mutual fund management
Indexing versus active mutual fund management
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The purpose of this paper is to examine the benefits of active mutual fund management investing versus index funds. In general, we find that index funds outperform actively managed funds for most equity and all bond fund categories on both a total return and after
Are mutual fund shareholders compensated for active management bets
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This paper analyzes the investment returns of shareholders in US domestic equity mutual funds over a 26-year period, focusing on whether fund managers taking bigger portfolio bets have better stockpicking skills. We find that funds with higher levels of return volatility
Lazy investors, lazy fund managers, lousy performance: National culture and mutual fund management
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* We thank Miguel Ferreira and Ian Marsh for comments. † Cass Business School; 106 Bunhill Row London EC1Y 8TZ, United Kingdom; Email: a.keswani@city.ac.uk ‡ ISCTE Lisbon University Institute, Av. Forças Armadas 1649 Lisboa, Portugal; Email: a.freitasmiguel@iscte.pt § ISCTE
Moral hazard in mutual fund management : The quality-assuring role of fees
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We model the role of premium fees in assuring the quality of active mutual fund management . Active management is a prototype of an experience good subject to moral hazard. Investors cannot tell high quality management from low quality management until
The dynamics of mutual fund management
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This paper investigates the time-varying properties of mutual fund betas. The study demonstrates that the fund beta is not constant and proposes various models to determine the underlying structure of the daily time-series. These methods include the Kalman filter
Self-interest on mutual fund management : evidence from the Portuguese market
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Institutional investors manage an increasingly substantial share of securities in the developed markets. Previous research has concluded that mutual funds clients do have asymmetric reactions, for they increase capital flows to mutual funds that are winners in
High management fees with no relation to mutual fund performance. Case of Poland
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Poland has a very fragmented open-end investment fund market with management fees which are the double of what fund participants pay in developed European countries. In this article, based on a deep analysis of financial statements of Polish funds of different types, we
Scale, skill, and team management : Organizational structure of mutual fund families
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We develop a model of delegated portfolio management with two layers of agency problems, derive implications for single-manager vs. team funds, and test model implications using mutual fund data. A team fund with two managers can always operate as two
Mutual fund performance and management location
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In this article we develop and explore the most comprehensive database of fund manager performance delineated by location. We use this database and four performance evaluation techniques to determine whether a fund managers location relative to the location of the
Mutual fund risk-shifting and management contracts
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We study risk-shifting linked to the performance contracts of portfolio managers. Our theory predicts that mutual fund managers with asymmetric performance contracts and mid-year performance close to their announced benchmark increase their portfolio risk in the second
in emerging markets: an empirical study of the relationship between mutual fund performance and the degree of active fund management in emerging markets
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The debate whether active funds add value compared to passive funds has mostly been limited to developed markets. In this study, we use a panel dataset to investigate whether emerging markets mutual funds performance is positively related to their degree of active
Measuring the mutual fund industry risk management and performance sustainability-quantile regression model
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Abstract We apply the Quantile Regression Model to observe the rank correlation between bond fund performance and asset, volatility, management fee, Sharpe index and show that fund performance between volatility as a negative significant relationship, implied extreme
Comparing Active and Passive Mutual Fund Management : Case Study of Thailand
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Mutual fund is an investment vehicle that each individual in securities by pooling their funds. Mutual funds are one of the most popular financial products however individual investors make a decision based on mutual fund return without taking risk into account. This paper
Why is Persistent Mutual Fund Performance so Difficult to Achieve The Impact of Management Turnover and Fund Flows
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The objective of this research is to investigate the impact that fund flows and management turnover have on the investment performance of actively managed equity mutual funds over time. Both fund flows and manager turnover have been identified in the literature as relevant
Mutual Fund Management : Does Active Management Pay
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According to classical portfolio theory, two implications follow when an asset has a positive alpha against some benchmark:(1) the benchmark is mean-variance inefficient;(2) by combining the positive alpha asset with the benchmark, one can improve the meanvariance
Mutual fund management costs and lifetime wealth accumulation: a consumption utility function
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I am studying how mutual fund management costs affect lifetime wealth accumulation and thus consumption utility. I take an individual who is 25 years old and starts saving for retirement, retires at age 65 and stays retired until age 90. Such an investor is faced with the
The results of mutual fund management
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One of the recurrent subjects dealt with in the financial literature is whether management adds value to the results obtained by portfolio managers. Specifically, the aim is to determine whether the results persist over time, and thus whether future returns can be
How Do Smart Beta ETFs Affect the Asset Management Industry Evidence from Mutual Fund Flows
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We examine the impact of non-market-tracking (smart beta) equity exchange-traded funds (ETFs) on how investors evaluate mutual fund performance. We rely on mutual fund flow sensitivity to alphas from different asset pricing models to measure investor behavior. Our
Mutual Fund Trading Pressure, Stock Mispricing, and Management Earnings Forecasts
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Does a companys stock mispricing influence its decision to issue an earnings forecast Does executive compensation affect the nature of the forecast How does the market react to these forecasts I address these questions using cross-sectional and time-series variation
ANALYSIS OF MUTUAL FUNDS AND PORTFOLIO MANAGEMENT WITH SPECIAL REFERENCE TO SBI FUND MANAGEMENT PVT LTD
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Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a well-diversified portfolio of equities, bonds and other securities, professionally managed basket of securities at a relatively low cost. This research paper consists of the