Mostrar el registro sencillo del ítem
dc.creator | Martí Ballester, Carmen Pilar | |
dc.date | 2020-07-28 | |
dc.date.accessioned | 2022-03-23T15:10:29Z | |
dc.date.available | 2022-03-23T15:10:29Z | |
dc.identifier | https://revistas.unal.edu.co/index.php/ede/article/view/78134 | |
dc.identifier | 10.15446/ede.v30n56.78134 | |
dc.identifier.uri | http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/109734 | |
dc.description | The purpose of this paper is to compare the performance of mutual funds —pension plans— whose managers simultaneously manage the assets belonging to pension plans —mutual funds— with that achieved by mutual funds —pension plans— whose managers only manage the assets belonging to mutual funds —pension plans—. To do this, we present a sample consisting of data corresponding to 115 Spanish equity pension plans and 336 Spanish equity mutual funds in relation to such aspects as risk-adjusted return, management and custodial fees, asset size, creation date, number of participants, name of the asset management companies for the period between February 2007 and June 2011. On this data, we propose a model using the bootstrap technique. The results obtained show no significant relationship between side-by-side management and financial performance in the mutual fund and pension plan industries. Therefore, we do not find evidence that pension plan investors are being exploited. | en-US |
dc.description | El objetivo del presente trabajo es comparar el resultado financiero de los fondos de inversión —planes de pensiones— cuyos gestores manejan simultáneamente el patrimonio perteneciente a planes de pensiones —fondos de inversión— con aquel alcanzado por los fondos de inversión —planes de pensiones— y están especializados en gestionar el patrimonio de un tipo de institución de inversión colectiva. Para ello, se dispone de datos correspondientes a 115 planes de pensiones y 336 fondos de inversión que invierten en renta variable y están domiciliados en España relativos a rentabilidad ajustada al riesgo, comisiones de gestión y depósito, patrimonio, fecha de creación, número de participantes, entidad gestora desde febrero de 2007 hasta junio de 2011. Sobre estos datos se aplica la técnica bootstrap. Los resultados obtenidos indican que no hay una relación significativa entre la gestión conjunta y resultado financiero en las industrias de los fondos de inversión y los planes de pensiones. Por tanto, no se encontró evidencia de que los partícipes de planes de pensiones estén siendo explotados. | es-ES |
dc.format | application/pdf | |
dc.format | application/xml | |
dc.language | eng | |
dc.publisher | Universidad Nacional de Colombia - Sede Medellín - Facultad de Ciencias Humanas y Económicas - Departamento de Economía | es-ES |
dc.relation | https://revistas.unal.edu.co/index.php/ede/article/view/78134/75760 | |
dc.relation | https://revistas.unal.edu.co/index.php/ede/article/view/78134/76061 | |
dc.relation | /*ref*/Agarwal, V., & Ma, L. (2012, May 23). Managerial Multitasking in Mutual Fund Industry. Paper presented at the Fifth Singapore International Conference on Finance, Singapore. https://doi.org/10.2139/ssrn.1741282 | |
dc.relation | /*ref*/Agarwal, V., Mullally, K., Tang, Y., & Yang, B. (2015). Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund Performance. Journal of Finance, 70(6), 2733-2776. https://doi.org/10.1111/jofi.12245 | |
