Fund flows and performance in Brazil
This study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period from 2001 to 2012. The study also tests for a “smart money” effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less money. W...
- Autores:
-
Berggrun Preciado, Luis
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2015
- Institución:
- Universidad ICESI
- Repositorio:
- Repositorio ICESI
- Idioma:
- eng
- OAI Identifier:
- oai:repository.icesi.edu.co:10906/79818
- Acceso en línea:
- http://www.sciencedirect.com/science/article/pii/S0148296314003117
http://hdl.handle.net/10906/79818
https://doi.org/10.1016/j.jbusres.2014.09.028
- Palabra clave:
- Fondos de inversión
Economía
Negocios y management
Economics
Business
Flujo de fondos
Mercado
- Rights
- openAccess
- License
- https://creativecommons.org/licenses/by-nc-nd/4.0/
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Berggrun Preciado, Luislberggru@icesi.edu.coÁmsterdam de Lat: 56 12 00 N degrees minutes Lat: 56.2000 decimal degrees Long: 015 01 00 E degrees minutes Long: 15.0160 decimal degrees2016-08-22T19:32:34Z2016-08-22T19:32:34Z2015-02-010049-089Xhttp://www.sciencedirect.com/science/article/pii/S0148296314003117http://hdl.handle.net/10906/79818https://doi.org/10.1016/j.jbusres.2014.09.028instname: Universidad Icesireponame: Biblioteca Digitalrepourl: https://repository.icesi.edu.co/This study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period from 2001 to 2012. The study also tests for a “smart money” effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less money. We find that investor flows chase past performance, and document some differences in the flow–performance relationship between retail and institutional funds. We do not find evidence of a “smart money” effect for the entire sample of funds. Nonetheless, flows in small and retail funds, which are often seen as populated by less sophisticated investors, do anticipate future fund performance.8 páginasDigitalapplication/pdfengElsevierFacultad de Ciencias Administrativas y EconómicasContaduría Pública y Finanzas InternacionalesDepartamento Contable y FinancieroÁmsterdamJournal of Business Research, Vol. 68, INo. 2 - 2015EL AUTOR, expresa que la obra objeto de la presente autorización es original y la elaboró sin quebrantar ni suplantar los derechos de autor de terceros, y de tal forma, la obra es de su exclusiva autoría y tiene la titularidad sobre éste. PARÁGRAFO: en caso de queja o acción por parte de un tercero referente a los derechos de autor sobre el artículo, folleto o libro en cuestión, EL AUTOR, asumirá la responsabilidad total, y saldrá en defensa de los derechos aquí autorizados; para todos los efectos, la Universidad Icesi actúa como un tercero de buena fe. Esta autorización, permite a la Universidad Icesi, de forma indefinida, para que en los términos establecidos en la Ley 23 de 1982, la Ley 44 de 1993, leyes y jurisprudencia vigente al respecto, haga publicación de este con fines educativos. Toda persona que consulte ya sea la biblioteca o en medio electrónico podrá copiar apartes del texto citando siempre la fuentes, es decir el título del trabajo y el autor.https://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)http://purl.org/coar/access_right/c_abf2Fondos de inversiónEconomíaNegocios y managementEconomicsBusinessFlujo de fondosMercadoFund flows and performance in Brazilinfo:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_2df8fbb1Artículoinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85Comunidad Universidad Icesi – Investigadores682199207ORIGINALdocumento.htmldocumento.htmltext/html307http://repository.icesi.edu.co/biblioteca_digital/bitstream/10906/79818/1/documento.html44427ac1b89f6184805513a4eefea5a9MD5110906/79818oai:repository.icesi.edu.co:10906/798182018-10-10 09:16:25.412Biblioteca Digital - Universidad icesicdcriollo@icesi.edu.co |
| dc.title.spa.fl_str_mv |
Fund flows and performance in Brazil |
| title |
Fund flows and performance in Brazil |
| spellingShingle |
Fund flows and performance in Brazil Fondos de inversión Economía Negocios y management Economics Business Flujo de fondos Mercado |
| title_short |
Fund flows and performance in Brazil |
| title_full |
Fund flows and performance in Brazil |
| title_fullStr |
Fund flows and performance in Brazil |
| title_full_unstemmed |
Fund flows and performance in Brazil |
| title_sort |
Fund flows and performance in Brazil |
| dc.creator.fl_str_mv |
Berggrun Preciado, Luis |
| dc.contributor.author.spa.fl_str_mv |
Berggrun Preciado, Luis |
| dc.subject.none.fl_str_mv |
Fondos de inversión Economía Negocios y management Economics Business Flujo de fondos Mercado |
| topic |
Fondos de inversión Economía Negocios y management Economics Business Flujo de fondos Mercado |
| description |
This study analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period from 2001 to 2012. The study also tests for a “smart money” effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less money. We find that investor flows chase past performance, and document some differences in the flow–performance relationship between retail and institutional funds. We do not find evidence of a “smart money” effect for the entire sample of funds. Nonetheless, flows in small and retail funds, which are often seen as populated by less sophisticated investors, do anticipate future fund performance. |
| publishDate |
2015 |
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2015-02-01 |
| dc.date.accessioned.none.fl_str_mv |
2016-08-22T19:32:34Z |
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2016-08-22T19:32:34Z |
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info:eu-repo/semantics/article |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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Artículo |
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info:eu-repo/semantics/publishedVersion |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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publishedVersion |
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0049-089X |
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http://www.sciencedirect.com/science/article/pii/S0148296314003117 |
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http://hdl.handle.net/10906/79818 |
| dc.identifier.doi.none.fl_str_mv |
https://doi.org/10.1016/j.jbusres.2014.09.028 |
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instname: Universidad Icesi |
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reponame: Biblioteca Digital |
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repourl: https://repository.icesi.edu.co/ |
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0049-089X instname: Universidad Icesi reponame: Biblioteca Digital repourl: https://repository.icesi.edu.co/ |
| url |
http://www.sciencedirect.com/science/article/pii/S0148296314003117 http://hdl.handle.net/10906/79818 https://doi.org/10.1016/j.jbusres.2014.09.028 |
| dc.language.iso.none.fl_str_mv |
eng |
| language |
eng |
| dc.relation.ispartof.none.fl_str_mv |
Journal of Business Research, Vol. 68, INo. 2 - 2015 |
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https://creativecommons.org/licenses/by-nc-nd/4.0/ |
| dc.rights.accessrights.none.fl_str_mv |
info:eu-repo/semantics/openAccess |
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Atribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0) |
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http://purl.org/coar/access_right/c_abf2 |
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https://creativecommons.org/licenses/by-nc-nd/4.0/ Atribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0) http://purl.org/coar/access_right/c_abf2 |
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openAccess |
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8 páginas |
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Digital |
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application/pdf |
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Ámsterdam de Lat: 56 12 00 N degrees minutes Lat: 56.2000 decimal degrees Long: 015 01 00 E degrees minutes Long: 15.0160 decimal degrees |
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Elsevier |
| dc.publisher.faculty.none.fl_str_mv |
Facultad de Ciencias Administrativas y Económicas |
| dc.publisher.program.none.fl_str_mv |
Contaduría Pública y Finanzas Internacionales |
| dc.publisher.department.none.fl_str_mv |
Departamento Contable y Financiero |
| dc.publisher.place.none.fl_str_mv |
Ámsterdam |
| institution |
Universidad ICESI |
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http://repository.icesi.edu.co/biblioteca_digital/bitstream/10906/79818/1/documento.html |
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