Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds

Detalhes bibliográficos
Autor(a) principal: Silva, Sabrina
Data de Publicação: 2022
Outros Autores: Pereira, Leticia, Fonseca, Simone, Iquiapaza, Robert
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/707
Resumo: The Brazilian mutual fund industry, despite having a high increase in net worth, is concentrated around a few large administrators. Therefore, it is worth questioning the extent to which this level of concentration can affect the performance delivered to the shareholders, as greater concentration implies less competition. In this way, this research aimed to analyze the impact of market competition on the performance persistence of equity mutual funds in Brazil. Using a sample of free portfolio equity investment funds from 2010 to 2019, the main results point to the existence of performance persistence for Brazilian free portfolio equity funds. Furthermore, they pointed out a positive and statistically significant relationship between the level of competition and the performance of funds, as well as in the interaction between competition and performance persistence. Consequently, indicating that, funds with greater performance persistence tend to maintain this persistence even in the face of greater industry competition.
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spelling Industry Competition and Performance Persistence in Brazilian Equity Mutual FundsConcorrência da Indústria e a Persistência do Desempenho em Fundos de Ações no BrasilPerformanceCompetitionInvestment FundsAlphaDesempenhoCompetiçãoFundos de InvestimentosAlfaThe Brazilian mutual fund industry, despite having a high increase in net worth, is concentrated around a few large administrators. Therefore, it is worth questioning the extent to which this level of concentration can affect the performance delivered to the shareholders, as greater concentration implies less competition. In this way, this research aimed to analyze the impact of market competition on the performance persistence of equity mutual funds in Brazil. Using a sample of free portfolio equity investment funds from 2010 to 2019, the main results point to the existence of performance persistence for Brazilian free portfolio equity funds. Furthermore, they pointed out a positive and statistically significant relationship between the level of competition and the performance of funds, as well as in the interaction between competition and performance persistence. Consequently, indicating that, funds with greater performance persistence tend to maintain this persistence even in the face of greater industry competition.A indústria de fundos nacional, apesar de contar com um patrimônio cada vez mais elevado, se concentra em torno de poucas e grandes administradoras. Por isso, cabe questionar em que medida esse nível de concentração pode impactar o desempenho entregue ao cotista, pois a maior concentração implica em menor concorrência. Dessa forma, o objetivo dessa pesquisa foi analisar o impacto da concorrência no mercado sobre a persistência do desempenho dos fundos de investimento em ações no Brasil. Utilizando uma amostra de fundos de investimentos em ações livres no período de 2010 a 2019, os principais resultados encontrados apontam a existência de persistência do desempenho para os fundos de ações livres brasileiros. Além disso, apontaram uma relação positiva e estatisticamente significativa entre o nível de concorrência e o desempenho dos fundos, assim como na interação concorrência e persistência do desempenho. Consequentemente, indicando que, os fundos com maior persistência do desempenho tendem a manter essa persistência mesmo em face de maior concorrência da indústria.FUCAPE Business Shool2022-05-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/70710.15728/bbr.2022.19.3.3Brazilian Business Review; Vol. 19 No. 3 (2022): May to June 2022; 268-287Brazilian Business Review; v. 19 n. 3 (2022): Maio a Junho 2022; 268-2871808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/707/1059http://www.bbronline.com.br/index.php/bbr/article/view/707/1060Copyright (c) 2019 Brazilian Business Reviewhttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSilva, SabrinaPereira, LeticiaFonseca, SimoneIquiapaza, Robert 2022-06-27T17:19:26Zoai:ojs.pkp.sfu.ca:article/707Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2022-06-27T17:19:26BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
Concorrência da Indústria e a Persistência do Desempenho em Fundos de Ações no Brasil
title Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
spellingShingle Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
Silva, Sabrina
Performance
Competition
Investment Funds
Alpha
Desempenho
Competição
Fundos de Investimentos
Alfa
title_short Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
title_full Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
title_fullStr Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
title_full_unstemmed Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
title_sort Industry Competition and Performance Persistence in Brazilian Equity Mutual Funds
author Silva, Sabrina
author_facet Silva, Sabrina
Pereira, Leticia
Fonseca, Simone
Iquiapaza, Robert
author_role author
author2 Pereira, Leticia
Fonseca, Simone
Iquiapaza, Robert
author2_role author
author
author
dc.contributor.author.fl_str_mv Silva, Sabrina
Pereira, Leticia
Fonseca, Simone
Iquiapaza, Robert
dc.subject.por.fl_str_mv Performance
Competition
Investment Funds
Alpha
Desempenho
Competição
Fundos de Investimentos
Alfa
topic Performance
Competition
Investment Funds
Alpha
Desempenho
Competição
Fundos de Investimentos
Alfa
description The Brazilian mutual fund industry, despite having a high increase in net worth, is concentrated around a few large administrators. Therefore, it is worth questioning the extent to which this level of concentration can affect the performance delivered to the shareholders, as greater concentration implies less competition. In this way, this research aimed to analyze the impact of market competition on the performance persistence of equity mutual funds in Brazil. Using a sample of free portfolio equity investment funds from 2010 to 2019, the main results point to the existence of performance persistence for Brazilian free portfolio equity funds. Furthermore, they pointed out a positive and statistically significant relationship between the level of competition and the performance of funds, as well as in the interaction between competition and performance persistence. Consequently, indicating that, funds with greater performance persistence tend to maintain this persistence even in the face of greater industry competition.
publishDate 2022
dc.date.none.fl_str_mv 2022-05-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/707
10.15728/bbr.2022.19.3.3
url http://www.bbronline.com.br/index.php/bbr/article/view/707
identifier_str_mv 10.15728/bbr.2022.19.3.3
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/707/1059
http://www.bbronline.com.br/index.php/bbr/article/view/707/1060
dc.rights.driver.fl_str_mv Copyright (c) 2019 Brazilian Business Review
http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Brazilian Business Review
http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 19 No. 3 (2022): May to June 2022; 268-287
Brazilian Business Review; v. 19 n. 3 (2022): Maio a Junho 2022; 268-287
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
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