANISHA LUTHRA

    !#

    12 PORTFOLIO PERFORMANCE EVALUATION OF SELECTED SECTORS INDE OF BSEKARAN SAGAR & ALPESH GAJERA

    51

    13 A STUDY OF SERVICE QUALITY PERSPECTIVES AND CUSTOMER SATISFACTIONRAVINARAYANA K.S.

    55

    1! A STUDY ON COST EFFECTIVE METHOD OF RECRUITMENT AT KGISLPARVATA RAJ PRABHU

    5

    15 STRUCTURED EMOTIONAL CAREER COUNSELLING AND CAREER DEVELOPMENTDR. SEHBA HUSAIN

    ""

    1" CUSTOMER PERCEPTION OF SERVICE QUALITY DIMENSIONS IN INDIAN BANKING INDUSTRY

    AISHWARYA GOYAL

    #5

    1# A COMPARATIVE STUDY OF ORGANI(ED AND UN$ORGANI(ED FOOD RETAILING IN AHMEDABAD CITY OF GUJARATSANJIV KUMAR

    %1

    1% MERGERS AND ACQUISITIONS A PREREQUISITE GROWTH STRATEGY FOR INDIAN HEALTHCARE INDUSTRY: A CRITICAL ANALYSIS OFRANBAY$DAIICHI ALLIANCE

    PREETI SINGH

    %5

    1 IFRS: NEED OF PRESENT SCENARIONEERU RANI

    %#

    2' THE ROLE OF LEADERSHIP IN THE GROWTH OF YOUTH OWNED ENTREPRISES IN KENYA: A CASE OF NYERI COUNTYSAMWEL MACHARIA CHEGE & CATHERINE KAIMENYI

    3

    21 INFLUENCE OF UNIVERSITY INCENTIVES FOR CAREER DEVELOPMENT ON LECTURERS) PERFORMANCE IN PUBLIC UNIVERSITIES IN KENYADR. JANET N.MANYASI

    #

    22 ENTREPRENEURIAL BEHAVIOUR AND BUSINESS SUCCESS OF SMALL SCALE ORGANIC VEGETABLE FARMERSM.G.P.P. MAHINDARATHNE

    1'2

    23 DOES ENTREPRENEURSHIP PROGRAMS INFLUENCE BUSINESS PERFORMANCE* AN EMPIRICAL INVESTIGATION OF THE NIGERIA SME+DR. AKANDE O.O 1'#

    2! VOLATILITY OF INDIAN STOCK MARKET WITH REFERENCE TO CHANGE IN FII POLICY 2''1AMEE I. DAVE & PRIYA D. PARIKH

    112

    25 INFLUENCE OF EMPOWERMENT ON EMPLOYEE PERFORMANCE: A CASE OF PRIMARY SCHOOL TEACHERS) IN KAKAMEGA CENTRALDISTRICT, KENYA

    ROBERT K.W. EGESSA & SHITSESWA E. AYUB

    11#

    2" THE IMPACT OF HRM PRACTICES IN INDIAN SUGAR INDUSTRYDR. S. SURESH & K. V. MURALIDHARA RAO

    121

    2# RADIO LISTENERS AND ADVERTISEMENTS: AN EPLORATORY APPROACHIRFAN MUMTAZ K.S.

    12"

    2% THE IMPACT OF TOTAL QUALITY MANAGEMENT ON BANKS AND WORKERS PERFORMANCE: A CASE STUDYRAKESH, C & SHABARISHA, N

    12%

    2 EAMINING THE RELATION OF WORK ETHICS TO JOB SATISFACTION AND WORK STRESS IN EMPLOYEES OF PAYAME NOOR UNIVERSITY

    CENTRAL ORGANI(ATIONBAHAREH SHAHRIARI

    131

    3' FDI AND MULTI BRAND TRADE IN INDIAASHISH KUMAR

    13"

    REQUEST FOR FEEDBACK 13

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    CHIEF PATRONCHIEF PATRONCHIEF PATRONCHIEF PATRONPROF- K- K- AGGARWAL

    ,h!ir3!n% M!l!viy! '!tion!l nstitute of 6echnolo&y% J!ipur(An in!i!"!# $% N!i$n' I)$*!n+# & %"'' %"n-#- Mini!* $% H"n R#$"*+# D#/#'$)#n!, G$/#*n#n! $% In-i0

    ,h!ncellor% 7 R M!n&!l!3 8niversity% #ur&!on

    ,h!ncellor% 9in&!y!:s 8niversity% $!rid!b!d

    $ounder ;ice-,h!ncellor (

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    PROF- ANIL K- SAINI,h!irperson (,R,)% #uru#obind"in&h P 8niversity% Delhi

    DR- SAMBHAVNA$!culty% 6M% Delhi

    DR- MOHENDER KUMAR GUPTAAssoci!te Professor% PJ9'#overn3ent,olle&e% $!rid!b!d

    DR- SHIVAKUMAR DEENEAsst Professor% Dept of ,o33erce% "chool of Business "tudies% ,entr!l 8niversity of 7!rn!t!!% #ulb!r&!

