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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Autores principales:	Paulo Rogério Faustino Matos, Christiano Modesto Penna, Ana Balbina Gomes Silva
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2015
Materias:	stock investment funds in brazil clubs of convergence performance weighted by risk private and public management collection of fees and incentives Business HF5001-6182
Acceso en línea:	https://doaj.org/article/664e63eba1414eeba44193f04f054487
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spelling	oai:doaj.org-article:664e63eba1414eeba44193f04f0544872021-11-11T15:48:06ZMutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence1807-734Xhttps://doaj.org/article/664e63eba1414eeba44193f04f0544872015-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123035866006https://doaj.org/toc/1807-734XThis 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.Paulo Rogério Faustino MatosChristiano Modesto PennaAna Balbina Gomes SilvaFUCAPE Business Schoolarticlestock investment funds in brazilclubs of convergenceperformance weighted by riskprivate and public managementcollection of fees and incentivesBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 12, Iss 2, Pp 110-144 (2015)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	stock investment funds in brazil clubs of convergence performance weighted by risk private and public management collection of fees and incentives Business HF5001-6182
spellingShingle	stock investment funds in brazil clubs of convergence performance weighted by risk private and public management collection of fees and incentives Business HF5001-6182 Paulo Rogério Faustino Matos Christiano Modesto Penna Ana Balbina Gomes Silva Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence
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
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
title	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_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_sort	mutual investments funds in shares in brazil : incentives, management and convergence
publisher	FUCAPE Business School
publishDate	2015
url	https://doaj.org/article/664e63eba1414eeba44193f04f054487
work_keys_str_mv	AT paulorogeriofaustinomatos mutualinvestmentsfundsinsharesinbrazilincentivesmanagementandconvergence AT christianomodestopenna mutualinvestmentsfundsinsharesinbrazilincentivesmanagementandconvergence AT anabalbinagomessilva mutualinvestmentsfundsinsharesinbrazilincentivesmanagementandconvergence
_version_	1718433893012471808

Mutual Investments Funds in Shares in Brazil : Incentives, Management and Convergence

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