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CONTENTS
Sr. No.
Page No.
1( HOSPITALS OUTSOURCING COMPLETE DEPARTMENTS: A STUDY 2( 3( !( 5( "( #( %( ( 1'( 11( 12( 13( 1!( 15( 1"( 1#( 1%( 1 ( 2'( 21( 22( 23( 2!( 25( 2"( 2#( 2%( 2 ( 3'(
1 5
12 1" 1 2" 32
3 !2 !# 51 55 5 "" #5 %1 %5
13" 13
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CHIEF PATRON
PROF- 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-i&0
,h!ncellor% 7( R( M!n&!l!3 8niversity% #ur&!on ,h!ncellor% 9in&!y!:s 8niversity% $!rid!b!d $ounder ;ice-,h!ncellor ()<<=->**=)% #uru #obind "in&h ndr!pr!sth! 8niversity% Delhi ?@( Pro ;ice-,h!ncellor% #uru J!3bheshw!r 8niversity% .is!r
FOUNDER PATRON
LATE SH- RAM BHAJAN AGGARWAL
$or3er "t!te Minister for .o3e A 6ouris3% #overn3ent of .!ry!n! $or3er;ice-President% D!dri ?duc!tion "ociety% ,h!rBhi D!dri $or3erPresident% ,hin!r "ynte@ 9td( (6e@tile Mills)% Bhiw!ni
COCO-ORDINATOR
DR- SAMBHAV GARG
$!culty% "hree R!3 nstitute of Business A M!n!&e3ent% 8r5!ni
ADVISORS
DR- PRIYA RANJAN TRIVEDI
,h!ncellor% 6he #lob!l Open 8niversity% '!&!l!nd
PROF- M- N- SHARMA
,h!ir3!n% M(B(A(% .!ry!n!,olle&e of 6echnolo&y A M!n!&e3ent% 7!ith!l
PROF- S- L- MAHANDRU
Princip!l (Retd()% M!h!r!5!A&r!sen,olle&e% J!&!dhri
EDITOR
PROF- R- K- SHARMA
Professor% Bh!rti ;idy!peeth 8niversity nstitute of M!n!&e3ent A Rese!rch% 'ew Delhi
COCO-EDITOR
DR- BHAVET
$!culty% "hree R!3 nstitute of Business A M!n!&e3ent% 8r5!ni
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DR- SAMBHAVNA
$!culty% ( (6(M(% Delhi
ASSOCIATE EDITORS
PROF- NAWAB ALI KHAN
Dep!rt3ent of ,o33erce% Ali&!rh Musli3 8niversity% Ali&!rh% 8(P(
PROF- V- SELVAM
""9% ; 6 8niversity% ;ellore
PROF- N- SUNDARAM
; 68niversity% ;ellore
TECHNICAL ADVISOR
AMITA
$!culty% #overn3ent M( "(% Moh!li
FINANCIAL ADVISORS
DICKIN GOYAL
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NEENA
nvest3ent ,onsult!nt% ,h!3b!&h!t% "ol!n% .i3!ch!l Pr!desh
LEGAL ADVISORS
JITENDER S- CHAHAL
Advoc!te% Pun5!b A .!ry!n! .i&h ,ourt% ,h!ndi&!rh 8(6(
SUPERINTENDENT
SURENDER KUMAR POONIA
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A5-B- F=;6;15CM64950=;BCHRMCG5;546> M6;6B5:5;0CE1.;.:=1+CP+317.>.B3CL68CC.:2<054CITCE;B=;554=;BCM6075:60=1+C.0754, 2>56+5 +251=/3D DEAR SIRCMADAM Ple!se find 3y sub3ission of 3!nuscript entitled GHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH: for possible public!tion in your 5ourn!ls( hereby !ffir3 th!t the contents of this 3!nuscript !re ori&in!l( $urther3ore% it h!s neither been published elsewhere in !ny l!n&u!&e fully or p!rtly% nor is it under review for public!tion elsewhere( !ffir3 th!t !ll the !uthor (s) h!ve seen !nd !&reed to the sub3itted version of the 3!nuscript !nd their inclusion of n!3e (s) !s co-!uthor (s)( Also% if 3y/our 3!nuscript is !ccepted% /Ce !