Indexing and active fund management: International evidence
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | , , |
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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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 |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137859274276864 |