Evaluating investment fund performance in Portugal

Fatima Amaral, Pedro Reis and Pedro Pinto

Business and Economic Horizons (BEH), 2019, vol. 15, issue 2

Abstract: The investment fund market has not only attracted increasing interest from investors seeking alternative investments but has also become increasingly important among professionals and academics. Within this framework, this study seeks to contribute to the research developed through identifying the inducers of investment fund performance in Portugal. The sample consists of 78 funds, covering the timeframe from 2006 to 2016, incorporating stock funds, bond funds, mixed funds and treasury funds analysed in accordance with the panel data methodology. This work finds variables such as risk, rotation, size, age, interest rates, commissions and benchmarks as highly significant determinants of mutual fund performance and when followed by mutual fund managers, may enhance their returns. The originality and value of the work stands on completing certain gaps and deepen knowledge about the Portuguese market, carrying out additional research on the funds marketed in Portugal, focusing on a more diversified asset market, expanding both the number of funds under study and the sampling period while seeking to identify the most relevant factors for performance and how they condition it. The main limitation of this study stems from the difficulties of collecting information due to limitations imposed by current data protection legislation, which restricted both the scope and the depth of analysis. When choosing the Portuguese context, we face constraints in comparison with studies made in more developed contexts where this theme has been studied for a longer period of time.

Keywords: Financial; Economics (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/301134/files/2 ... Portugal_187-204.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:pdcbeh:301134

DOI: 10.22004/ag.econ.301134

Access Statistics for this article

More articles in Business and Economic Horizons (BEH) from Prague Development Center (PRADEC) Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().