Mutual fund performance and benchmark choice: the Spanish case

Jorge Sainz, Pilar Grau and Luis Miguel Doncel

Applied Financial Economics Letters, 2006, vol. 2, issue 5, 317-321

Abstract: This study deals with the relevance of benchmark choice for mutual fund performance behaviour, completing previous research on the Spanish Mutual Fund Market. Using Jensen's and Treynor–Mazuy's measures, the study highlights the relevance of style analysis for benchmark election in order to evaluate fund managers.

Date: 2006
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DOI: 10.1080/17446540600675590

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