Indexing and active fund management: International evidence

Detalhes bibliográficos
Autor(a) principal: Cremers, Martijn
Data de Publicação: 2015
Outros Autores: Ferreira, Miguel A., Matos, Pedro, Starks, Laura
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/14561
Resumo: Author's pre-print
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spelling Indexing and active fund management: International evidenceMutual fundsActive managementIndex fundsExchange-traded fundsCompetitionFeesPerformanceAuthor's pre-printWe examine the relation between indexing and active management in the mutual fund industry worldwide. Explicit indexing and closet indexing by active funds are associated with countries’ regulatory and financial market environments. We find that actively managed funds are more active and charge lower fees when they face more competitive pressure from low-cost explicitly indexed funds. A quasi-natural experiment using the exogenous variation in indexed funds generated by the passage of pension laws supports a causal interpretation of the results. Moreover, the average alpha generated by active management is higher in countries with more explicit indexing and lower in countries with more closet indexing. Overall, our evidence suggests that explicit indexing improves competition in the mutual fund industry.Inquire Europe, European Research CouncilElsevierRUNCremers, MartijnFerreira, Miguel A.Matos, PedroStarks, Laura2015-03-26T14:54:33Z2015-012015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/14561engForthcoming in the Journal of Financial Economicsinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:49:47Zoai:run.unl.pt:10362/14561Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:21:56.604833Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Indexing and active fund management: International evidence
title Indexing and active fund management: International evidence
spellingShingle Indexing and active fund management: International evidence
Cremers, Martijn
Mutual funds
Active management
Index funds
Exchange-traded funds
Competition
Fees
Performance
title_short Indexing and active fund management: International evidence
title_full Indexing and active fund management: International evidence
title_fullStr Indexing and active fund management: International evidence
title_full_unstemmed Indexing and active fund management: International evidence
title_sort Indexing and active fund management: International evidence
author Cremers, Martijn
author_facet Cremers, Martijn
Ferreira, Miguel A.
Matos, Pedro
Starks, Laura
author_role author
author2 Ferreira, Miguel A.
Matos, Pedro
Starks, Laura
author2_role author
author
author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Cremers, Martijn
Ferreira, Miguel A.
Matos, Pedro
Starks, Laura
dc.subject.por.fl_str_mv Mutual funds
Active management
Index funds
Exchange-traded funds
Competition
Fees
Performance
topic Mutual funds
Active management
Index funds
Exchange-traded funds
Competition
Fees
Performance
description Author's pre-print
publishDate 2015
dc.date.none.fl_str_mv 2015-03-26T14:54:33Z
2015-01
2015-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/14561
url http://hdl.handle.net/10362/14561
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Forthcoming in the Journal of Financial Economics
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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