The Efficiency of Commodity Funds in Bull and Bear Market
Abstract
The purpose of this article is to examine the effectiveness of investment funds in the case of bull and bear market on the example of commodity funds. We highlighted 5 periods of decline and 4 periods of bull market in 2008–2016. The study included 10 commodity funds in Poland. The results show that the commodity fund managers were not able to avoid negative rates of return during periods of downturn and did not provide positive rates of return in bull markets.
Keywords
Full Text:
PDF (Język Polski)References
Balarie E., Commodities for Every Portfolio, John Wiley & Sons, Hoboken–New Jersey 2007.
Dawidowicz D., Fundusze inwestycyjne. Rodzaje, metody oceny, analiza, CeDeWu, Warszawa 2012.
Edwards F.R., Caglayan M.O., Hedge fund and commodity fund investment styles in bull and bear markets, Working Paper, Columbia University, 2000.
Jamróz P., Efektywność wybranych FIO rynku akcji w latach 2003–2011, „Finanse, Rynki Finansowe, Ubezpieczenia” 2013, nr 63.
Perez K., Efektywność funduszy inwestycyjnych. Podejście techniczne i fundamentalne, Difin, Warszawa 2012a.
Perez K., Fundusze inwestycyjne. Rodzaje, zasady funkcjonowania, efektywność, Wolters Kluwer, Warszawa 2012b.
Wong K.H.Y, Exchange-traded funds in bullish and bearish markets, “Applied Economics Letters” 2010, Vol. 17, DOI: https://doi.org/10.1080/13504850903085035.
www.izfa.pl [dostęp: 10.12.2017].
DOI: http://dx.doi.org/10.17951/h.2017.51.6.233
Date of publication: 2018-02-27 16:38:10
Date of submission: 2017-05-22 20:26:42
Statistics
Indicators
Refbacks
- There are currently no refbacks.
Copyright (c) 2018 Agnieszka Moskal, Danuta Zawadzka
This work is licensed under a Creative Commons Attribution 4.0 International License.