Performance evaluation of Polish mutual fund managers

Laurens Swinkels and Pawel Rzezniczak

International Journal of Emerging Markets, 2009, vol. 4, issue 1, 26-42

Abstract: Purpose - The purpose of this paper is to empirically assess the investment performance of mutual fund managers who operate in the Polish market. Design/methodology/approach - The paper uses monthly mutual fund returns over the period 2000‐2007 to investigate the manager's selectivity and market timing skills. It analyzes three investment mutual fund investment categories: equity, balanced, and bond mutual funds. The paper investigates several performance evaluation models, and shows that the findings are robust with respect to the model choice. Findings - For each of the three categories, equity, balanced, and bond funds, the paper positive, but insignificant selectivity skill of the mutual fund managers. No evidence is found of bond or equity market timing skills in the sample. Research limitations/implications - Since not many mutual funds exist over a long period, the sample used is relatively small with 38 mutual funds, while in April 2007 more than 300 funds are listed in the Polish market. Practical implications - Private investors in Poland are not worse off by investing in mutual funds compared to passive market indices. Based on this research, they should select mutual funds that focus on selectivity rather than market timing. Originality/value - The research on mutual fund manager skill in emerging economies is scarce. In addition, little is known on the performance of balanced and bond mutual funds, even in developed mutual fund markets. This paper contributes by filling both these gaps in the academic literature.

Keywords: Emerging markets; Investment funds; Performance levels; Poland (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

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:eme:ijoemp:17468800910931652

DOI: 10.1108/17468800910931652

Access Statistics for this article

International Journal of Emerging Markets is currently edited by Prof Ilan Alon

More articles in International Journal of Emerging Markets from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().