dc.relation | /*ref*/Andreu, L., Sarto, J. L., & Vicente-Gimeno, L. (2009). Evaluating the Style Portfolio Performance of Spanish Equity Pension Plans. Revista Española de Financiación y Contabilidad, 38(144), 545-578. https://doi.org/10.1080/02102412.2009.10779674 | |
dc.relation | /*ref*/Annaert, J., Van den Broeck, J., & Vander Vennet, R. (2003). Determinants of Mutual Fund Underperformance: A Bayesian Stochastic Frontier Approach. European Journal of Operational Research, 151(3), 617-632. https://doi.org/10.1016/S0377-2217(02)00603-3 | |
dc.relation | /*ref*/Anolli, M., & Del Giudice, A. (2008). Italian Open End Mutual Fund Costs (MPRA Paper No. 8111). Retrieved from Munich Personal RePEc Archive website. https://mpra.ub.uni-muenchen.de/id/eprint/8111 | |
dc.relation | /*ref*/Banco de España. (2017). Informe sobre la crisis financiera y bancaria en España, 2008-2014. Retrieved from https://www.bde.es/f/webbde/Secciones/Publicaciones/OtrasPublicaciones/Fich/InformeCrisis_Completo_web.pdf | |
dc.relation | /*ref*/Barber, B., Odean, T., & Zheng, L. (2005). Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows. Journal of Business, 78(6), 2095-2120. https://doi.org/10.1086/497042 | |
dc.relation | /*ref*/Berk, J. B., & Green, R. C. (2004). Mutual Fund Flows and Performance in Rational Markets. Journal of Political Economy, 112(6), 1269-1296. https://doi.org/10.1086/424739 | |
dc.relation | /*ref*/Blake, D., Lehmann, B. N., & Timmerman, A. (2002). Performance Clustering and Incentives in the UK Pension Fund Industry. Journal of Asset Management, 3, 173-194. https://doi.org/10.1057/palgrave.jam.2240073 | |
dc.relation | /*ref*/Brown, S. J., Draper, G. P., & McKenzie, E. (1997). Consistency of UK Pension Fund Performance. Journal of Business Finance & Accounting, 24(2), 155-178. https://doi.org/10.1111/1468-5957.00100 | |
dc.relation | /*ref*/Capelle-Blancard, G., & Monjon, S. (2014). The Performance of Socially Responsible Funds: Does the Screening Process Matter? European Financial Management, 20(3), 494-520. https://doi.org/10.1111/j.1468-036X.2012.00643.x | |
dc.relation | /*ref*/Carhart, M. (1997). On Persistence in Mutual Fund Performance. Journal of Finance, 52(1), 57-82. https://doi.org/10.1111/j.1540-6261.1997.tb03808.x | |
dc.relation | /*ref*/Chen, L. W., & Chen, F. (2009). Does Concurrent Management of Mutual and Hedge Funds Create Conflicts of Interest? Journal of Banking and Finance, 33(8), 1423-1433. https://doi.org/10.1016/j.jbankfin.2009.02.006 | |
dc.relation | /*ref*/Chen, H. C., & Lai, C. W. (2010). Reputation Stretching in Mutual Fund Starts. Journal of Banking & Finance, 34(1), 193-207. https://doi.org/10.1016/j.jbankfin.2009.07.013 | |
dc.relation | /*ref*/Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004). Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization. American Economic Review, 94(5), 1276-1302. https://doi.org/10.1257/0002828043052277 | |
dc.relation | /*ref*/Chevalier, J. A., & Ellison, G. (1997). Risk Taking by Mutual Funds as a Response to Incentives. Journal of Political Economy, 105(6), 1167–1200. https://doi.org/10.1086/516389 | |
dc.relation | /*ref*/Cici, G., Gibson, S., & Moussawi, R. (2010). Mutual Fund Performance When Parent Firms Simultaneously Manage Hedge Funds. Journal of Financial Intermediation, 19(2), 169-187. https://doi.org/10.1016/j.jfi.2009.04.002 | |
dc.relation | /*ref*/Cohen, L., & Schmidt, B. (2009). Attracting Flows by Attracting Big Clients. Journal of Finance, 64(5), 2125–2151. https://doi.org/10.1111/j.1540-6261.2009.01496.x | |
