Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)

The purpose of the present study is to find evidence that if actively managed Colombian private pension open mutual funds can outperform a specific market benchmark such as a passively managed ETF. After doing a review of the existing literature on the subject, the data form thirty (30) Colombian pr...

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Autores:: Cayon-Fallon, Edgardo
Di Santo Rojas, Tomás
Roncancio Peña, Camilo

Tipo de recurso:: Article of investigation

Fecha de publicación:: 2009

Institución:: Colegio de Estudios Superiores de Administración

Repositorio:: Repositorio CESA

Idioma:: eng

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oai_identifier_str	oai:repository.cesa.edu.co:10726/276
network_acronym_str	CESA2
network_name_str	Repositorio CESA
repository_id_str
dc.title.eng.fl_str_mv	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
title	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
spellingShingle	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18) Mutual funds Portfolio Performance
title_short	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
title_full	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
title_fullStr	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
title_full_unstemmed	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
title_sort	Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)
dc.creator.fl_str_mv	Cayon-Fallon, Edgardo Di Santo Rojas, Tomás Roncancio Peña, Camilo
dc.contributor.author.spa.fl_str_mv	Cayon-Fallon, Edgardo Di Santo Rojas, Tomás Roncancio Peña, Camilo
dc.contributor.orcid.none.fl_str_mv	Cayon-Fallon, Edgardo [0000-0002-4113-5521]
dc.contributor.scopus.none.fl_str_mv	Cayon-Fallon, Edgardo [56395390800]
dc.subject.lemb.eng.fl_str_mv	Mutual funds Portfolio Performance
topic	Mutual funds Portfolio Performance
description	The purpose of the present study is to find evidence that if actively managed Colombian private pension open mutual funds can outperform a specific market benchmark such as a passively managed ETF. After doing a review of the existing literature on the subject, the data form thirty (30) Colombian private pension open mutual funds along with the data of thirty (30) Exchange Traded Funds was used to obtain a set of common portfolio performance measures. The results obtained indicated that only two of the thirty portfolios under study were able to beat their respective market benchmarks on a risk-adjusted basis. The results indicate that in average a Colombian investor can obtain superior returns by investing in a passively managed product such as ETFs than in actively managed ones, such as the Colombian private pension open mutual funds. These results are consistent with the results of previous researchers and the existing body of literature on the subject of market efficiency.
publishDate	2009
dc.date.issued.none.fl_str_mv	2009-01-23
dc.date.accessioned.none.fl_str_mv	2014-04-25T04:03:30Z 2015-07-08T20:37:42Z 2017-02-08T18:38:47Z 2017-08-12T15:43:01Z
dc.date.available.none.fl_str_mv	2014-04-25T04:03:30Z 2015-07-08T20:37:42Z 2017-02-08T18:38:47Z 2017-08-12T15:43:01Z
dc.type.eng.fl_str_mv	info:eu-repo/semantics/other
dc.type.spa.spa.fl_str_mv	Borradores de Administración
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language	eng
dc.relation.references.eng.fl_str_mv	Admati, A. R., & Pfleiderer, P. (1997). Does it All Add Up? Benchmarks and the Compensation of Active Portfolio Managers. Journal of Business , 70 (3), 323-350. Admati, A. R., Bhattachayra, S., Pfleiderer, P., & Ross, S. A. (1986). On Timing and Selectivity. Journal of Finance , 41 (3), 715-730. Bogle, J. (1999). Common sense on mutual funds: New perspective for the intelligent investor. New York: John Wiley and Sons. Bogle, J. (1998). The Implications of Style Analysis for Mutual Funds. (34-42, Ed.) The Journal of Portfolio Management . Cumby, R. E., & Glen, J. D. (1990). Evaluating the Performance of International Mutual Funds. Journal of Finance , 45 (2), 497-521. Dellva, W. (2001). Exchange Traded Funds Not for Everyone. Journal of Financial Planning , 110-124. Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance , 25, 383-416. Frino, A., & Gallagher, D. (2001). Tracking S&P 500 Index Funds. Journal of Portfolio Management , 88-96. Gastineau, G. (2001). Exchange Traded Funds: An Introduction. Journal of Portfolio Management , 27 (3), 88-96. Georges, H. (2005, December 3). The Generalized Treynor Ratio. Retrieved January 20, 2009, from http://www2.wu-wien.ac.at/rof/papers/pdf/Hubner_Treynor%20Ratio.pdf Jensen, M. (1968). The performance of mutual funds in the period 1945-1964. Journal of Finance , 23, 389-416. Jones, S. L., & Yeoman, J. C. (2001, September). Problems in Measuring Contrarian Performance with Jensen's Alpha: A Reconciliation of Real-Time and Event-Time Tests. Retrieved January 14, 2009, from Social Science Research Networ: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=249057 Kostovetsky, L. (2003). Index Mutual Funds and Exchange-Traded Funds: A comparison of two methods of passive investment. Journal of Portfolio Management , 80-92. Lee, C., & Rahman, S. (1990). Market Timing, Selectivity, and Mutual Fund Performance: An Empirical investigation. Journal of Business , 63, 261-278. Lo, A. W., & MacKinlay, A. C. (1988). Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test. The Review of Financial Studies , 1 (1), 41-66. Modigliani, F., & Modigliani, L. (1997). Risk-adjusted performance. Journal of Portfolio Management , 23, 45-54. NYSE. (2006). What You Should Know About Etfs. (N. R. Inc., Ed.) Retrieved Enero 9, 2009, from website NYSE: http://www.nyse.com/pdfs/what_you_should_know_about_etfs.pdf Poterba, J. M., & Shoven, J. B. (2002). Exchange Traded Funds: A New Investment Option for Taxable Investors. The American Economic Review , 92 (2), 422-427. Sharpe, W. (1966). Mutual Fund Performance. Journal of Business , 39, 119-138. Treynor, J. L. (1966). How to Rate Management of Investment Funds. Harvard Business Review (44), 131-146. Varami, H., & Kalash, S. (2008). Testing Market Efficiency for Different Capitalization Funds. American Journal of Business , 23 (2), 17-26. Yahoo. (2008). Yahoo Finance. Retrieved June 30, 2008, from http://finance.yahoo.com/etf
dc.relation.references.spa.fl_str_mv	Asofondos. (2006). Asofondos-Asociación Colombiana de Administradoras de Pensiones. Retrieved Enero 9, 2009, from website Asofondos: http://www.asofondos.org.co/VBeContent/newsdetail.asp?id=19&idcompany=3 Asofondos. (2009). Asofondos-Asociación Colombiana de Administradoras de Pensiones. Retrieved Enero 9, 2009, from website Asofondos: https://cica.heinsohn.com.co/ Banco de la Republica Colombia. (2008). Series Estadísticas: Tasa de cambio. Retrieved June 30, 2008, from Website Banco de la Republica Colombia: http://www.banrep.gov.co/seriesestadisticas/see_ts_cam.htm Banco de la Republica: Colombia. (2008). Series estadistícas: Tasa de interés. Retrieved June 30, 2008, from Website Banco de la Republica Colombia: http://www.banrep.gov.co/seriesestadisticas/see_tas_inter.htm BBVA Colombia. (2008). BBVA Colombia: Pensiones y Cesantías. Retrieved June 30, 2008, from http://www.bbvahorizonte.com.co/index.php?module=Pagesetter&func=viewpub&tid=1&pid =203 ING. (2008). ING Fondo de Pensiones Voluntarias. Retrieved June 30, 2008, from http://www.ing.com.co/servlet/co.com.pragma.documenta.servlet.seccion.MostrarSeccion?se ccion=/HOME/ING/PENSIONVOLUNTAR/ALTERNATINVERSI/PORTAFOLIOS/&x=2034&y=2037 Protección S.A. (2008). Protección S.A.: pensiones Voluntarias. Retrieved June 30, 2008, from http://www.proteccion.com.co/portal/secciones/PROTPORTAL/HOME/HOMEAF/PENSIONVOL /INFGENERAL/PENSIONESVOLUNTARIAS/doc_953_MICROSITIO.html?idDocumento=953
