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This research investigates the relationship between mutual fund performance and key fund characteristics. By examining factors such as fund size, age, type, expenses, and trading activity (turnover ratio), we aim to identify their impact on investment returns. Our analysis employs rigorous econometric methods and a comprehensive dataset that contribute to the understanding of mutual fund performance determinants and provide valuable insights for investors. The study results indicate that fund age, fund type, fund size, fund expense ratio, and turnover ratio significantly impact the fund performance measured by Sharpe ratio and Treynor ratio. Factors like fund age and fund size positively influence the Treynor ratio, suggesting better performance relative to systematic risk for older and larger funds.

Drawing on the technology acceptance model (TAM), this study aims to investigate the influence of financial technology applications' perceived security and users' trust in these applications on people usage of these applications. A total of 416 valid questionnaires were analyzed to test the structural and model of the study using Smart PLS 4. Results have clarified that perceived security has a significant positive influence on users' trust. Moreover, the influence of perceived security on both perceived ease of use and perceived usefulness was insignificant and significantly negative, respectively. On the contrary, perceived trust has a significant positive influence on both perceived ease of use and perceived usefulness. Both perceived ease of use and perceived usefulness have a significant positive influence on users' attitude. Finally, the study encourages the researchers to extend the TAM to have a clearer idea on the antecedents of adopting financial technology applications. Also, depending on its results, the study presents some recommendations to reinforce the popularity and people's acceptance of these applications.

PurposeThis paper deeply investigates the herd behavior of the Egyptian mutual funds under changing and different conditions of the market pre- and post-events and compares the impact of asymmetric risk conditions on the herding behavior of the Egyptian mutual funds in both up and down markets.Design/methodology/approachWe test for the existence of herding for the whole period from 2003 to 2022, as well as for the pre-and post-different Egyptian uprising periods. We employ two well-known models, namely the cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models. Additionally, we use the quantile regression approach.FindingsWe find that the behavior of mutual funds does not change following the different political and social events. For the whole period, we find evidence of herding behavior using only the model of CSAD in down-market conditions. We generalize our finding to be evidence of the existence herding behavior in different quantiles, under only the down market in specific points’ pre, post or both given events throughout the whole series. Conversely, during the upper market, we show a full absence of herding behavior considering all different quantiles. When the market is down, managers are afraid of the condition of uncertainty, neglecting their own private information, avoid acting independently and consequently, following other mutual funds. When the market is up, managers become rational and act fully independent.Research limitations/implicationsFuture research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.Practical implicationsThe study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently.Social implicationsThe study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently. Future research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.Originality/valueThe paper investigates the herd behavior of the Egyptian mutual funds under asymmetric risk conditions, the study follows the spectrum of the herding behavior analysis and Egyptian mutual funds, extending the research with imperial analysis of market conditions pre- and post-events including currency floating, COVID-19 and political elections. The study gives substantial recommendations for policymakers and investors in emerging markets mutual funds.