dc.relation | /*ref*/Connelly, B. L., Tihanyi, L., Certo, S. T., & Hitt, M. A. (2010). Marching to the Beat of Different Drummers: The Influence of Institutional Owners on Competitive Actions. Academy of Management Journal, 53(4), 723-742. https://doi.org/10.5465/amj.2010.5 2814589 | |
dc.relation | /*ref*/Cremers, M., Driessen, J., Maenhout, P., & Weinbaum, D. (2009). Does Skin in The Game Matter? Director Incentives and Governance in the Mutual Fund Industry. Journal of Financial and Quantitative Analysis, 44(6), 1345-1373. https://doi.org/10.1017/S0022109009990408 | |
dc.relation | /*ref*/Dalton, D. R., Hitt, M. A., Certo, S. T., & Dalton, C. M. (2007). The Fundamental Agency Problem and its Mitigation: Independence, Equity, and The Market for Corporate Control. The Academy of Management Annals, 1(1), 1–64. https://doi.org/10.1080/078559806 | |
dc.relation | /*ref*/Del Guercio, D., & Tkac, P. (2002). The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds Versus Pension Funds. Journal of Financial and Quantitative Analysis, 37(4), 523-557. https://doi.org/10.2307/3595011 | |
dc.relation | /*ref*/Díaz-Mendoza, A. C., López-Espinosa, G., & Martínez-Sedano, M.A. (2014). The Efficiency of Performance-Based-Fee Funds. European Financial Management, 20(4), 825-855. https://doi.org/10.1111/j.1468-036X.2012.00654.x | |
dc.relation | /*ref*/Evans, R. B., & Fahlenbrach, R. (2012). Institutional Investors and Mutual Fund Governance: Evidence from Retail-Institutional Fund Twins. Review of Financial Studies, 25(12), 3530-3571. https://doi.org/10.1093/rfs/hhs105 | |
dc.relation | /*ref*/Fama, E., & French, K. (1993). Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics, 33(1), 3-56. https://doi.org/10.1016/0304-405X(93)90023-5 | |
dc.relation | /*ref*/Fama, E., & Jensen, M. (1983). Agency Problems and Residual Claims. Journal of Law and Economics, 26(2), 327–349. https://doi.org/10.1086/467038 | |
dc.relation | /*ref*/Fang, L. H. (2005). Investment Bank Reputation and the Price and Quality of Underwriting Services. Journal of Finance, 60(6), 2729–2761. https://doi.org/10.1111/j.1540-6261.2005.00815.x | |
dc.relation | /*ref*/Ferruz, L., Vargas, M., & Vicente, L. (2008). Size and Experience Effects on Global Funds Performance. Paper presented at the European Financial Management Association Meeting, Athens, Greece. Retrieved from https://www.academia.edu/1812314/Size_and_experience_effects_on_global_fund_performance | |
dc.relation | /*ref*/Ferson, W. E., & Schadt, W. (1996). Measuring Fund Strategy and Performance in Changing Economic Conditions. The Journal of Finance, 51(2), 425-461. https://doi.org/10.1111/j.1540-6261.1996.tb02690.x | |
dc.relation | /*ref*/Freeman, J. P., & Brown, S. L. (2001). Mutual Fund Advisory Fees: The Cost of Conflicts of Interest. Journal of Corporation Law, 26, 610-673. | |
dc.relation | /*ref*/Gil-Bazo, J., & Ruiz-Verdú, P. (2009). The Relation between Price and Performance in the Mutual Fund Industry. Journal of Finance, 64(5), 2153-2183. https://doi.org/10.1111/j.1540-6261.2009.01497.x | |
dc.relation | /*ref*/Goetzmann, W., & Peles, N. (1997). Cognitive Dissonance and Mutual Fund Investors. Journal of Financial Research, 20(2), 145-158. https://doi.org/10.1111/j.1475-6803.1997.tb00241.x | |
dc.relation | /*ref*/Goriaev, A., Nijman, T., & Werker, B. (2008). Performance Information Dis- Semination in the Mutual Fund Industry. Journal of Financial Markets, 11(2), 144-159. https://doi.org/10.1016/j.finmar.2007.10.003 | |