&ree to co3ply with the for3!lities !s &iven on the website of the 5ourn!l A you !re free to publish our contribution in !ny of your 5ourn!ls( NAME OF CORRESPONDING AUTHOR4 Desi&n!tion4 Affili!tion with full !ddress% cont!ct nu3bers A Pin ,ode4 Residenti!l !ddress with Pin ,ode4 Mobile 'u3ber (s)4 9!ndline 'u3ber (s)4 ?-3!il Address4 Altern!te ?-3!il Address4 NOTES4 !) 6he whole 3!nuscript is reDuired to be in ONE MS WORD FILE only (pdf( version is li!ble to be re5ected without !ny consider!tion)% which will st!rt fro3 the coverin& letter% inside the 3!nuscript( b) 6he sender is reDuired to 3entionthe followin& in the SUBJECT COLUMN of the 3!il4 N58 M6;<+14=20 /.4 R5E=58 =; 075 6456 ./ ($in!nce/M!rBetin&/.RM/#ener!l M!n!&e3ent/?cono3ics/Psycholo&y/9!w/,o3puter/ 6/ ?n&ineerin&/M!the3!tics/other% ple!se specify) c) 6here is no need to &ive !ny te@t in the body of 3!il% e@cept the c!ses where the !uthor wishes to &ive !ny specific 3ess!&e w(r(t( to the 3!nuscript( d) 6he tot!l si-e of the file cont!inin& the 3!nuscript is reDuired to be below 5'' KB( e) Abstr!ct !lone will not be considered for review% !nd the !uthor is reDuired to sub3it the co3plete 3!nuscript in the first inst!nce( f) 6he 5ourn!l &ives !cBnowled&e3ent w(r(t( the receipt of every e3!il !nd in c!se of non-receipt of !cBnowled&3ent fro3 the 5ourn!l% w(r(t( the sub3ission of 3!nuscript% within two d!ys of sub3ission% the correspondin& !uthor is reDuired to de3!nd for the s!3e by sendin& sep!r!te 3!il to the 5ourn!l( >( 0( +( MANUSCRIPT TITLE: 6he title of the p!per should be in ! )> point ,!libri $ont( t should be bold typed% centered !nd fully c!pit!lised( AUTHOR NAME ASD & AFFILIATIONS: 6he !uthor (s) /<>> ;6:5% F5+=B;60=.;% 6//=>=60=.; (s)% 6FF45++% :.?=>5C>6;F>=;5 ;<:?54+% !nd 5:6=>C6>054;605 5:6=> 6FF45++ should be in it!lic A ))-point ,!libri $ont( t 3ust be centered underne!th the title( ABSTRACT: Abstr!ct should be in fully it!lici-ed te@t% not e@ceedin& >1* words( 6he !bstr!ct 3ust be infor3!tive !nd e@pl!in the b!cB&round% !i3s% 3ethods% results A conclusion in ! sin&le p!r!( Abbrevi!tions 3ust be 3entioned in full(
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KEYWORDS: Abstr!ct 3ust be followed by ! list of Beywords% sub5ect to the 3!@i3u3 of five( 6hese should be !rr!n&ed in !lph!betic order sep!r!ted by co33!s !nd full stops !t the end( MANUSCRIPT: M!nuscript 3ust be in BRITISH EN LISH prep!red on ! st!nd!rd A+ si-e !ORTR"IT SETTIN !"!ER( t 3ust be prep!red on ! sin&le sp!ce !nd sin&le colu3n with )J 3!r&in set for top% botto3% left !nd ri&ht( t should be typed in = point ,!libri $ont with p!&e nu3bers !t the botto3 !nd centre of every p!