Taxa de performance e os fundos multimercados brasileiros
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/17444 |
Resumo: | Este estudo analisa o desempenho e o risco incorrido pelos fundos multimercado brasileiros que cobram taxa de performance vis-à-vis àqueles que não cobram. Testamos a hipótese de que, para se ter maiores retornos, os gestores que cobram performance assumem maiores riscos. Nossa análise é baseada em aproximadamente 820 mil retornos diários, e incluiu 545 fundos operando no período pós-crise financeira (2010 a 2015). Surpreendentemente, os resultados encontrados apontam, de forma robusta, que os fundos que cobram taxa de performance tendem a apresentar (i) menor risco, (ii) maior retorno e (iii) menor alongamento da carteira. Oferecemos algumas possíveis explicações para essa evidência empírica. |
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Gonzaga, Laura Vicente LemosEscolas::EPGEFGVSantos, Rafael ChavesGonçalves, Edson Daniel LopesSouza, Giuliano Carrozza Uzêda Iorio deSilva, André de Castro2016-11-07T18:45:29Z2016-11-07T18:45:29Z2016-05-27GONZAGA, Laura Vicente Lemos. Taxa de performance e os fundos multimercados brasileiros. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2016.http://hdl.handle.net/10438/17444Este estudo analisa o desempenho e o risco incorrido pelos fundos multimercado brasileiros que cobram taxa de performance vis-à-vis àqueles que não cobram. Testamos a hipótese de que, para se ter maiores retornos, os gestores que cobram performance assumem maiores riscos. Nossa análise é baseada em aproximadamente 820 mil retornos diários, e incluiu 545 fundos operando no período pós-crise financeira (2010 a 2015). Surpreendentemente, os resultados encontrados apontam, de forma robusta, que os fundos que cobram taxa de performance tendem a apresentar (i) menor risco, (ii) maior retorno e (iii) menor alongamento da carteira. Oferecemos algumas possíveis explicações para essa evidência empírica.porFundos de investimentoMultimercadoTaxa de performanceRiscoAnálise de estiloEconomiaFundos de investimentoAções (Finanças)Risco (Economia)Taxa de performance e os fundos multimercados brasileirosinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTEXTDissertação_LauraGonzaga.pdf.txtDissertação_LauraGonzaga.pdf.txtExtracted texttext/plain75449https://repositorio.fgv.br/bitstreams/a9e1bec7-848e-4162-9f40-32434ca86bfa/download9fc69945b44d70c602090349d89721b2MD57ORIGINALDissertação_LauraGonzaga.pdfDissertação_LauraGonzaga.pdfapplication/pdf983042https://repositorio.fgv.br/bitstreams/69aba767-4459-4927-b46d-9bea74760e87/downloadb76d86226761dcced664dc2c1870ee3eMD51LICENSElicense.txtlicense.txttext/plain; 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|
dc.title.por.fl_str_mv |
Taxa de performance e os fundos multimercados brasileiros |
title |
Taxa de performance e os fundos multimercados brasileiros |
spellingShingle |
Taxa de performance e os fundos multimercados brasileiros Gonzaga, Laura Vicente Lemos Fundos de investimento Multimercado Taxa de performance Risco Análise de estilo Economia Fundos de investimento Ações (Finanças) Risco (Economia) |
title_short |
Taxa de performance e os fundos multimercados brasileiros |
title_full |
Taxa de performance e os fundos multimercados brasileiros |
title_fullStr |
Taxa de performance e os fundos multimercados brasileiros |
title_full_unstemmed |
Taxa de performance e os fundos multimercados brasileiros |
title_sort |
Taxa de performance e os fundos multimercados brasileiros |
author |
Gonzaga, Laura Vicente Lemos |
author_facet |
Gonzaga, Laura Vicente Lemos |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.member.none.fl_str_mv |
Santos, Rafael Chaves Gonçalves, Edson Daniel Lopes Souza, Giuliano Carrozza Uzêda Iorio de |
dc.contributor.author.fl_str_mv |
Gonzaga, Laura Vicente Lemos |
dc.contributor.advisor1.fl_str_mv |
Silva, André de Castro |
contributor_str_mv |
Silva, André de Castro |
dc.subject.por.fl_str_mv |
Fundos de investimento Multimercado Taxa de performance Risco Análise de estilo |
topic |
Fundos de investimento Multimercado Taxa de performance Risco Análise de estilo Economia Fundos de investimento Ações (Finanças) Risco (Economia) |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Fundos de investimento Ações (Finanças) Risco (Economia) |
description |
Este estudo analisa o desempenho e o risco incorrido pelos fundos multimercado brasileiros que cobram taxa de performance vis-à-vis àqueles que não cobram. Testamos a hipótese de que, para se ter maiores retornos, os gestores que cobram performance assumem maiores riscos. Nossa análise é baseada em aproximadamente 820 mil retornos diários, e incluiu 545 fundos operando no período pós-crise financeira (2010 a 2015). Surpreendentemente, os resultados encontrados apontam, de forma robusta, que os fundos que cobram taxa de performance tendem a apresentar (i) menor risco, (ii) maior retorno e (iii) menor alongamento da carteira. Oferecemos algumas possíveis explicações para essa evidência empírica. |
publishDate |
2016 |
dc.date.accessioned.fl_str_mv |
2016-11-07T18:45:29Z |
dc.date.available.fl_str_mv |
2016-11-07T18:45:29Z |
dc.date.issued.fl_str_mv |
2016-05-27 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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publishedVersion |
dc.identifier.citation.fl_str_mv |
GONZAGA, Laura Vicente Lemos. Taxa de performance e os fundos multimercados brasileiros. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2016. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/17444 |
identifier_str_mv |
GONZAGA, Laura Vicente Lemos. Taxa de performance e os fundos multimercados brasileiros. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2016. |
url |
http://hdl.handle.net/10438/17444 |
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por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
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