This work evaluates the performance of a wide group of Spanish mutual funds, both in global terms and breaking up it in its two components –market timing and stock-picking abilities-. Both analyses are carried out by means of traditional measures as well as measures that consider time-varying...

The aim of this study is to analyze the existing of the relationship between the performance and the increase of the patrimony of the Brazilian Equity Investment Funds. We used data from 459 funds, 321 of these from the IBOVESPA and 138 from the IBX, from 1997 to 2006, whose behavior has been...

By using Lakonishok et al.(1992) measure, this work provides empirical evidence of herding behaviour in strategic assets allocated by Spanish funds investing in domestic equities from July 1997 to June 2002. This phenomenon is found with more significance when considering more important...

This paper represents, to the best of our knowledge, the first attempt to bring together all of the biases affecting traditional timing models that have been identified in the literature. These biases are the cause of spurious coefficients and our aim is to propose certain corrective measures....