    ASSOCIATE EDITORSASSOCIATE EDITORSASSOCIATE EDITORSASSOCIATE EDITORSPROF- NAWAB ALI KHAN

    Dep!rt3ent of ,o33erce% Ali&!rh Musli3 8niversity% Ali&!rh% 8P

    PROF- ABHAY BANSAL.e!d% Dep!rt3ent of nfor3!tion 6echnolo&y% A3ity "chool of ?n&ineerin& 6echnolo&y% A3ity

    8niversity% 'oid!

    PROF- V- SELVAM""9% ;6 8niversity% ;ellore

    PROF- N- SUNDARAM;68niversity% ;ellore

    DR- PARDEEP AHLAWATAssoci!te Professor% nstitute of M!n!&e3ent "tudies Rese!rch% M!h!rshiD!y!n!nd8niversity% Roht!

    DR- S- TABASSUM SULTANAAssoci!te Professor% Dep!rt3ent of Business M!n!&e3ent% M!trusri nstitute of P# "tudies% .yder!b!d

    TECHNICAL ADVISORTECHNICAL ADVISORTECHNICAL ADVISORTECHNICAL ADVISORAMITA

    $!culty% #overn3ent M "% Moh!li

    FINANCIAL ADVISORSFINANCIAL ADVISORSFINANCIAL ADVISORSFINANCIAL ADVISORSDICKIN GOYAL

    Advoc!te 6!@ Adviser% P!nchul!

    NEENA

    nvest3ent ,onsult!nt% ,h!3b!&h!t% "ol!n% .i3!ch!l Pr!desh

    LEGAL ADVISORSLEGAL ADVISORSLEGAL ADVISORSLEGAL ADVISORSJITENDER S- CHAHAL

    Advoc!te% Pun5!b .!ry!n! .i&h ,ourt% ,h!ndi&!rh 86

    CHANDER BHUSHAN SHARMAAdvoc!te ,onsult!nt% District ,ourts% 2!3un!n!&!r !t J!&!dhri

    SUPERINTENDENTSUPERINTENDENTSUPERINTENDENTSUPERINTENDENTSURENDER KUMAR POONIA

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    CALL FOR MANUSCRIPTSCALL FOR MANUSCRIPTSCALL FOR MANUSCRIPTSCALL FOR MANUSCRIPTSCe invite unpublished novel% ori&in!l% e3piric!l !nd hi&h u!lity rese!rch wor pert!inin& to recent develop3ents pr!ctices in the !re!s of

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    ?cono3icsE 6ouris3 Ad3inistr!tion M!n!&e3entE ?duc!tionE 9!wE 9ibr!ry nfor3!tion "cienceE Defence "tr!te&ic "tudiesE ?lectronic

    "cienceE ,orpor!te #overn!nceE ndustri!l Rel!tionsE !nd e3er&in& p!r!di&3s in !llied sub5ects lie Accountin&E Accountin& nfor3!tion

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    ?cono3etricsE ?cono3ic Develop3entE ?cono3ic .istoryE $in!nci!l nstitutions M!retsE $in!nci!l "ervicesE $isc!l PolicyE #overn3ent 'on

    Profit Accountin

    &E ndustri!l Or&!ni!tionE ntern!tion!l ?cono3ics 6r!deE ntern!tion!l $in!nceE M!cro ?cono3icsE Micro ?cono3icsE Rur!l

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    ?cono3icsE Monet!ry PolicyE Public Policy ?cono3icsE Re!l ?st!teE Re&ion!l ?cono3icsE Politic!l "cienceE ,ontinuin& ?duc!tionE 9!bour

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    Production/Oper!tionsE ntern!tion!l Rel!tionsE .u3!n Ri&hts DutiesE Public Ad3inistr!tionE Popul!tion "tudiesE Purch!sin&/M!teri!ls