&e( t should be free fro3 &r!33!tic!l% spellin& !nd punctu!tion errors !nd 3ust be thorou&hly edited( HEADINGS: All the he!din&s should be in ! )* point ,!libri $ont( 6hese 3ust be bold-f!ced% !li&ned left !nd fully c!pit!lised( 9e!ve ! bl!nB line before e!ch he!din&( SUB$HEADINGS: All the sub-he!din&s should be in ! = point ,!libri $ont( 6hese 3ust be bold-f!ced% !li&ned left !nd fully c!pit!lised( MAIN TE&T: 6he 3!in te@t should follow the followin& seDuence4 INTRODUCTION REVIEW OF LITERATURE NEEDCIMPORTANCE OF THE STUDY STATEMENT OF THE PROBLEM OBJECTIVES HYPOTHESES RESEARCH METHODOLOGY RESULTS & DISCUSSION FINDINGS RECOMMENDATIONSCSUGGESTIONS CONCLUSIONS SCOPE FOR FURTHER RESEARCH ACKNOWLEDGMENTS REFERENCES APPENDI&CANNE&URE t should be in ! = point ,!libri $ont% sin&le sp!ced !nd 5ustified( 6he 3!nuscript should prefer!bly not e@ceed #$$$ WORDS(
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ISSN 0976-2183
KEYWORDS
Portfolio Perfor3!nce ?v!lu!tion% "h!rpe% 6reynor% Jensen% $!3!% M "Du!re
INTRODUCTION
S
)( >(
tudies on portfolio perfor3!nce ev!lu!tion be&!n in the )<I*:s !lon& with the develop3ent of 3odern !sset pricin& theory( After the selection of ! portfolio% its perfor3!nce is ev!lu!ted( Portfolio ev!lu!tion h!s been concerned with 3odels% which indic!te the type of co3ponents of the 3!n!&e3ent process% which contributed to the results( M!ny 3e!sures h!ve been used to ev!lu!te invest3ent perfor3!nce( 6hey include4 nde@ of return per unit of tot!l risB ("h!rpe 3e!sure) nde@ of return per unit of syste3!tic risB% (6reynor 3e!sure) nde@ of e@cess return rel!tive to ! bench3!rB% !d5usted for syste3!tic risB (Jensen 3e!sure)( nde@ which co3p!res the perfor3!nce% 3e!sured in ter3s of returns% of ! portfolio with the reDuired return co33ensur!te with the tot!l risB !ssoci!ted with it( 6he difference between these two is t!Ben !s ! 3e!sure of the perfor3!nce of the fund( ($!3! net selectivity) nde@ which !d5ust the portfolio return where vol!tility 3!tches the vol!tility of 3!rBet inde@( (M> Me!sure)
LITERATURE REVIEWS
R67F64=A2'' D, in his rese!rch p!per titled M?v!lu!tion of lon& ter3 portfolio: perfor3!nceJ published in Bi(&<"# ! 8 V$'. I: I "# I, J&n"&*, ;==> used three portfolio perfor3!nce 3e!sures( i( e( "h!rpe% 6reynor A Jenson to 3e!sure the perfor3!nce of portfolio( R6+7:= S76;964 6;F P64.:6 S6;36> A2''#D, in their p!per titled M 3p!ct of ownership% co3petition !nd productivity on profit!bility !nd spre!ds in ndi!:s co33erci!l b!nB sector followin& the )<<) refor3sJ 6his p!per e@!3ines the perfor3!nce of different b!nBin& sector inde@ by usin& different portfolio perfor3!nce 3e!sures( I;F=6; J.<4;6> ./ F=;6;15A2''#D, titled MPerfor3!nce ?v!lu!tion !nd $uture Prospects of Mutu!l $und ndustry in ndi!J used different 3e!sure of portfolio perfor3!nce ev!lu!tion for ev!lu!tin& the perfor3!nce of different 3utu!l fund sche3e(
