Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence
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, effici...
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| Format: | Article |
| Language: | English |
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FUCAPE Business School
2015-01-01
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| Series: | BBR: Brazilian Business Review |
| Subjects: | |
| Online Access: | http://www.redalyc.org/articulo.oa?id=123035866006 |
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| _version_ | 1825207342586658816 |
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| author | Paulo Rogério Faustino Matos Christiano Modesto Penna Ana Balbina Gomes Silva |
| author_facet | Paulo Rogério Faustino Matos Christiano Modesto Penna Ana Balbina Gomes Silva |
| author_sort | Paulo Rogério Faustino Matos |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-664e63eba1414eeba44193f04f054487 |
| institution | Kabale University |
| issn | 1807-734X |
| language | English |
| publishDate | 2015-01-01 |
| publisher | FUCAPE Business School |
| record_format | Article |
| series | BBR: Brazilian Business Review |
| spelling | doaj-art-664e63eba1414eeba44193f04f0544872025-02-06T23:39:30ZengFUCAPE Business SchoolBBR: Brazilian Business Review1807-734X2015-01-01122110144Mutual Investments Funds in Shares in Brazil : Incentives, Management and ConvergencePaulo Rogério Faustino MatosChristiano Modesto PennaAna Balbina Gomes SilvaThis 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.http://www.redalyc.org/articulo.oa?id=123035866006stock investment funds in brazilclubs of convergenceperformance weighted by riskprivate and public managementcollection of fees and incentives |
| spellingShingle | Paulo Rogério Faustino Matos Christiano Modesto Penna Ana Balbina Gomes Silva Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence BBR: Brazilian Business Review stock investment funds in brazil clubs of convergence performance weighted by risk private and public management collection of fees and incentives |
| title | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence |
| title_full | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence |
| title_fullStr | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence |
| title_full_unstemmed | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence |
| title_short | Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence |
| title_sort | mutual investments funds in shares in brazil incentives management and convergence |
| topic | stock investment funds in brazil clubs of convergence performance weighted by risk private and public management collection of fees and incentives |
| url | http://www.redalyc.org/articulo.oa?id=123035866006 |
| work_keys_str_mv | AT paulorogeriofaustinomatos mutualinvestmentsfundsinsharesinbrazilincentivesmanagementandconvergence AT christianomodestopenna mutualinvestmentsfundsinsharesinbrazilincentivesmanagementandconvergence AT anabalbinagomessilva mutualinvestmentsfundsinsharesinbrazilincentivesmanagementandconvergence |