    M!n!&e3entE Ret!ilin&E "!les/"ellin&E "ervicesE "3!ll Business ?ntrepreneurshipE "tr!te&ic M!n!&e3ent PolicyE 6echnolo&y/nnov!tionE

    6ouris3 .ospit!lityE 6r!nsport!tion DistributionE Al&orith3sE Artifici!l ntelli&enceE ,o3pilers 6r!nsl!tionE ,o3puter Aided Desi&n (,AD)E

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    An!lysis/"cientific ,o3putin&E Ob5ect Oriented Pro&r!33in&E Oper!tin& "yste3sE Pro&r!33in& 9!n&u!&esE RoboticsE "y3bolic $or3!l 9o&icE

    Ceb Desi&n !nd e3er&in& p!r!di&3s in !llied sub5ects

    Anybody c!n sub3it the +./0 .of unpublished novelE ori&in!lE e3piric!l !nd hi&h u!lity 4+647 8.49/6;=; +

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    PORTFOLIO PERFORMANCE EVALUATION OF SELECTED SECTORS INDE OF BSE

    K"R"N S""R

    "SST. !ROFESSOR

    DE!"RTMENT OF M.B.".

    SHRI SUNSHINE ROU! OF INSTITUTIONS

    R"%KOT

    "L!ESH "%ER"

    "SST. !ROFESSOR

    DE!"RTMENT OF M.B.".

    SHRI SUNSHINE ROU! OF INSTITUTIONS

    R"%KOT

    ABSTRACTT1# $-#' $% #/'"!in2 )$*!%$'i$3 )#*%$*n+# *# #- $n !4$ %+!$* /i5., R#!"*n n- Ri6, 41i+1 *# "i!'# %$* 1$*! !#* n- 7$* 1$*!+$in2 i

    !1! !1## $-#' #/'"!# -i%%#*#n! !)# $% in/#!#n! +$)ni# !1## # %+!$*. T1i !"- "22#! $-#' %$* #/'"!i$n $% '$n28!#* )$*!%$'i$3

    )#*%$*n+# ++$"n!in2 +$n!in2#n+ "'!i +*i!#*i %$* #+1 %i#'- $% in/#!#n! +$)n +'i%i+!i$n. In !1i *##*+1 ))#* 4# *# 2$in2 !$ #/'"!# !1#

    )#*%$*n+# $% -i%%#*#n! BSE #+!$* in-#9 "+1 BSE BANKE:, BSE CG, BSE FMCG, #!+ 4i!1 %i/# -i%%#*#n! )$*!%$'i$ #/'"!i$n #"*#. i.#. S1*)# #"*#,

    T*#n$* #"*#, J#n#n #"*#, F #"*# n- M;

    #"*#.

    KEYWORDSPortfolio Perfor3!nce ?v!lu!tion% "h!rpe% 6reynor% Jensen% $!3!% M "u!re

    INTRODUCTIONtudies on portfolio perfor3!nce ev!lu!tion be&!n in the * to 0/>/>*>) $or M!ret ris

    return !s well !s vol!tility B"? "?'"? will be used

    TOOLS & TECHNIQUES

    $or !n!lyin& the u!rterly closin& price of selected indices tools lie 3e!n% st!nd!rd devi!tion !nd bet! h!ve been used for findin& ris !nd return

    > $or 3e!surin& the perfor3!nce of selected indices theories !nd for3ul!s of "h!rpe% 6reynor% Jensen% $!3! !nd M>

    3e!sures h!ve been !pplied on ris !ndreturn of selected indices

    0 $or co3p!rin& the nde@ perfor3!nce of different B"? ndices% One C!y A'O;A test h!s been !pplied

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    1>

    DATA ANALYSIS & INTEPRETATIONTABLE 1 QUARTERLY RETURN OF SELECTED INDE

    R=+9 /4 460 ./ 40

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    S. +*> K=K ->

    -"ep * K 1KK -**+ > + -*K> +=I *>< *I=

    -Dec * -I10 -+< 10I -+I1 -K*I -+I< I0+ -I1I IK< 0=1 **>

    >-M!r * +0

    >-Jun * -+> >>K ->1= -I*> -*1 -*IK -0> -I>K

    >-"ep * -0+ -*1+ ->K >0+ **1 -*=+ -I -00 -1KK -I1I +0< 0>< -1+I

    >-Dec * = 11+ -10 -+= *K0 -K= -I< +01 +>

    ANOVA: S=;> F60.4

    .o 6here is no si&nific!nce difference in the 3e!n f!3! portfolio 3e!sure in between different inde@