3-
OBJECTIVES
6o Du!ntify the perfor3!nce of selected sector nde@ of B"? in for3 of return (N) !nd RisB ("t!nd!rd Devi!tion A Bet!)( 6o ev!lu!te the perfor3!nce of selected sector nde@ of B"? with the help of v!rious Portfolio perfor3!nce ev!lu!tion 3e!sures( ,o3p!re the perfor3!nce of selected "ector nde@ of B"? !nd r!nB the3 with the help of e!ch perfor3!nce 3e!sure(
HYPOTHESIS OF STUDY
.* O 6here is no si&nific!nce difference in the perfor3!nce of selected sectors nde@ of B"? for ! selected ti3e period usin& "h!rpe/6reynor/Jensen/$!3!/M> Me!sures( (P) O P> O QQ O P)0)
RESEARCH DESIGN
SAMPLING $or 3e!surin& the fin!nci!l perfor3!nce of ndi!n "tocB M!rBet thirteen different B"? ndices h!s been selected for 3e!surin& perfor3!nce( 6hese indices !re B"? Re!lty% B"? B!nBe@% B"? ,#% B"? ,D% B"? Auto% B"? Oil A #!s% B"? P"8% B"? Met!l% B"? 6% B"? Power% B"? $M,#% B"? .,% B"? 6ecB( 6he perfor3!nce of these indices will be 3e!sure by t!Bin& B"? "?'"?R 0* !s 3!rBet inde@( THE DATA COLLECTION AND PERIOD OF THE STUDY Su!rterly closin& Price 3ove3ent of s!3ple B"? sector nde@ d!t! h!s been collected for ! period of two ye!r( (*)/*)/>*)) to 0)/)>/>*)>)( $or M!rBet risB A return !s well !s vol!tility B"? "?'"?R will be used( TOOLS & TECHNIQUES )( $or !n!ly-in& the Du!rterly closin& price of selected indices tools liBe 3e!n% st!nd!rd devi!tion !nd bet! h!ve been used for findin& risB !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 risB !nd return 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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ISSN 0976-2183
TABLE G 2 QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER SHARPE MEASURE D605 S5;+5J R56>03 B6;95J BSE CG BSE CD *(>== *(I1 -*(<) ->(I= >(I<K -*(K) )(0K+ )(><K BSE A<0. *(0)I -*(<10 -*(K*K -*(=*I >(<)K -)()0> )(*1> )(**> BSE O&G )(*>< ->(*= -)(I= ->(0 *(<>= -*(0K *(< -*(I0 BSE PSU *()+= -)()> ->(1K ->(I= >()+K -*(+I *(*>+ -*(1> BSE M506> -*(>*+ -)(*0I -0(+*+ ->(*1+ >(01+ -*(=)K -*(1)K *(0IK BSE IT *()>) -)(+0 ->(1) )()0 *(1<= -)()K *()) -*(<= BSE P.854 -*(++ -*(K= ->(=0 ->(+ )(<= -*(<I *()1 -*(IK BSE FMCG )(>= >(= -)(+0 *(0) >(+< >(+0 >(>> )(++ BSE HC -)(+ )(*= ->(K -*(I >(= *(+= )(=< )(11 BSE T519 *(>0 -)()I ->(I) *(0I *(I0 -)(1> *(*0 -*(0>
))-M!r *(K1I *(>+ *(<K -*(+I0 ))-Jun -*(<+< -)(0+ -*(II+ *(00K ))-"ep ->(K0+ -)(>K ->(*10 ->(K0= ))-Dec -)(1*+ ->(*K ->(*=1 ->(<KK )>-M!r )(<IK >(0+ 0()) >(+I> )>-Jun -*(0+< -*(K -*(*=) -*(>>K )>-"ep )(*++ *(K1 *(<= *(=*+ )>-Dec *(>=) )(*I *(=+1 *(0)+ ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n "h!rpe portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n "h!rpe portfolio 3e!sure in between different inde@( I;054245060=.;: 6here is no enou&h evidence to re5ect null hypothesis which indic!tes th!t there is no si&nific!nce difference in the 3e!n "h!rpe portfolio 3e!sure in between different inde@% which shows th!t !ll inde@ perfor3 in the s!3e 3!nner( S.<415 ./ V64=60=.; B50855; G4.<2+ W=07=; G4.<2+ T.06> SS 0I(0I0I1 >0*(*)I+ >II(0=*) F/ )0 <= ))) MS >(K<K>*+ >(0+K)*I F )()<)KIK F 14=0 )(=>)0>K
