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The use of derivatives in bond funds
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| 1.22 MB | Adobe PDF |
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Resumo(s)
his thesis examines the use of derivatives in U.S. mutual bond funds by analyzing derivatives' investments as a function of past and current fund performance and fund flows and vice versa. We find evidence that derivative use in bond funds can lead to higher returns, and thus poorly performing funds are more likely to invest in derivatives. As fund flows do not affect investment in derivatives ,fund managers use derivatives to increase returns by manipulating fund risk. This eventually leads to lower fund inflows because fund investors may perceive fund risk to be too high due to derivatives' use.
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Palavras-chave
Bond funds Derivatives Performance Investment Fund flow