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Abstract:
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Objectives of this study are study and compare effects of macroeconomic factors, interest rate inflation rate and user change rate, on rate of return of price index mutual fund of the BTS rail mass transit growth infrastructure fund (BTSGIF) using quantile and ordinary least squares regressions with secondary data from April 2013to December 2016 for considering and making investment decision. From return on assets (ROA) return on equity (ROE) and book value (BV) analysis, The BTS rail mass transit growth infrastructure fund can manage assets and shareholders' fund to archive the profit which increase every year. Moreover, investors have a confidence in this fund which shown in book value that less than price index. From ADF test, rate of return of price index interest rate inflation rate and user change rate are stationary at level. From quantile regression analysis at 0.25, interest rate and inflation rate have a significant effect on rate of return of price index. If these factors increase by 1%, rate of return of price index will decrease by 0.054% and increase by 0.048%, respectively. At 0.5 and 0.75 quantile regression analysis, none of these factors have a significant effect on rate of return of price index. From ordinary least squares analysis, only interest rate has a significant effect on rate of return of price index. If these factors increase by 1%, rate of return of price index will decrease by 0.037%.
Key word: Macroeconomic factor, Infrastructure fund, Rate of return of price index ,BTSGIF, Quantile regression
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