Análise da estrutura de remuneração e desempenho dos gestores de fundos de investimentos de ações no Brasil

• Ano de defesa: 2014
• Autor(a) principal: Castro, Wendell Feitosa
• Orientador(a): Gutierrez, Carlos Enrique Carrasco
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Católica de Brasília
• Programa de Pós-Graduação: Programa de Pós-Graduação em Economia de Empresas
• Departamento: Economia
• País: BR
• Palavras-chave em Português: Finanças; Economia; Fundos de investimentos
• Palavras-chave em Inglês: Performance fee; Mutual funds; Finance
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA
• Resumo em Inglês: This paper analyzes if the performance achieved by mutual funds that charge performance fees as a component of compensation for services rendered (mixed) is greater than the return filed by mutual funds that charge only management fee (simple). The methodology used to compare mixed and simple funds was the matching developed by Abadie and Imbens (2006), where each fund mixed is confronted with another simple fund on one or more similar characteristics. The database includes existing investment funds data in the years 2005-2012 from Brazilian Security and Exchange Comission classes Shares. Finally, we observe that in Brazil funds that charge the performance fee showed results significantly above those funds only charging the administration fee, so the payment of incentive for higher performance is reflected in benefits to investors.
• Link de acesso: https://bdtd.ucb.br:8443/jspui/handle/123456789/537

This paper analyzes if the performance achieved by mutual funds that charge performance fees as a component of compensation for services rendered (mixed) is greater than the return filed by mutual funds that charge only management fee (simple). The methodology used to compare mixed and simple funds was the matching developed by Abadie and Imbens (2006), where each fund mixed is confronted with another simple fund on one or more similar characteristics. The database includes existing investment funds data in the years 2005-2012 from Brazilian Security and Exchange Comission classes Shares. Finally, we observe that in Brazil funds that charge the performance fee showed results significantly above those funds only charging the administration fee, so the payment of incentive for higher performance is reflected in benefits to investors.