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Title: What determines fund performance persistence? International evidence
Authors: Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
Keywords: Fund industry competition
Manager skill
Mutual fund persistence
Issue Date: 2019
Publisher: Wiley
Abstract: We study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.-based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross-sectional variation in performance persistence.
Peer reviewed: yes
DOI: 10.1111/fire.12202
ISSN: 0732-8516
Accession number: WOS:000489087500002
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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