شاخص جنسن

Given the large number of investment funds, their different performance in the past and their different characteristics, choosing the appropriate investment fund is important for investors. In addition to past performance including risk and return, there are several structural and behavioral factors that can affect the return on investment fund. These factors can include size, fund costs, management fees, portfolio turnover ratios, cash flow, fund life, focus, location, experience and management skills, gender management, volume of transactions, governance structure of equity funds, etc. On the other hand, if the factors affecting decision making are known, the process of analyzing, interpreting and selecting the fund is also unknown.

In this study, we consider the relationship between insurance companie's return and risk, risk-aversion or risk-taking of portfolio managers investing for insurance companies. It was examined by means of P/E measure. The performance of insurance companies has been studied by applying combined portfolio performance measures. First, The measure of Sharp, Treynor, Jensen and P/E measure of Iranian insurance companies and central insurance were appraised in comparison with Ghadir (irsnian Investment co. To test the hypotheses, we used the SPSS 15 software. The results show: Portfolio managers investing for insurance companies are not risktaking. Insurance companies are risk-taking in comparison with Ghadir investment company and are neutral when compared with national investing companies. According to Sharp measure, portfolio managers investing for insurance companies use the passive strategy in comparison with Market. According to Treynor measure, portfolio managers investing for Iran insurance company are neutral, whereas portfolio managers investing central insurance company apply the active strategy meaningfully. According to Jensen measure, portfolio managers investing for insurance companies are neutral in comparison with Market. On the basis of each studied measures, portfolio managers investing for insurance companies are neutral when compared with portfolio managers investing for investment companies. Hence, the hypothesis was rejected. There is no meaningful relationship between investing portfolio return and risk of Iran insurance companies. There is a meaningful relationship between investing portfolio return and risk of central insurance companies.