Les marchés des investisseurs institutionnels sont-ils efficients: cas des fonds de pension et des unit trusts britanniques

Kamel Laaradh ()

Working Papers from HAL

Abstract: The objective of this article is to test the efficiency of the UK institutional investors markets. For this, we propose to study the persistence of the Equity and bond funds performance. This work is based on a sample pension funds and unit trusts over the period March 1990 - February 2005.Generally, and for the two types of market, efficiency seems to be preserved. Indeed, in long term, the equity pension funds do not seem to have a stability of their performance whereas in medium term (5 years), these funds become more stable, especially at the end of the period. The mutual funds persistence tends to be more significant than that of the pension funds whatever the period of study. But, on average, this persistence east can obvious. In the long term, the performances of the bond pension funds are not stable even if they are it compared to those of the bond unit trusts. Nevertheless, in medium term, these two types of institutional investors seem to have persistence at the end of the period.

Keywords: unconditional and conditional performance measurement; Persistence; Mesures non conditionnelles et conditionnelles de Performance; Persistance (search for similar items in EconPapers)
Date: 2006-02-16
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00009117
References: Add references at CitEc
Citations:

Downloads: (external link)
https://shs.hal.science/halshs-00009117/document (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:hal:wpaper:halshs-00009117

Access Statistics for this paper

More papers in Working Papers from HAL
Bibliographic data for series maintained by CCSD ().