D605
S5;+5J
R56>03
))-M!r +(*K )(1) ))-Jun -1()) -=(0) ))-"ep -)+(K> -K(=I ))-Dec -=(*< -)>(= )>-M!r )*(1< )+(1 )>-Jun -)(== -+(01 )>-"ep 1(I> +(I+ )>-Dec )(1) I(10 ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n 6reynor portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n 6reynor portfolio 3e!sure in between different inde@(
TABLE G 3 QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER TREYNOR MEASURE B6;95J BSE CG BSE BSE BSE BSE BSE BSE BSE BSE CD A<0. O&G PSU M506> IT P.854 FMCG 1(+<) ->(<I )(<= )(<= I(1> *(=K -)(>+ )(*= ->(1+ )>()= -0(K1= >()I +(+K -1(<K -)0(> I(11 -I(0 -)>(K -+(1+ >I(10 -))(I> -)K(1+ -I(>0 -+(+0 -)*IK -)1() ->*(K ->>(+ -)I(+ -)0(1< -))(= -)<(*K -)=(+ -1(*I -)+(I -)1K0 -)>(+< )*(*= -)0(< >(<I )K(I) )1(K= )=(1K )=(>< 1(== )>(1< )+(0) 1(00 ))(+1 >0(I> -*(+I -)(+1 -+(< -K() >(0K ->(K -+(<K -)*(+ -1(1+ >0(*) 1(11 1()1 <(+I I(1< 1(K) *()+ -0()1 )(*> *(=+ >)(*0 +(K= ->()> =(<0 I(>= -+(*) -0(*I >(>0 -=(K -0(=I )0(I=
BSE T519 )(K -=(+ -)<() >(I +(1 -))() *(> ->(0
S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ >+0K(*>K )0 )=K(+I0I )(K)I+>< )(=>)0>K W=07=; G4.<2+ )*K*0(>< <= )*<(>)K> T.06> )0)+*(0) ))) I;054245060=.;4 6here is no enou&h evidence to re5ect null hypothesis which indic!tes th!t there is no si&nific!nce difference in the 3e!n 6reynor portfolio 3e!sure in between different inde@% which shows th!t !ll inde@ perfor3s in the s!3e 3!nner( TABLE G ! QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER JENSEN MEASURE R56>03 B6;95J BSE BSE BSE BSE BSE BSE BSE BSE CG CD A<0. O&G PSU M506> IT P.854 -+(=) >()> -<(<0 ->()1 ->(1I >(>1 -0(>K -K(+1 ->(*= -=(0> -I(*) >(*> )*(>I <(=K -)(*I -K(>0 -)(+K -)(I= -1(0) *(K) )>(< +(I+ -0(<< =(K1 )>(I) 0(K) -*(0+ -=(0< -1(0) ->()+ -=(= -1(11 -)1(1 -)*(I 0(K0 -1(<K -K(= -I()I )>(I1 -K(0+ K(>= )*(1) K(00 =(>> <(++ -+(0) >(*+ 1(>> -0(II )(*= -+(I+ >()0 *(I -0()> -I(+ -*(+1 -*(=+ -+(0+ -1(<0 -+(I< -)(=+ -*()) -*(II 0(<I )()= *(*= -1(1< -)>(>< -0(>) -I(*) <(+> +(=< -+(<= K(I+ 1(=1 -1(*I -+(II ) -K()) -I(KI
S5;+5J * * * * * * * *
BSE FMCG 0(> )>(+< *(+1 +(0I 1()+ <(=> I(*= +(=
BSE T519 -)(K0 ->(+K -0(>> K(=K -+(+ -I(KK -0(<K ->(=>
ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n Jensen portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n Jensen portfolio 3e!sure in between different inde@(
