Utilize este identificador para referenciar este registo: http://hdl.handle.net/10362/14561
Título: Indexing and active fund management: International evidence
Autor: Cremers, Martijn
Ferreira, Miguel A.
Matos, Pedro
Starks, Laura
Palavras-chave: Mutual funds
Active management
Index funds
Exchange-traded funds
Data: Jan-2015
Editora: Elsevier
Citação: Forthcoming in the Journal of Financial Economics
Resumo: We examine the relation between indexing and active management in the mutual fund industry worldwide. Explicit indexing and closet indexing by active funds are associated with countries’ regulatory and financial market environments. We find that actively managed funds are more active and charge lower fees when they face more competitive pressure from low-cost explicitly indexed funds. A quasi-natural experiment using the exogenous variation in indexed funds generated by the passage of pension laws supports a causal interpretation of the results. Moreover, the average alpha generated by active management is higher in countries with more explicit indexing and lower in countries with more closet indexing. Overall, our evidence suggests that explicit indexing improves competition in the mutual fund industry.
Descrição: Author's pre-print
Peer review: yes
URI: http://hdl.handle.net/10362/14561
Aparece nas colecções:Nova Finance Center

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