Performance of Canadian Mutual Funds and Investors

Rajeeva Sinha and Vijay Jog
Additional contact information
Rajeeva Sinha: Odette School of Business, University of Windsor, 401 Sunset Ave., Windsor, Ontario, Canada N9B 3P4, Canada
Vijay Jog: Carleton University, 1127 Colonel by Drive, Ottawa, Canada K1S 5B6, Canada

Chapter 12 in Advances in Quantitative Analysis of Finance and Accounting, 2007, pp 227-258 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe study examines the performance of a comprehensive sample of Canadian open-end equity mutual funds and investors. Our results show that while the majority of funds outperform their self-selected benchmarks, the performance is lackluster in comparison with some well-recognized benchmarks like the TSE 300 and the 90-day T-Bill rates. These returns are even lower when one accounts for the timing of entry and exit by mutual fund investors. We also find that returns of mutual funds are adversely affected by active trading and advisory and non-advisory expenses are negatively related to performance. Accordingly, we conclude that investors are likely to be better off by following a passive and index-based investment approach in the long term.

Keywords: Monte Carlo Simulations; REIT; IPO; Fractional Integration; Seasonality; Long Memory; Macroeconomic Shocks; VAR; Interest Rates (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789812772213_0012 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789812772213_0012 (text/html)
Ebook Access is available upon purchase.

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:wsi:wschap:9789812772213_0012

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().