What determines fund performance persistence? International evidence

Bibliographic Details
Main Author: Ferreira, M. A.
Publication Date: 2019
Other Authors: Keswani, A., Miguel, A. F., Ramos, S. B.
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10071/20816
Summary: We study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.-based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross-sectional variation in performance persistence.
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spelling What determines fund performance persistence? International evidenceFund industry competitionG15G23Manager skillMutual fund persistenceWe study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.-based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross-sectional variation in performance persistence.Wiley2020-11-10T18:15:19Z2019-01-01T00:00:00Z20192020-11-09T14:21:22Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/20816eng0732-851610.1111/fire.12202Ferreira, M. A.Keswani, A.Miguel, A. F.Ramos, S. B.info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-07-07T03:34:40Zoai:repositorio.iscte-iul.pt:10071/20816Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T18:28:05.299861Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv What determines fund performance persistence? International evidence
title What determines fund performance persistence? International evidence
spellingShingle What determines fund performance persistence? International evidence
Ferreira, M. A.
Fund industry competition
G15
G23
Manager skill
Mutual fund persistence
title_short What determines fund performance persistence? International evidence
title_full What determines fund performance persistence? International evidence
title_fullStr What determines fund performance persistence? International evidence
title_full_unstemmed What determines fund performance persistence? International evidence
title_sort What determines fund performance persistence? International evidence
author Ferreira, M. A.
author_facet Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
author_role author
author2 Keswani, A.
Miguel, A. F.
Ramos, S. B.
author2_role author
author
author
dc.contributor.author.fl_str_mv Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S. B.
dc.subject.por.fl_str_mv Fund industry competition
G15
G23
Manager skill
Mutual fund persistence
topic Fund industry competition
G15
G23
Manager skill
Mutual fund persistence
description We study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.-based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross-sectional variation in performance persistence.
publishDate 2019
dc.date.none.fl_str_mv 2019-01-01T00:00:00Z
2019
2020-11-10T18:15:19Z
2020-11-09T14:21:22Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/20816
url http://hdl.handle.net/10071/20816
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 0732-8516
10.1111/fire.12202
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Wiley
publisher.none.fl_str_mv Wiley
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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