The Performance of Local versus Foreign Mutual Fund Managers
Rogér Otten and
Dennis Bams
European Financial Management, 2007, vol. 13, issue 4, 702-720
Abstract:
In this paper we examine the performance of US equity funds (locals) versus UK equity funds (foreigners) also investing in the US equity market. Based on informational disadvantages one would expect the UK funds to under‐perform the US funds, especially in the research‐intensive small company market. After controlling for tax treatment, fund objectives, investment style and time‐variation in betas, we do not find evidence for this. In the small company segment we even find a slight out‐performance for UK funds compared to US funds. Finally we observe a home bias in the UK portfolios, which is partly attributable to UK funds investing in cross‐listed stocks in the USA.
Date: 2007
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)
Downloads: (external link)
https://doi.org/10.1111/j.1468-036X.2007.00379.x
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:bla:eufman:v:13:y:2007:i:4:p:702-720
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1354-7798
Access Statistics for this article
European Financial Management is currently edited by John Doukas
More articles in European Financial Management from European Financial Management Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().