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S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ <=)(0)0= )> =)(KKI)1 >(1*<1I= )(=I*)>+ W=07=; G4.<2+ ><I1(0*0 <) 0>(1=1K+ T.06> 0<+I(I)I )*0 I;054245060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n Jensen portfolio 3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others( TABLE G 5 QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER FAMA MEASURE R56>03 B6;95J BSE BSE BSE BSE BSE BSE BSE IT BSE CG CD A<0. O&G PSU M506> P.854 -1(<1 )(=) -))(*0 -0(0> -0(0< )(1= -0(I+ -=()< -0(<+ -=(K) -+(1= >(+) ))(I0 ))(0+ -*(*0 -I(1< -)(*) -*(K+ ->(<= )(> )K 1(KK -*(*+ )>(<= )1(1= I()) ) -1(K> )(+) -*(K> -I(10 -+(<0 -)0(00 -=(>< 1(0I -+(I1 -K(*I -+(I< )I(0+ -I(1I +(0) <(I< +(+= 1()= K(0) -I(*+ )(*= 0(0 -=(+< *(*I -+()> >(>K )() ->(1= -I(*> -*()1 -*(IK -0(<< -1(*K -+(+0 -0(+) -*(1+ ->()K >(0+ *(*1 -*(=+ -I() -)0(0) -1(KK -I(1I =(<< +(KK -1(0< K(>) 1(1+ -1(0) -+(= *(K0 -K(= -I(<
D605
S5;+5J
))-M!r * ))-Jun * ))-"ep * ))-Dec * )>-M!r * )>-Jun * )>-"ep * )>-Dec * ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n f!3! portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n f!3! portfolio 3e!sure in between different inde@(
BSE FMCG )(<= )+(*> +(=I I(K< )(<I )*(0= +(0< +(01
BSE T519 ->(=) -)()> *(I= )*(*> -K(>) -I(>K -1(+I -0(>>
S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ <<+()>1I )> =>(=+0= >(0*)>II )(=I*)>+ W=07=; G4.<2+ 0>K1(<0 <) 01(<<<>0 T.06> +>K*(*1I )*0 I;054245060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n $!3! portfolio 3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others( TABLE G " QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER M2 MEASURE R56>03 B6;95J BSE BSE BSE BSE BSE BSE BSE IT BSE CG CD A<0. O&G PSU M506> P.854 ->(KI )()1 -I(1I ->(1> ->(0K )(+K -0(>= -1()K -0(+> -I(+0 ->()> )(10 I(<> =(I) -*(*> -I()) -*(<) -*(+K ->(1= *(=< K(== 0(IK -*(*> <(=1 )*(<) 1(II *(< -0(I) )(>0 -*(10 -0(*0 -0()0 -K(<0 -I(>< 0(K1 -+(0) -I(01 ->(<I )+()= -+(=+ )(<< I()I >(IK 0(<0 1()> -1(1< *(<K >(*I -K(0K *(*+ -)(<) )(++ *(II -)(<1 -+(>> -*()I -*(I ->(1> -+(+ -0(>K -)(1= -*(01 -)(>< )(KI *(*0 -*(K= -1(+< -=(+) -1(*) -+(=+ +()K 0(*0 -0(>) 1(+K 0(== -+(<> -+(0> *(+I -I(KK -1()
S5;+5J * * * * * * * *
BSE FMCG >(=+ >*()= I(<< <(K= >(=0 )+(<1 I(0> I(>I
BSE T519 ->(=) -)()> *(I= )*(*0 -K(>> -I(>= -1(+K -0(>0
ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n M sDu!re (M>) portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n M sDu!re (M>) portfolio 3e!sure in between different inde@( S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ )*10(>=0 )> =K(KK01I 0(K0++I< )(=I*)>+ W=07=; G4.<2+ >)0=(=0 <) >0(1*0I0 T.06> 0)<>())0 )*0 I;054245060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n M "Du!re (M>) portfolio 3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others(
