Influence of investor's monitoring on equity mutual funds' performance

Detalhes bibliográficos
Autor(a) principal: Renato Lazo Paz
Data de Publicação: 2017
Outros Autores: Robert Aldo Iquiapaza, Aureliano Angel Bressan
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional da UFMG
Texto Completo: http://dx.doi.org/10.18028/2238 - 5320/ rgfc.v7n2p 79 - 101
http://hdl.handle.net/1843/46811
Resumo: This paper analyzes the effect of investor monitoring on the performance of equity investment funds. For that purpose, we analyze the relationship between fund performance, measured using four-factor Alpha, and a set of control variables and monitoring proxy variables. We used monthly data for 1.317 funds, from January 2005 to April 2015. We organized the sample data into two subsamples, retail and institutional funds, to compare the performance of those funds whose clienteles presents, in principle, different monitoring capacities. Institutional funds presented superior performance compared to retail funds measured by net annual return as well as by four-factor Alpha. The variables investment, measured as the minimum initial investment requirement, and type of manager were statistically significant in the retail funds sample. The results show that greater capacity to monitor fund manager behavior could diminish the occurrence of activities against investor’s interests, which is one of the main contributions of this research.
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spelling 2022-11-01T15:29:31Z2022-11-01T15:29:31Z20177279101http://dx.doi.org/10.18028/2238 - 5320/ rgfc.v7n2p 79 - 10122385320http://hdl.handle.net/1843/46811This paper analyzes the effect of investor monitoring on the performance of equity investment funds. For that purpose, we analyze the relationship between fund performance, measured using four-factor Alpha, and a set of control variables and monitoring proxy variables. We used monthly data for 1.317 funds, from January 2005 to April 2015. We organized the sample data into two subsamples, retail and institutional funds, to compare the performance of those funds whose clienteles presents, in principle, different monitoring capacities. Institutional funds presented superior performance compared to retail funds measured by net annual return as well as by four-factor Alpha. The variables investment, measured as the minimum initial investment requirement, and type of manager were statistically significant in the retail funds sample. The results show that greater capacity to monitor fund manager behavior could diminish the occurrence of activities against investor’s interests, which is one of the main contributions of this research.Este artigo analisa o efeito do monitoramento exercido pelos cotistas no desempenho dos fundos de investimento em ações. Para isso, foi analisada a relação entre o desempenho dos fundos, mensurado pelo Alfa de Jensen, com um conjunto de variáveis de controle e variáveis proxy de monitoramento. Foram utilizados dados mensais de 1.317 fundos de ações, de janeiro de 2005 a abril de 2015. A amostra foi reorganizada em duas subamostras, fundos retail e fundos institucionais, para comparar o desempenho dessas duas clientelas com capacidades de monitoramento, em princípio, diferentes. Os resultados indicam que os fundos institucionais apresentaram performance superior à dos fundos retailmensurado tanto pelo retorno líquido anual médio como pelo alfa de Jensen. Verificou-se, ainda, que as variáveis investimento, mensurado pelo valor mínimo de aplicação inicial, e tipo de gestor mostraram-se significativas a amostra de fundos retail. Essa evidência estaria de acordo com o princípio pelo qual uma maior capacidade de monitorar o comportamento do gestor do fundo diminuiria a ocorrência de atividades que venham prejudicar os interesses dos investidores, o que é uma das principais contribuições do trabalho. .engUniversidade Federal de Minas GeraisUFMGBrasilFCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVASRevista de Gestão, Finanças e Contabilidade,Fundos de investimentoEquity investment fundsMonitoringPerformanceRetail investorInstitutional investoInfluence of investor's monitoring on equity mutual funds' performanceInfluência do monitoramento pelos cotistas na performance de fundos de investimento em açõesInfluencia del monitoreo por parte de los inversionistas en el desempeñode fondos de inversión en accionesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://https://www.revistas.uneb.br/index.php/financ/indexRenato Lazo PazRobert Aldo IquiapazaAureliano Angel Bressaninfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGLICENSELicense.txtLicense.txttext/plain; charset=utf-82042https://repositorio.ufmg.br/bitstream/1843/46811/1/License.txtfa505098d172de0bc8864fc1287ffe22MD51ORIGINALINFLUENCE.pdfINFLUENCE.pdfapplication/pdf3080221https://repositorio.ufmg.br/bitstream/1843/46811/2/INFLUENCE.pdf0fb7ace42e7fb47f90554b808f9c8577MD521843/468112022-11-01 12:29:31.556oai:repositorio.ufmg.br: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Repositório de PublicaçõesPUBhttps://repositorio.ufmg.br/oaiopendoar:2022-11-01T15:29:31Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false
