Legal constraints, transaction costs and the evaluation of mutual funds
Miguel Martinez Sedano ()
The European Journal of Finance, 2003, vol. 9, issue 3, 199-218
The paper considers the legal restrictions on investment and the transaction costs related to optimal turnover that affect mutual funds. A method is developed for mutual fund performance evaluation when both these factors are included in the reference portfolios, and it is applied to a sample of available Spanish mutual funds. The poor performance results reflected in previous studies are not significantly modified. However, when net returns on the reference portfolios are used in the evaluation the performance is clearly improved.
Keywords: legal restrictions; transaction costs; net returns; reference portfolio; performance (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eurjfi:v:9:y:2003:i:3:p:199-218
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