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spelling	Cayon-Fallon, Edgardoe13ef12b-4b60-45e6-b132-6514f8456230600Di Santo Rojas, Tomás5a073126-aa4c-4490-8d11-ff16a6827811600Roncancio Peña, Camilobb7a018d-dfbb-49dd-8fb1-1e6daa553385600Cayon-Fallon, Edgardo [0000-0002-4113-5521]Cayon-Fallon, Edgardo [56395390800]2014-04-25T04:03:30Z2015-07-08T20:37:42Z2017-02-08T18:38:47Z2017-08-12T15:43:01Z2014-04-25T04:03:30Z2015-07-08T20:37:42Z2017-02-08T18:38:47Z2017-08-12T15:43:01Z2009-01-23http://hdl.handle.net/10726/276instname:Colegio de Estudios Superiores de Administración - CESAreponame:Biblioteca Digital – CESArepourl:https://repository.cesa.edu.co/The purpose of the present study is to find evidence that if actively managed Colombian private pension open mutual funds can outperform a specific market benchmark such as a passively managed ETF. After doing a review of the existing literature on the subject, the data form thirty (30) Colombian private pension open mutual funds along with the data of thirty (30) Exchange Traded Funds was used to obtain a set of common portfolio performance measures. The results obtained indicated that only two of the thirty portfolios under study were able to beat their respective market benchmarks on a risk-adjusted basis. The results indicate that in average a Colombian investor can obtain superior returns by investing in a passively managed product such as ETFs than in actively managed ones, such as the Colombian private pension open mutual funds. These results are consistent with the results of previous researchers and the existing body of literature on the subject of market efficiency.application/pdfengActive Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)info:eu-repo/semantics/otherBorradores de Administraciónhttp://purl.org/coar/resource_type/c_2df8fbb1info:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTAbierto (Texto Completo)http://purl.org/coar/access_right/c_abf2Mutual fundsPortfolio PerformanceAdmati, A. R., & Pfleiderer, P. (1997). Does it All Add Up? Benchmarks and the Compensation of Active Portfolio Managers. Journal of Business , 70 (3), 323-350.Admati, A. R., Bhattachayra, S., Pfleiderer, P., & Ross, S. A. (1986). On Timing and Selectivity. Journal of Finance , 41 (3), 715-730.Bogle, J. (1999). Common sense on mutual funds: New perspective for the intelligent investor. New York: John Wiley and Sons.Bogle, J. (1998). The Implications of Style Analysis for Mutual Funds. (34-42, Ed.) The Journal of Portfolio Management .Cumby, R. E., & Glen, J. D. (1990). Evaluating the Performance of International Mutual Funds. Journal of Finance , 45 (2), 497-521.Dellva, W. (2001). Exchange Traded Funds Not for Everyone. Journal of Financial Planning , 110-124.Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance , 25, 383-416.Frino, A., & Gallagher, D. (2001). Tracking S&P 500 Index Funds. Journal of Portfolio Management , 88-96.Gastineau, G. (2001). Exchange Traded Funds: An Introduction. Journal of Portfolio Management , 27 (3), 88-96.Georges, H. (2005, December 3). The Generalized Treynor Ratio. Retrieved January 20, 2009, from http://www2.wu-wien.ac.at/rof/papers/pdf/Hubner_Treynor%20Ratio.pdfJensen, M. (1968). The performance of mutual funds in the period 1945-1964. Journal of Finance , 23, 389-416.Jones, S. L., & Yeoman, J. C. (2001, September). Problems in Measuring Contrarian Performance with Jensen's Alpha: A Reconciliation of Real-Time and Event-Time Tests. Retrieved January 14, 2009, from Social Science Research Networ: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=249057Kostovetsky, L. (2003). Index Mutual Funds and Exchange-Traded Funds: A comparison of two methods of passive investment. Journal of Portfolio Management , 80-92.Lee, C., & Rahman, S. (1990). Market Timing, Selectivity, and Mutual Fund Performance: An Empirical investigation. Journal of Business , 63, 261-278.Lo, A. W., & MacKinlay, A. C. (1988). Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test. The Review of Financial Studies , 1 (1), 41-66.Modigliani, F., & Modigliani, L. (1997). Risk-adjusted performance. Journal of Portfolio Management , 23, 45-54.NYSE. (2006). What You Should Know About Etfs. (N. R. Inc., Ed.) Retrieved Enero 9, 2009, from website NYSE: http://www.nyse.com/pdfs/what_you_should_know_about_etfs.pdfPoterba, J. M., & Shoven, J. B. (2002). Exchange Traded Funds: A New Investment Option for Taxable Investors. The American Economic Review , 92 (2), 422-427.Sharpe, W. (1966). Mutual Fund Performance. Journal of Business , 39, 119-138.Treynor, J. L. (1966). How to Rate Management of Investment Funds. Harvard Business Review (44), 131-146.Varami, H., & Kalash, S. (2008). Testing Market Efficiency for Different Capitalization Funds. American Journal of Business , 23 (2), 17-26.Yahoo. (2008). Yahoo Finance. Retrieved June 30, 2008, from http://finance.yahoo.com/etfAsofondos. (2006). Asofondos-Asociación Colombiana de Administradoras de Pensiones. Retrieved Enero 9, 2009, from website Asofondos: http://www.asofondos.org.co/VBeContent/newsdetail.asp?id=19&idcompany=3Asofondos. (2009). Asofondos-Asociación Colombiana de Administradoras de Pensiones. Retrieved Enero 9, 2009, from website Asofondos: https://cica.heinsohn.com.co/Banco de la Republica Colombia. (2008). Series Estadísticas: Tasa de cambio. Retrieved June 30, 2008, from Website Banco de la Republica Colombia: http://www.banrep.gov.co/seriesestadisticas/see_ts_cam.htmBanco de la Republica: Colombia. (2008). Series estadistícas: Tasa de interés. Retrieved June 30, 2008, from Website Banco de la Republica Colombia: http://www.banrep.gov.co/seriesestadisticas/see_tas_inter.htmBBVA Colombia. (2008). BBVA Colombia: Pensiones y Cesantías. Retrieved June 30, 2008, from http://www.bbvahorizonte.com.co/index.php?module=Pagesetter&func=viewpub&tid=1&pid =203ING. (2008). ING Fondo de Pensiones Voluntarias. Retrieved June 30, 2008, from http://www.ing.com.co/servlet/co.com.pragma.documenta.servlet.seccion.MostrarSeccion?se ccion=/HOME/ING/PENSIONVOLUNTAR/ALTERNATINVERSI/PORTAFOLIOS/&x=2034&y=2037Protección S.A. (2008). Protección S.A.: pensiones Voluntarias. Retrieved June 30, 2008, from http://www.proteccion.com.co/portal/secciones/PROTPORTAL/HOME/HOMEAF/PENSIONVOL /INFGENERAL/PENSIONESVOLUNTARIAS/doc_953_MICROSITIO.html?idDocumento=953TEXT18.Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry.pdf.txtExtracted texttext/plain61613https://repository.cesa.edu.co/bitstream/10726/276/1/18.Active%20Management%20vs.%20Passive%20Management%20in%20the%20Colombian%20Private%20Pension%20Open%20Mutual%20Fund%20Industry.pdf.txta46fd766efce17ef5529f5f3544ad74eMD51open accessCC-LICENSElicense_rdfapplication/octet-stream22974https://repository.cesa.edu.co/bitstream/10726/276/2/license_rdff5c957d59080f5ed8a8c191b65f955b1MD52open accesslicense_textapplication/octet-stream21325https://repository.cesa.edu.co/bitstream/10726/276/3/license_text80cd1663cdfa247671e9d944a4ae59b6MD53open accesslicense_urlapplication/octet-stream52https://repository.cesa.edu.co/bitstream/10726/276/4/license_urle689a49776fc5b9ba9b2d184669dd863MD54open accessLICENSElicense.txttext/plain1748https://repository.cesa.edu.co/bitstream/10726/276/5/license.txt8a4605be74aa9ea9d79846c1fba20a33MD55open accessORIGINAL18.Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry.pdfapplication/pdf535733https://repository.cesa.edu.co/bitstream/10726/276/6/18.Active%20Management%20vs.%20Passive%20Management%20in%20the%20Colombian%20Private%20Pension%20Open%20Mutual%20Fund%20Industry.pdf623768f7fe2de9802d82aa0cb22b4625MD56open accessTHUMBNAIL18.Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry.pdf.jpgGenerated Thumbnailimage/jpeg3086https://repository.cesa.edu.co/bitstream/10726/276/7/18.Active%20Management%20vs.%20Passive%20Management%20in%20the%20Colombian%20Private%20Pension%20Open%20Mutual%20Fund%20Industry.pdf.jpgb8f4029fd0a3db130b2f0728575b909aMD57open access10726/276oai:repository.cesa.edu.co:10726/2762022-10-21 09:00:47.211open accessBiblioteca Digital - CESAbiblioteca@cesa.edu.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

Active Management vs. Passive Management in the Colombian Private Pension Open Mutual Fund Industry: A Performance Analysis Using Proxy ETFs as Market Benchmarks (Borrador de administración No. 18)

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