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 is the first analysis of the efficiency of Mutual Funds companies in Europe. Based on the recent approach of Holod and Lewis (2011), our paper overcomes some of the potential limitations of the DEA methodology by applying the variations to the slacks-based measure (Tone, 2010). Our...

This paper builds on the limited body of research on window dressing by bond mutual funds. Our monthly bias-free sample allows us to undertake a more comprehensive study than is possible with the quarterly data traditionally employed in otherwise similar studies. We test window dressing in a...

In this paper, we analyse the persistence phenomenon on the returns obtained by Spanish equity pension funds in the period 1999–2006, an unexplored topic in the Spanish financial market, one of the most emerging pension fund industries in the European Union. We provide evidence for a short-run...

This paper investigates the determinants of investment decisions on Spanish mon- ey market funds. It belongs, therefore, to the growing area of behavioural finance. The study offers a double perspective because it analyses both money and investor flows. The empirical evidence shows that past...

To our best knowledge, this study conducts the first analysis of the money market fund investors' response to the major Spanish fund company mergers from 1994 to 2004. By using an event date methodology considering three significant moments in the merger process: (1) Public announcement (2)...

The taxation of capital gains realized by European private investors in mutual funds must be analysed in order to detect distortions of competition of this relevant financial industry in the European Union. Using a contingency table methodology in different investment scenes, we detect that...