    .! 6here is si&nific!nce difference in the 3e!n f!3! portfolio 3e!sure in between different inde@

    S.0*>II =I*>+W=07=; G4.K1 >

    >-Jun * - -*I -*I ->1> -++ -0>K +=

    >-"ep * -1= -*01 ->< KI **0 -*K= -1+< -=+ -1* -+=+ I0> +1K -1+K

    >-Dec * +K 0*0 -0> 1+K 0== -+ -+0> *+I -IKK -1 I>I I= -0>0

    ANOVA: S=;> F60.4

    .o 6here is no si&nific!nce difference in the 3e!n M su!re (M>) portfolio 3e!sure in between different inde@

    .! 6here is si&nific!nce difference in the 3e!n M su!re (M>) portfolio 3e!sure in between different inde@

    S. =KKK01I 0K0++I< =I*>+

    W=07=; G4.0==0 01*0I0

    T.06> 00 *0

    I;044060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n M "u!re (M>) portfolio

    3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others

    FINDINGS6he findin&s of the study !re e@pressed in the followin& t!ble4

    TABLE$#: COMBINED RANKING OF SELECTED SECTOR INDE BY USING ALL PORTFOLIO PERFORMANCE MEASURE

    I; S764 T4;.4 J;+; FAMA MM A46 R6;9=;

    R6>0 I I I I I I I

    B6;9 1 1 + + 1 +I 1

    BSE CG = = K K K K+ K

    BSE CD 0 0 0 > 0 >= >

    BSE A 0 + 0+ +

    BSE O=>& G6+ * < = < < < =

    BSE PSU > *

    BSE M06> 0 > 0 > > >+ >

    BSE IT < + * * = *> *

    BSE P.84 + 0 > 0 0 0 0

    BSE FMCG

    BSE HC > > 1 1 > 0> 0

    BSE T9 < = *

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    1+

    > 6he top three perfor3in& inde@ !lon& with B"? $M,# is B"? ,D B"? .,% while botto3 three perfor3in& inde@ !re B"? P"8% B"? Met!l B"? Power

    considerin& !ll five portfolio perfor3!nce 3e!sures

    CONCLUSIONBefore the evolution of portfolio perfor3!nce 3e!sure% invest3ent h!s been done on the b!sis of historic!l return !nd ris of !ny p!rticul!r security !nd it h!s

    been !lso ev!lu!ted on the b!sis of !ctu!l return !nd ris th!t this p!rticul!r security or portfolio h!s &ener!ted 'ow ! d!y five different 3e!sure h!s been

    there for ev!lu!tin& portfolio perfor3!nce n this study perfor3!nce of different B"? inde@ h!s been ev!lu!ted by usin& the different portfolio perfor3!nce

    3e!sures $ro3 th!t ev!lu!tion we co3e to now th!t for ! selected ti3e period B"? $M,# is the best perfor3in& nde@ while B"? power is the worst

    perfor3in& inde@ which c!n be revel fro3 r!nin& &iven in 6!ble no K

    REFERENCES I;=6; J. ./ F=;6; 2''#, titled Perfor3!nce ?v!lu!tion !nd $uture Prospects of Mutu!l $und ndustry in ndi! published in ndi!n Journ!l of

    $in!nce4 ;olu3e T 'u3ber > TJune-July >**K

    > R6764=2'',in his rese!rch p!per titled ?v!lu!tion of lon& ter3 portfolio: perfor3!nce published in Bi

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    RE&UEST FOR FEEDB"CK

    D64 R64+

    At the very outset% ntern!tion!l Journ!l of Rese!rch in ,o33erce !nd M!n!&e3ent (JR,M) !cnowled&es

    !ppreci!tes your efforts in showin& interest in our present issue under your ind perus!l

    would lie to reuest you tosupply your critic!l co33ents !nd su&&estions !bout the 3!teri!l published

    in this issue !s well !s on the 5ourn!l !s ! whole% on our ?-3!il ie =;/.=46=>-. for further

    i3prove3ents in the interest of rese!rch

    f youh!ve !ny ueries ple!se feel free to cont!ct us on our ?-3!il =;/.=46=>-.

    !3 sure th!t your feedb!c !nd deliber!tions would 3!e future issues better ! result of our 5oint

    effort

    9ooin& forw!rd !n !ppropri!te consider!tion

    Cith sincere re&!rds

    6h!nin& you profoundly

    A6=6>> .

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