dc.relation | /*ref*/Gruber, M. J. (1996). Another Puzzle: The Growth in Actively Managed Mutual Fund. The Journal of Finance, 51(3), 783-810. https://doi.org/10.1111/j.1540-6261.1996.tb02707.x | |
dc.relation | /*ref*/Guan, W. (2003). From the Help Desk: Bootstrapped Standard Errors. The Stata Journal, 3(1), 71-80. https://doi.org/10.1177/1536867X0300300105 | |
dc.relation | /*ref*/Hall, P., & Hart, J. D. (1990). Bootstrap Test for Difference Between Means in Nonparametric Regression. Journal of the American Statistical Association, 85(412), 1039-1049. https://doi.org/10.2307/2289600 | |
dc.relation | /*ref*/Huang, J., Sialm, C., & Zhang, H. (2011). Risk Shifting and Mutual Fund Performance. Review of Financial Studies, 24(8), 2575–2616. https://doi.org/10.1093/rfs/hhr001 | |
dc.relation | /*ref*/Ippolito, R. A. (1989). Efficiency with Costly Information: A Study of Mutual Fund Performance, 1965-1984. The Quarterly Journal of Economics, 104(1), 1-23. https://doi.org/10.2307/2937832 | |
dc.relation | /*ref*/Israelsen, C. L. (2005). A Refinement to the Sharpe Ratio and Information Ratio. Journal of Asset Management, 5(6), 423-427. https://doi.org/10.1057/palgrave.jam.2240158 | |
dc.relation | /*ref*/Jensen, M. C. (1968). The Performance of Mutual Funds in the Period 1945-1964. Journal of Finance, 23(2), 389-415. https://doi.org/10.1111/j.1540-6261.1968.tb00815.x | |
dc.relation | /*ref*/Jensen, M. C., & Meckling, W. H. (1976). The Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X | |
dc.relation | /*ref*/Khorana, A., Servaes, H., & Tufano, P. (2008). Mutual Fund Fees Around the World. The Review of Financial Studies, 22(3), 1279-1310. https://doi.org/10.1093/rfs/hhn042 | |
dc.relation | /*ref*/Kouwenberg, R., & Ziemba, W. (2007). Incentives and Risk-Taking in Hedge Funds. Journal of Banking & Finance, 31(11), 3291–3310. https://doi.org/10.1016/j.jbankfin.2007.04.003 | |
dc.relation | /*ref*/Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x | |
dc.relation | /*ref*/Martí-Ballester, C. P. (2014). Determinants of Equity Pension Plan Flows. Estudios de Economía, 41(1), 125-148. https://doi.org/10419/146719 | |
dc.relation | /*ref*/Martí-Ballester, C. P. (2015a). Investor Reactions to Socially Responsible Investment. Management Decision, 53(3), 571-604. https://doi.org/10.1108/MD-04-2014-0207 | |
dc.relation | /*ref*/Martí-Ballester, C. P. (2015b). Can Socially Responsible Investment for Cleaner Production Improve the Financial Performance of Spanish Pension Plans? Journal of Cleaner Production, 106, 466-477. https://doi.org/10.1016/j.jclepro.2014.06.058 | |
dc.relation | /*ref*/Martí‐Ballester, C. P. (2019). The Role of Mutual Funds in the Sustainable Energy Sector. Business Strategy and the Environment, 28(6), 1107-1120. https://doi.org/10.1002/bse.2305 | |
dc.relation | /*ref*/Mehran, H., & Stulz, R. M. (2007). The Economics of Conflicts of Interest in Financial Institutions. Journal of Financial Economics, 85(2), 267-296. https://doi.org/10.1016/j.jfineco.2006.11.001 | |
dc.relation | /*ref*/Mittelstaedt, H. F., & Olsen, J. C. (2003). An Empirical Analysis of the Investment Performance of the Chilean Pension System. Journal of Pension Economics and Finance, 2(1), 7-24. https://doi.org/10.1017/S1474747202001208 | |
dc.relation | /*ref*/Myers, D. H. (2004). The Reaction of Asset Flows to Performance in Pension Account Returns. Retrieved from Northern Finance Association. | |
