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|Title:||What determines fund performance persistence? International evidence|
|Authors:||Ferreira, M. A.|
Miguel, A. F.
Ramos, S. B.
|Keywords:||Fund industry competition|
Mutual fund persistence
|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.|
|Appears in Collections:||BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica|
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