{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,8,2]],"date-time":"2025-08-02T17:26:40Z","timestamp":1754155600427,"version":"3.41.2"},"reference-count":31,"publisher":"Emerald","issue":"8","license":[{"start":{"date-parts":[[2016,9,5]],"date-time":"2016-09-05T00:00:00Z","timestamp":1473033600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2016,9,5]]},"abstract":"<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title>\n<jats:p>The purpose of this paper is to consider compromise solutions of multiple attribute decision-making methods (TOPSIS, VIKOR, and similarity-based approach) in order to evaluate and rank mutual funds and to compare the capabilities of different approaches based on the different traditional indices of mutual funds assessment. In addition, a new algorithm for ranking mutual funds was proposed subsequently.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title>\n<jats:p>In this research, three groups of indices including general, risk-modified performance evaluation, and risk-modified performance evaluation indices using semivariance were used in the mutual funds assessment, which led to the comparison between selected mutual funds, using three mentioned methods and three different groups of criteria. The results of this comparison were compiled and synthesized with linear assignment method. At the end, an algorithm for decision making and investing in mutual funds for professional and unprofessional investors was proposed.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Findings<\/jats:title>\n<jats:p>Using different methods and different criteria proved that the results of similarity-based approach as a MADM technique have the ability to rank and evaluate mutual funds regardless of the criteria used compared to TOPSIS and VIKOR. Furthermore, the authors propose the algorithm of this research as a new model of mutual funds evaluation which considers a wide range of variables with respect to amateur and professional points of view.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title>\n<jats:p>The originality of this paper is threefold: first, different criteria were considered to make the evaluation more comprehensive. Second, four different approaches were used to make the results more authentic. Third, a holistic algorithm with its implication was proposed.<\/jats:p>\n<\/jats:sec>","DOI":"10.1108\/k-10-2015-0256","type":"journal-article","created":{"date-parts":[[2016,10,17]],"date-time":"2016-10-17T09:31:33Z","timestamp":1476696693000},"page":"1194-1212","source":"Crossref","is-referenced-by-count":6,"title":["A new algorithm for mutual funds evaluation based on multiple attribute decision making techniques"],"prefix":"10.1108","volume":"45","author":[{"given":"Reza","family":"Alibakhshi","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Mohammad Reza","family":"Sadeghi Moghadam","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","reference":[{"volume-title":"TOPSIS Algorithms for Multiple Objectives Decision Making Large Scale Programming Approach","year":"2013","key":"key2020121300501795600_ref001"},{"issue":"2","key":"key2020121300501795600_ref002","first-page":"199","article-title":"Performance evaluation of Pakistan mutual funds","volume":"47","year":"2009","journal-title":"Pakistan Economic and Social Review"},{"issue":"5","key":"key2020121300501795600_ref003","doi-asserted-by":"crossref","first-page":"859","DOI":"10.5267\/j.ijiec.2012.05.005","article-title":"Multi-objective portfolio optimization of mutual funds under downside risk measure using fuzzy theory","volume":"3","year":"2012","journal-title":"International Journal of Industrial Engineering Computations"},{"issue":"2","key":"key2020121300501795600_ref004","first-page":"11","article-title":"Performance evaluation of Turkish type a mutual funds and pension stock funds by using TOPSIS method","volume":"1","year":"2009","journal-title":"International Journal of Economics and Finance"},{"issue":"4","key":"key2020121300501795600_ref005","first-page":"128","article-title":"Performance evaluation of banks using fuzzy AHP and TOPSIS, case study: state-owned banks, partially private and private banks in Iran","volume":"2","year":"2013","journal-title":"Caspian Journal of Applied Sciences Research"},{"issue":"3","key":"key2020121300501795600_ref006","doi-asserted-by":"crossref","first-page":"477","DOI":"10.1016\/S0377-2217(00)00311-8","article-title":"A data envelopment analysis approach to measure the mutual fund performance","volume":"135","year":"2001","journal-title":"European Journal of Operational Research"},{"volume-title":"Investments","year":"2013","key":"key2020121300501795600_ref007"},{"issue":"1","key":"key2020121300501795600_ref008","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1111\/j.1540-6261.1997.tb03808.x","article-title":"On persistence in mutual fund performance","volume":"52","year":"1997","journal-title":"The Journal of Finance"},{"issue":"6","key":"key2020121300501795600_ref009","doi-asserted-by":"crossref","first-page":"4642","DOI":"10.1016\/j.eswa.2009.12.044","article-title":"Domestic open-end equity mutual fund performance evaluation using extended","volume":"37","year":"2010","journal-title":"Expert Systems with Applications"},{"key":"key2020121300501795600_ref010","first-page":"253","article-title":"A similarity-based approach to ranking multicriteria. Advanced intelligent computing theories and applications","year":"2007","journal-title":"International Conference on Intelligent Computing, Springer Berlin Heidelberg"},{"issue":"11","key":"key2020121300501795600_ref011","first-page":"1743","article-title":"Modern portfolio theory, 1950 to date","volume":"21","year":"1997","journal-title":"Journal of Banking & Finance"},{"article-title":"Financial information processing of Iran","year":"2014","author":"Financial Information Processing of Iran","key":"key2020121300501795600_ref012"},{"issue":"3","key":"key2020121300501795600_ref013","doi-asserted-by":"crossref","first-page":"255","DOI":"10.1504\/IJADS.2014.063229","article-title":"Neural network DEA for measuring the efficiency of mutual funds","volume":"7","year":"2014","journal-title":"International Journal of Applied Decision Sciences"},{"issue":"3","key":"key2020121300501795600_ref014","doi-asserted-by":"crossref","first-page":"448","DOI":"10.3846\/16111699.2011.633098","article-title":"Investment decision making using a combined factor analysis and entropy-based TOPSIS model","volume":"14","year":"2013","journal-title":"Journal of Business Economics and Management"},{"key":"key2020121300501795600_ref015","doi-asserted-by":"crossref","unstructured":"Hubner, G. (2003), \u201cThe generalized Treynor ratio: a note\u201d, Management working paper, University of Liege, Liege.","DOI":"10.2139\/ssrn.375061"},{"volume-title":"Lecture Notes in Economics and Mathematical Systems","year":"1981","key":"key2020121300501795600_ref016"},{"issue":"5","key":"key2020121300501795600_ref017","doi-asserted-by":"crossref","first-page":"636","DOI":"10.1016\/j.qref.2004.05.008","article-title":"Traditional beta, downside risk beta and market risk premiums","volume":"44","year":"2004","journal-title":"The Quarterly Review of Economics and Finance"},{"issue":"63","key":"key2020121300501795600_ref018","first-page":"51","article-title":"Assessment of risk-adjusted performance of mutual funds in Iran","volume":"20","year":"2012","journal-title":"Quarterly Journal of Economic Research and Policies"},{"issue":"3","key":"key2020121300501795600_ref019","doi-asserted-by":"crossref","first-page":"6421","DOI":"10.1016\/j.eswa.2008.07.084","article-title":"Combined MCDM techniques for exploring stock selection based on Gordon model","volume":"36","year":"2009","journal-title":"Expert Systems with Applications"},{"issue":"6","key":"key2020121300501795600_ref020","first-page":"869","article-title":"A comparison of usual indices and extended TOPSIS methods in mutual funds\u2019 performance evaluation","volume":"10","year":"2013","journal-title":"Journal of Statistics and Management Systems"},{"issue":"1","key":"key2020121300501795600_ref021","first-page":"77","article-title":"Portfolio selection","volume":"7","year":"1952","journal-title":"The Journal of Finance"},{"issue":"2","key":"key2020121300501795600_ref022","doi-asserted-by":"crossref","first-page":"408","DOI":"10.1016\/S0377-2217(96)00356-6","article-title":"Efficiency of mutual funds and portfolio performance measurement: a non-parametric approach","volume":"98","year":"1997","journal-title":"European Journal of Operational Reasearch"},{"issue":"7","key":"key2020121300501795600_ref024","doi-asserted-by":"crossref","first-page":"2473","DOI":"10.5267\/j.msl.2012.07.019","article-title":"Portfolio optimization using a hybrid of fuzzy ANP, VIKOR and TOPSIS","volume":"2","year":"2012","journal-title":"Management Science Letters"},{"issue":"3","key":"key2020121300501795600_ref025","doi-asserted-by":"crossref","first-page":"11","DOI":"10.3905\/joi.3.3.11","article-title":"Post-modern portfolio theory comes of age","volume":"3","year":"1994","journal-title":"The Journal of Investing"},{"issue":"6","key":"key2020121300501795600_ref026","first-page":"13","article-title":"A multi-objective decision-making approach for mutual fund portfolio","volume":"4","year":"2006","journal-title":"Journal of Business & Economics Research"},{"issue":"1","key":"key2020121300501795600_ref027","first-page":"119","article-title":"Mutual fund performance","volume":"39","year":"1966","journal-title":"The Journal of Business"},{"issue":"4","key":"key2020121300501795600_ref028","doi-asserted-by":"crossref","first-page":"370","DOI":"10.1504\/IJADS.2012.050023","article-title":"Applied financial non-linear programming models for decision making","volume":"5","year":"2012","journal-title":"International Journal of Applied Decision Sciences"},{"volume-title":"Multiple Attribute Decision Making: Methods and Applications","year":"2011","key":"key2020121300501795600_ref029"},{"key":"key2020121300501795600_ref030","unstructured":"US Securities and Exchange Commission (2014), \u201cUS Securities and Exchange Commission\u201d, available at: www.sec.gov\/answers\/mutfund.htm (accessed July 2014)."},{"issue":"3","key":"key2020121300501795600_ref031","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/S1874-8651(08)60020-4","article-title":"Empirical study on Chinese mutual funds\u2019 performance","volume":"27","year":"2007","journal-title":"Systems Engineering \u2013 Theory & Practice"},{"first-page":"2","article-title":"The origins of mutual funds","year":"2004","key":"key2020121300501795600_ref032"}],"container-title":["Kybernetes"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/www.emeraldinsight.com\/doi\/full-xml\/10.1108\/K-10-2015-0256","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/K-10-2015-0256\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/K-10-2015-0256\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T21:50:30Z","timestamp":1753393830000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/k\/article\/45\/8\/1194-1212\/272638"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2016,9,5]]},"references-count":31,"journal-issue":{"issue":"8","published-print":{"date-parts":[[2016,9,5]]}},"alternative-id":["10.1108\/K-10-2015-0256"],"URL":"https:\/\/doi.org\/10.1108\/k-10-2015-0256","relation":{},"ISSN":["0368-492X"],"issn-type":[{"type":"print","value":"0368-492X"}],"subject":[],"published":{"date-parts":[[2016,9,5]]}}}