Fluxos de caixa e desempenho de fundos de investimento em ações: uma análise da habilidade de market timing dos investidores no Brasil

  • Araújo, Rebeca Cordeiro da Cunha
Publication date
July 2017
Publisher
Portal de Periodicos UFPB

Abstract

This study aimed to analyze how the market timing ability (HMT) influences the performance of investors to the Brazilian equity funds. For this, it was measured the performance of investors to the Brazilian equity funds, based on cumulative cash flows over the period of analysis, from 2010 to 2015. Additionally, it was quantified the investor HMT, based on the difference between the performance of managers and the performance of investors. It was also analyzed the relationship between HMT and quality of funds selected by investors, based on risk-adjusted return, determined by three and four factors models. Finally, possible determinants of investor HMT were investigated, based on the characteristics of the Brazilian equity funds, through qu...

Extracted data

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