Please use this identifier to cite or link to this item:
http://hdl.handle.net/10071/7216
Author(s): | Ferreira, M. A. Keswani, A. Miguel, A. F. Ramos, S. |
Date: | Apr-2013 |
Title: | The Determinants of Mutual Fund Performance: A Cross Country Study |
Volume: | 17 |
Number: | 2 |
Pages: | 483-525 |
ISSN: | 1572-3097 |
Abstract: | We use a new data set to study the determinants of the performance of open-end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere in the world. The US evidence of diminishing returns to scale is not a universal truth as the performance of funds located outside the USA and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the USA are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance. |
Peerreviewed: | Sim |
Access type: | Embargoed Access |
Appears in Collections: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica DF-RI - Artigos em revistas internacionais com arbitragem científica |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
Ferreira_2012.pdf Restricted Access | 309,34 kB | Adobe PDF | View/Open Request a copy |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.