Can foreign equity funds outperform their benchmarks? New evidence from fund-holding data for China
نویسندگان
چکیده
منابع مشابه
Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers
We study managers who manage multiple mutual funds. Consistent with the idea that investors infer ability from past returns, flows into a fund are predicted by the past performance in another fund the multi-fund manager manages. The explanatory power of the other fund is stronger when it performed particularly well, when the two funds have similar styles, and when the manager has started managi...
متن کاملDo Mutual Funds Differ in Performance? Evidence from Canadian Equity Funds
Mutual funds have experienced phenomenal growth in recent years. There are many reasons behind this development. Most important, mutual funds offer investors an opportunity to diversify their investment, a privilege which, up until very recently, was available only to large and institutional investors. Frequently firms selling mutual funds try to appeal to potential investors by advertising the...
متن کاملForeign Fund Flows and Stock Returns: Evidence from India
We study the impact of foreign institutional investor (FII) flows on stock returns in India. We exploit stock-level daily trading data for FII purchases and FII sales during 2006-2011 to separate stocks into those experiencing abnormally high and low FII flow innovations. We find that stocks with high innovations are associated with a coincident price increase that is permanent, whereas stocks ...
متن کاملMutual Fund Performance: Evidence From the UK
This paper uses a large sample containing the complete return histories of 2300 UK openended mutual funds over a 23-year period to measure fund performance. We find some evidence of underperformance on a risk-adjusted basis by the average fund manager, persistence of performance and the existence of a substantial survivor bias. Similar findings have been reported for US equity mutual funds. New...
متن کاملDo Hedge Funds Outperform Stocks and Bonds?
H funds’ extensive use of derivatives, short selling, and leverage and their dynamic trading strategies create significant nonnormalities in their return distributions. Hence, the traditional performance measures fail to provide an accurate characterization of the relative strength of hedge fund portfolios. This paper uses the utility-based nonparametric and parametric performance measures to d...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economic Modelling
سال: 2020
ISSN: 0264-9993
DOI: 10.1016/j.econmod.2020.04.025