FINDINGS
6he findin&s of the study !re e@pressed in the followin& t!ble4 TABLE$#: COMBINED RANKING OF SELECTED SECTOR INDE& BY USING ALL PORTFOLIO PERFORMANCE MEASURE I;F5J S76425 T453;.4 J5;+5; FAMA MM AE546B5 R6;9=;B R56>03 I I I I I I I B6;95J 1 1 + + 1 +(I 1 BSE CG = = K K K K(+ K BSE CD 0 0 0 > 0 >(= > BSE A<0. + + > 0 + 0(+ + BSE O=>& G6+ )* < = < < < = BSE PSU )> )* )) )) )) )) )) BSE M506> )0 )> )0 )> )> )>(+ )> BSE IT < )+ )* )* = )*(> )* BSE P.854 )+ )0 )> )0 )0 )0 )0 BSE FMCG ) ) ) ) ) ) ) BSE HC > > 1 1 > 0(> 0 BSE T519 )) )) < = )* <(= < )( 6he best perfor3in& nde@ out of the )0 selected sector inde@ is B"? $M,# in !ll the different portfolio perfor3!nce 3e!sures(
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ISSN 0976-2183
6he top three perfor3in& inde@ !lon& with B"? $M,# is B"? ,D A B"? .,% while botto3 three perfor3in& inde@ !re B"? P"8% B"? Met!l A B"? Power considerin& !ll five portfolio perfor3!nce 3e!sures(
CONCLUSION
Before the evolution of portfolio perfor3!nce 3e!sure% invest3ent h!s been done on the b!sis of historic!l return !nd risB of !ny p!rticul!r security !nd it h!s been !lso ev!lu!ted on the b!sis of !ctu!l return !nd risB 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 Bnow 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!nBin& &iven in 6!ble no( K(
REFERENCES
I;F=6; J.<4;6> ./ F=;6;15 A2''#D, titled MPerfor3!nce ?v!lu!tion !nd $uture Prospects of Mutu!l $und ndustry in ndi!J published in ndi!n Journ!l of $in!nce4 ;olu3e ) T 'u3ber > TJune-July >**K( >( R67F64=A2'' D, in his rese!rch p!per titled M?v!lu!tion of lon& ter3 portfolio: perfor3!nceJ published in Bi(&<"# ! 8 V$'. I: I "# I, J&n"&*, ;==>. 0( R6+7:= S76;964 6;F P64.:6 S6;36> A2''#D, in their p!per titled M 3p!ct of ownership% co3petition !nd productivity on profit!bility !nd spre!ds in ndi!:s co33erci!l b!nB sector followin& the )<<) refor3sJ( WEBSITES +( www(bseindi!(co3 1( www(3oneycontrol(co3 I( www(nseindi!(co3 K( www(rbi(or&(in )(
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ISSN 0976-2183
At the very outset% ntern!tion!l Journ!l of Rese!rch in ,o33erce !nd M!n!&e3ent ( JR,M) !cBnowled&es A !ppreci!tes your efforts in showin& interest in our present issue under your Bind perus!l(
would liBe to reDuest 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 i(e( =;/.=K41:LB:6=>-1.: for further i3prove3ents in the interest of rese!rch(
f youh!ve !ny Dueries ple!se feel free to cont!ct us on our ?-3!il =;/.=K41:LB:6=>-1.:(
!3 sure th!t your feedb!cB !nd deliber!tions would 3!Be future issues better / ! result of our 5oint effort(
A16F5:=16>>3 3.<4+
"d/C.$.4F=;60.4
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ISSN 0976-2183
http4//i5rc3(or&(in/