Comparing the performance of equity active and passive funds / Comparação do desenvolvimento de fundos de ações ativos e passivos

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

This dissertation examines the existence of supeior returns in 626 Brazilian equity funds. The idea is to observe if the stock selection strategies were capable to add value in the returns, making it superior from the market one. The estimations compare the retunrs of active and passive investment funds both with and without manager s fees. The methodology used was based in analyze the significance and the signal of the constant from Carhart s (1997)four factor model. The results indicate evidences in the active s strategies. Nevertheless, the managers capture the rent of their talent in the form of higler fees. The results of the estimations using the finals returns show few funds with winners stock selection strategies

ASSUNTO(S)

seleção de ativos desenvolvimentos de fundos de ações economia active funds equity funds performance stock selection fundos passivos efeito da taxa de administração fundos ativos passive funds

ACESSO AO ARTIGO

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