Do Managerial Skills Vary Across Fund Managers? Results Using European Mutual Funds

Abínzano, Isabel; Muga, Luis; Santamaria, Rafael

doi:10.1007/s10693-009-0080-9

Cited by 10 publications

(5 citation statements)

References 42 publications

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“…We do not have access to the fee structure of the funds, thus we cannot investigate whether the expense level is a determinant of performance. However, in their search for variations in managerial skills in European equity funds, Abinzano et al (2010) find that their results remain unexplained by fee variations. In light of this, we investigate whether the performance that cannot be explained by luck alone is due to stock-picking or market-timing or abilities.…”

Section: Stock-picking and Market Timing Abilitiesmentioning

confidence: 95%

What daily data can tell us about mutual funds: Evidence from Norway

Gallefoss

Hansen

Haukaas

et al. 2015

Journal of Banking & Finance

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Section: Stock-picking and Market Timing Abilitiesmentioning

confidence: 95%

What daily data can tell us about mutual funds: Evidence from Norway

Gallefoss

Hansen

Haukaas

et al. 2015

Journal of Banking & Finance

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“…On the other hand, investment professionals, for example fund administrators and managers, can use fund performance as marketing in order to attract the attention of investors with the possibilities of maximizing earnings (Gupta & Jithendranathan, 2012). However, their abilities can also de ne their investment management style, thus becoming a guide when choosing the fund to invest in (Abinzano, Muga, & Santamaria, 2010).…”

Section: Introductionmentioning

confidence: 99%

Aspects of manager, portfolio allocation, and fund performance in Brazil

Maestri

Malaquias

2018

Rev. contab. finanç.

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ABSTRACTis paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. e aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can a ect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain di erences in the fund performance, which increases the relevance of this study. erefore, the impact of this research lies in its revealing a signi cant relationship between riskadjusted return and the portion of portfolios allocated to xed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and xed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the e ectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in xed income, managers with more funds under management, and larger funds.

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“…Abinzano, Muga, and Santamaria () use stochastic dominance techniques to show that some European mutual fund managers do possess management skills. Cuthbertson, Nitzsche, and O'Sullivan () employ a cross‐sectional bootstrap methodology and find that some top‐performing UK equity mutual fund managers have stock‐picking abilities.…”

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confidence: 99%

The payback of mutual fund selectivity in European markets

Dong

Doukas

2017

Euro Fin Management

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Is European fund management selectivity skill (1 − R2) profitable (alpha)? To examine this question, we use a sample of 2,947 actively managed domestic equity mutual funds from 11 European countries. We find that high fund selectivity generates significant investor gains. The results are robust to investor sentiment and stock‐market dispersion conditions. Moreover, we investigate the moderating effect of country characteristics on the profitability of fund selectivity and find that managers' selectivity ability is more valuable in countries with high economic development, strong legal system, small but highly liquid equity markets, and young mutual fund industries.

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Do Managerial Skills Vary Across Fund Managers? Results Using European Mutual Funds

Abstract: Equity funds, Managerial skills, Stochastic dominance, G23,

Cited by 10 publications

References 42 publications

What daily data can tell us about mutual funds: Evidence from Norway

What daily data can tell us about mutual funds: Evidence from Norway

Aspects of manager, portfolio allocation, and fund performance in Brazil

The payback of mutual fund selectivity in European markets

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