Considering that the investment funds in Tehran Stock Exchange started their activity during the last five years and tendency of real and legal investors to invest in such funds, studying the relationship between goodwill and ranking of funds as effective factors on investors' sensitivity towards performance and price of investment funds has been focused in this study. Therefore, twenty two and thirty six funds were investigated in 2011 and 2012 respectively. The ranking factor is in the form of two variables of high ranking and low ranking as well as four factors under study as four representatives of goodwill including inter-group ranking score of funds, size, the fund's age and bank.
Data analysis was conducted through cross-functional structure with fixed effects and ordinary least squares (OLS) method. The results confirm the significant linear relationship among the variables of fund age, bank and inter-group ranking score with investors' sensitivity towards price. This relationship was just confirmed between investors' sensitivity towards performance with fund age and bank variables. Also, the relationship between ranking of funds and investors' sensitivity towards performance and price of funds has been confirmed.
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