Année
2019
Auteurs
RAMOS Sofia, FERREIRA Miguel A., KESWANI Aneel, MIGUEL Antonio F.
Abstract
We study performance persistence across a global sample of equity mutual funds from 27 countries. In contrast to the existing U.S.‐based evidence, we find that net performance persistence is present in the majority of fund industries, suggesting that fund manager skill is commonplace rather than a rarity. Consistent with the intuition that more competition in the mutual fund industry makes remaining a winner fund less likely but keeping a loser fund at the bottom of the performance ranks more probable, we show that competitiveness explains the cross‐sectional variation in performance persistence.
FERREIRA, M.A., KESWANI, A., MIGUEL, A.F. et RAMOS, S. (2019). What determines fund performance persistence? International evidence. Financial Review, 54(4), pp. 679-708.