Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence
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| Natura: | Artículo científico |
| Lingua: | en |
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FUCAPE Business School
2015
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| _version_ | 1876446304878460928 |
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| author | Paulo Rogério Faustino Matos |
| author_facet | Paulo Rogério Faustino Matos |
| contents | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence Paulo Rogério Faustino Matos Christiano Modesto Penna Ana Balbina Gomes Silva Administración y Contabilidad Clubs of convergence Performance weighted by risk Private and public management Stock investment funds in Brazil Collection of fees and incentives This article analy zes patterns of convergence in series of return of investment funds in shares in Brazil, from the use of the methodology of Phillips and Sul (2007). Unlike the theory of portfolios and in disagreement with the characteristics of this market -regulation, t ransparency, efficiency and informational transaction costs-, it shows a heterogeneous behavior, from the formation of four clubs with specific transition and composition dynamics. The private nature of the management legal entity, the incentives associat ed with the recovery of low administrative fees, in addition to rates of performance and the emphasis on gains offset by risks, differentiate funds that are losers or winners. 2015 artículo científico 1807-734X https://www.redalyc.org/articulo.oa?id=123035866006 en http://www.redalyc.org/revista.oa?id=1230 BBR - Brazilian Business Review application/pdf FUCAPE Business School BBR - Brazilian Business Review (Brasil) Num.2 Vol.12 |
| format | Artículo científico |
| id | redalyc_123035866006 |
| institution | Redalyc |
| language | en |
| publishDate | 2015 |
| publisher | FUCAPE Business School |
| spellingShingle | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence Paulo Rogério Faustino Matos Administración y Contabilidad Clubs of convergence Performance weighted by risk Private and public management Stock investment funds in Brazil Collection of fees and incentives Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence Paulo Rogério Faustino Matos Christiano Modesto Penna Ana Balbina Gomes Silva Administración y Contabilidad Clubs of convergence Performance weighted by risk Private and public management Stock investment funds in Brazil Collection of fees and incentives This article analy zes patterns of convergence in series of return of investment funds in shares in Brazil, from the use of the methodology of Phillips and Sul (2007). Unlike the theory of portfolios and in disagreement with the characteristics of this market -regulation, t ransparency, efficiency and informational transaction costs-, it shows a heterogeneous behavior, from the formation of four clubs with specific transition and composition dynamics. The private nature of the management legal entity, the incentives associat ed with the recovery of low administrative fees, in addition to rates of performance and the emphasis on gains offset by risks, differentiate funds that are losers or winners. 2015 artículo científico 1807-734X https://www.redalyc.org/articulo.oa?id=123035866006 en http://www.redalyc.org/revista.oa?id=1230 BBR - Brazilian Business Review application/pdf FUCAPE Business School BBR - Brazilian Business Review (Brasil) Num.2 Vol.12 |
| title | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence |
| topic | Administración y Contabilidad Clubs of convergence Performance weighted by risk Private and public management Stock investment funds in Brazil Collection of fees and incentives |
| url | https://www.redalyc.org/articulo.oa?id=123035866006 |