Firstly, this paper brings forth an encompassing definition of investment funds intended to track down some patterns of deviant governance. Secondly, it will focus on three conspicuous types among those funds: banks, mutual funds, and hedge funds. Such approach seeks to reveal deep similarities...

We propose a new method to model hedge fund risk exposures using relatively high frequency conditioning variables. In a large sample of funds, we find substantial evidence that hedge fund risk exposures vary across and within months, and that capturing within-month variation is more important...

This article describes the evolution of the Brazilian mutual fund industry, its regulatory framework, organization, types of investors and managers, economic environment and its relative growth. It shows the evolution of this industry in Brazil and its idiosyncrasies providing a deeper look into...

This article provides a review of the rapidly developing literature on investment performance evaluation. The goals are to summarize the significant forces and contributions that have brought this field of research to its current state of knowledge and to suggest directions for future research....

We examine whether mutual funds and hedge funds herd after each other and the associated impacts on stock prices. We find strong evidence that mutual funds herd into or out of stocks following the herd of hedge funds: mutual funds’ herding measure is positively related to last quarter’s...

Recently there has been a rapid growth in the assets managed by hedged mutual funds - mutual funds mimicking hedge funds strategies. In this paper, we examine the performance of these funds relative to hedge funds and traditional mutual funds. We find that despite their use of similar trading...

Ratios that indicate the statistical significance of a fund’s alpha typically appraise its performance. A growing literature suggests that even in the absence of any ability to predict returns, holding options positions on the benchmark assets or trading frequently can significantly enhance...

We provide new evidence on the channels through which financial shocks are transmitted across international borders. Employing monthly data from 1996 to 2008 on over 1,000 developed country-domiciled mutual and hedge funds, we show that inflows and outflows experienced by these funds translate...

Using a unique large-scale event, the year 2000 launch of a privatized social security system involving individual savings accounts in Sweden, I report empirical evidence on the link between fund advertising and people’s fund and portfolio choices. First, content analysis reveals that a very...

This paper studies the performance of mutual funds around the world using a sample of 10,568 open-end actively managed equity funds from 19 countries between 1999 and 2005. Performance is measured using four alternative benchmark models, including an international version of the Cahart...