Laes, Marco Antonio; Silva, Marcos Eugênio da - In: Economia 15 (2014) 3, pp. 294-306
This article reports a study on the performance of mutual equity funds in Brazil from January 2002 to August 2012. For the analyses, Carhart's four-factor model is used as the benchmark for performance, and bootstrap procedures are applied to separate skill from luck. The results show that...