Do Managerial Skills Vary Across Fund Managers? Results Using European Mutual Funds
This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in European equity funds. The use of these techniques allows us to compare different investment alternatives in an uncertain setting under very simple assumptions regarding investor behavio...
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| Veröffentlicht in: | Journal of financial services research 2010-08, Vol.38 (1), p.41-67 |
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| container_title | Journal of financial services research |
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| creator | Abinzano, Isabel Muga, Luis Santamaria, Rafael |
| description | This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in European equity funds. The use of these techniques allows us to compare different investment alternatives in an uncertain setting under very simple assumptions regarding investor behaviour. The results for style-adjusted returns are consistent with varying degrees of managerial skill and cannot be explained by the impact of the choice of style-adjustment procedure, country, fee policy, and fund age, fund size or survivorship bias. This result allows us to conclude that style-adjusted returns may provide a reliable guide for selecting European investment funds. |
| doi_str_mv | 10.1007/s10693-009-0080-9 |
| format | Article |
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This result allows us to conclude that style-adjusted returns may provide a reliable guide for selecting European investment funds.</description><subject>Benchmarks</subject><subject>Economic activity</subject><subject>Economics and Finance</subject><subject>Equity funds</subject><subject>Europe</subject><subject>Finance</subject><subject>Financial Services</subject><subject>G23</subject><subject>Investment</subject><subject>Investment advisors</subject><subject>Investment policy</subject><subject>Investors</subject><subject>Macroeconomics/Monetary Economics//Financial Economics</subject><subject>Management</subject><subject>Managerial skills</subject><subject>Mutual funds</subject><subject>Portfolio management</subject><subject>Portfolio performance</subject><subject>Securities markets</subject><subject>Stochastic dominance</subject><subject>Stochastic processes</subject><subject>Stock exchanges</subject><subject>Stock returns</subject><subject>Stocks</subject><subject>Studies</subject><subject>Uncertainty</subject><issn>0920-8550</issn><issn>1573-0735</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2010</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNp1kE9LHTEUxUNpoa-2H6C74MbV2GTyfyVitQpKodZuQyYv0XnOmxlzZwS_vfd1rIVCFyeB8LvnnhxCPnN2yBkzX4Az7UTFmENZVrk3ZMWVwRcj1FuyYq5mlVWKvScfADYMQSv1ilx_HehV6MNtKm3o6PV923VAf4XyRI9jGQDo2dyv_yBwRH8kmLsJ6A20_S09ncswptDTq3macX4Hw0fyLocO0qeXe4_cnJ3-PDmvLr9_uzg5vqyiNGqqXBYyWZdT5nUjXcPXRprGruM6alULzUUMKups62xClI1xumayaWQ0KvPgxB45WHzHMjzMCSa_bSGmrgt9GmbwVjguGecMyf1_yM0wlx7Dec0s10rxGiG-QL__XVL2Y2m32ITnzO9K9kvJHrvzu5L9LsL5MlPSmOLrwH0YNxktwD96EYTF4wlVM3QSoUVx1IiS3Gvj76YtWtWLFaBLj2X_zfj__c_CVZcD</recordid><startdate>20100801</startdate><enddate>20100801</enddate><creator>Abinzano, Isabel</creator><creator>Muga, Luis</creator><creator>Santamaria, Rafael</creator><general>Springer US</general><general>Springer</general><general>Springer Nature B.V</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>885</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M1F</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>20100801</creationdate><title>Do Managerial Skills Vary Across Fund Managers? Results Using European Mutual Funds</title><author>Abinzano, Isabel ; Muga, Luis ; Santamaria, Rafael</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c475t-9f34e89fef12b49b1d747b8dcdc6523613ca5c6f82f7ac4b796204bb4c75f1a93</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2010</creationdate><topic>Benchmarks</topic><topic>Economic activity</topic><topic>Economics and Finance</topic><topic>Equity funds</topic><topic>Europe</topic><topic>Finance</topic><topic>Financial Services</topic><topic>G23</topic><topic>Investment</topic><topic>Investment advisors</topic><topic>Investment policy</topic><topic>Investors</topic><topic>Macroeconomics/Monetary Economics//Financial Economics</topic><topic>Management</topic><topic>Managerial skills</topic><topic>Mutual funds</topic><topic>Portfolio management</topic><topic>Portfolio performance</topic><topic>Securities markets</topic><topic>Stochastic dominance</topic><topic>Stochastic processes</topic><topic>Stock exchanges</topic><topic>Stock returns</topic><topic>Stocks</topic><topic>Studies</topic><topic>Uncertainty</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Abinzano, Isabel</creatorcontrib><creatorcontrib>Muga, Luis</creatorcontrib><creatorcontrib>Santamaria, Rafael</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Banking Information Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><jtitle>Journal of financial services research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Abinzano, Isabel</au><au>Muga, Luis</au><au>Santamaria, Rafael</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Do Managerial Skills Vary Across Fund Managers? Results Using European Mutual Funds</atitle><jtitle>Journal of financial services research</jtitle><stitle>J Financ Serv Res</stitle><date>2010-08-01</date><risdate>2010</risdate><volume>38</volume><issue>1</issue><spage>41</spage><epage>67</epage><pages>41-67</pages><issn>0920-8550</issn><eissn>1573-0735</eissn><abstract>This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in European equity funds. The use of these techniques allows us to compare different investment alternatives in an uncertain setting under very simple assumptions regarding investor behaviour. The results for style-adjusted returns are consistent with varying degrees of managerial skill and cannot be explained by the impact of the choice of style-adjustment procedure, country, fee policy, and fund age, fund size or survivorship bias. This result allows us to conclude that style-adjusted returns may provide a reliable guide for selecting European investment funds.</abstract><cop>Boston</cop><pub>Springer US</pub><doi>10.1007/s10693-009-0080-9</doi><tpages>27</tpages></addata></record> |
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| source | RePEc; Business Source Complete; SpringerLink Journals - AutoHoldings |
| subjects | Benchmarks Economic activity Economics and Finance Equity funds Europe Finance Financial Services G23 Investment Investment advisors Investment policy Investors Macroeconomics/Monetary Economics//Financial Economics Management Managerial skills Mutual funds Portfolio management Portfolio performance Securities markets Stochastic dominance Stochastic processes Stock exchanges Stock returns Stocks Studies Uncertainty |
| title | Do Managerial Skills Vary Across Fund Managers? Results Using European Mutual Funds |
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