dc.title.pt_BR.fl_str_mv Influence of investor's monitoring on equity mutual funds' performance
dc.title.alternative.pt_BR.fl_str_mv Influência do monitoramento pelos cotistas na performance de fundos de investimento em ações
Influencia del monitoreo por parte de los inversionistas en el desempeñode fondos de inversión en acciones
title Influence of investor's monitoring on equity mutual funds' performance
spellingShingle Influence of investor's monitoring on equity mutual funds' performance
Renato Lazo Paz
Equity investment funds
Monitoring
Performance
Retail investor
Institutional investo
Fundos de investimento
title_short Influence of investor's monitoring on equity mutual funds' performance
title_full Influence of investor's monitoring on equity mutual funds' performance
title_fullStr Influence of investor's monitoring on equity mutual funds' performance
title_full_unstemmed Influence of investor's monitoring on equity mutual funds' performance
title_sort Influence of investor's monitoring on equity mutual funds' performance
author Renato Lazo Paz
author_facet Renato Lazo Paz
Robert Aldo Iquiapaza
Aureliano Angel Bressan
author_role author
author2 Robert Aldo Iquiapaza
Aureliano Angel Bressan
author2_role author
author
dc.contributor.author.fl_str_mv Renato Lazo Paz
Robert Aldo Iquiapaza
Aureliano Angel Bressan
dc.subject.por.fl_str_mv Equity investment funds
Monitoring
Performance
Retail investor
Institutional investo
topic Equity investment funds
Monitoring
Performance
Retail investor
Institutional investo
Fundos de investimento
dc.subject.other.pt_BR.fl_str_mv Fundos de investimento
description This paper analyzes the effect of investor monitoring on the performance of equity investment funds. For that purpose, we analyze the relationship between fund performance, measured using four-factor Alpha, and a set of control variables and monitoring proxy variables. We used monthly data for 1.317 funds, from January 2005 to April 2015. We organized the sample data into two subsamples, retail and institutional funds, to compare the performance of those funds whose clienteles presents, in principle, different monitoring capacities. Institutional funds presented superior performance compared to retail funds measured by net annual return as well as by four-factor Alpha. The variables investment, measured as the minimum initial investment requirement, and type of manager were statistically significant in the retail funds sample. The results show that greater capacity to monitor fund manager behavior could diminish the occurrence of activities against investor’s interests, which is one of the main contributions of this research.
publishDate 2017
dc.date.issued.fl_str_mv 2017
dc.date.accessioned.fl_str_mv 2022-11-01T15:29:31Z
dc.date.available.fl_str_mv 2022-11-01T15:29:31Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1843/46811
dc.identifier.doi.pt_BR.fl_str_mv http://dx.doi.org/10.18028/2238 - 5320/ rgfc.v7n2p 79 - 101
dc.identifier.issn.pt_BR.fl_str_mv 22385320
url http://dx.doi.org/10.18028/2238 - 5320/ rgfc.v7n2p 79 - 101
http://hdl.handle.net/1843/46811
identifier_str_mv 22385320
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartof.pt_BR.fl_str_mv Revista de Gestão, Finanças e Contabilidade,
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Universidade Federal de Minas Gerais
dc.publisher.initials.fl_str_mv UFMG
dc.publisher.country.fl_str_mv Brasil
dc.publisher.department.fl_str_mv FCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVAS
publisher.none.fl_str_mv Universidade Federal de Minas Gerais
dc.source.none.fl_str_mv reponame:Repositório Institucional da UFMG
instname:Universidade Federal de Minas Gerais (UFMG)
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reponame_str Repositório Institucional da UFMG
collection Repositório Institucional da UFMG
bitstream.url.fl_str_mv https://repositorio.ufmg.br/bitstream/1843/46811/1/License.txt
https://repositorio.ufmg.br/bitstream/1843/46811/2/INFLUENCE.pdf
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