Literature Review

(Goel, Sharma, & Mani, 2012) Investigated the performance related characteristics
of open ended mutual funds. The purpose of performance evaluation, risk adjusted
performance, asset size and expense ratio of the mutual funds have been studied
for past five years i.e. from April’2006 to March’2011.The results of the study
confirmed that the past performance record is very useful in predicting the future
performance of mutual fund. Also, empirical analysis has shown that low expense
ratio and large asset size of the mutual funds has resulted in their high risk adjusted
returns.