dc.relation | /*ref*/Neubaum, D. O., & Zahra, S. A. (2006). Institutional Ownership and Corporate Social Performance: The Moderating Effects of Investment Horizon, Activism, and Coordination. Journal of Management, 32(1), 108-131. https://doi.org/10.1177/0149206305277797 | |
dc.relation | /*ref*/Newey, W. K., & West, K. D. (1987). Hypothesis Testing with Efficient Method of Moments Estimation. International Economic Review, 28(3), 777-787. https://doi.org/10.2307/2526578 | |
dc.relation | /*ref*/Nofsinger, J., & Varma, A. (2014). Socially Responsible Funds and Market Crises. Journal of Banking & Finance, 48, 180-193. https://doi.org/10.1016/j.jbankfin.2013.12.016 | |
dc.relation | /*ref*/Nohel, T., Wang, Z. J., & Zheng, L. (2010). Side-by-Side Management of Hedge Funds and Mutual Funds. The Review of Financial Studies, 23(6), 2342-2373. https://doi.org/10.1093/rfs/hhq008 | |
dc.relation | /*ref*/Otten, R., & Bams, D. (2002). European Mutual Fund Performance. European Financial Management, 8(1), 75-101. https://doi.org/10.1111/1468-036X.00177 | |
dc.relation | /*ref*/Rakowski, D., & Wang, X. (2009). The Dynamics of Short-Term Mutual Fund Flows and Returns: A Time-Series and Cross-Sectional Investigation. Journal of Banking & Finance, 33(11), 2102-2109. https://doi.org/10.1016/j.jbankfin.2009.05.001 | |
dc.relation | /*ref*/Rohleder, M., Scholz, H., & Wilkens, M. (2010). Survivorship Bias and Mutual Fund Performance: Relevance, Significance, and Methodical Differences. Review of Finance, 15(2), 441-474. https://doi.org/10.1093/rof/rfq023 | |
dc.relation | /*ref*/Silva, F., & Cortez, M. C. (2016). The Performance of US and European Green Funds in Different Market Conditions. Journal of Cleaner Production, 135, 558-566. https://doi.org/10.1016/j.jclepro.2016.06.112 | |
dc.relation | /*ref*/Sharma, S., & James, W. L. (1981). Latent Root Regression: An Alternate Procedure for Estimating Parameters in the Presence of Multicollinearity. Journal of Marketing Research, 18(2), 154-161. https://doi.org/10.1177/002224378101800203 | |
dc.relation | /*ref*/Sharpe, W. F. (1966). Mutual Fund Performance. The Journal of Business, 39(1), 119-138. Retrieved from https://www.jstor.org/stable/2351741 | |
dc.relation | /*ref*/Sharpe, W. F. (1992). Asset Allocation: Management Style and Performance Measurement. The Journal of Portfolio Management, 18(2), 7-19. https://doi.org/10.3905/jpm.1992.409394 | |
dc.relation | /*ref*/Shu, P. G., Yeh, Y. H., & Yamada, T. (2002). The Behavior of Taiwan Mutual Fund Investors-Performance and Fund Flows. Pacific-Basin Finance Journal, 10(5), 583-600. https://doi.org/10.1016/S0927-538X(02)00070-7 | |
dc.relation | /*ref*/Villalonga, B., & Amit, R. (2006). How Do Family Ownership, Control and Management Affect Firm Value? Journal of financial Economics, 80(2), 385-417. https://doi.org/10.1016/j.jfineco.2004.12.005 | |
dc.relation | /*ref*/Walter, I. (2004). Conflicts of Interest and Market Discipline Among Financial Service Firms. European Management Journal, 22(4), 361-376. https://doi.org/10.1016/j.emj.2004.06.004 | |
dc.rights | Derechos de autor 2020 Ensayos de Economía | es-ES |
dc.rights | https://creativecommons.org/licenses/by-nc-nd/4.0 | es-ES |
dc.source | Ensayos de Economía; Vol. 30 No. 56 (2020); 53-77 | en-US |
dc.source | Ensayos de Economía; Vol. 30 Núm. 56 (2020); 53-77 | es-ES |
dc.source | Ensayos de Economía; Vol. 30 No. 56 (2020); 53-77 | fr-CA |
dc.source | 2619-6573 | |
dc.source | 0121-117X | |
dc.subject | pension plans | en-US |
dc.subject | mutual funds | en-US |
dc.subject | side-by-side | en-US |
dc.subject | Jensen’s Alpha | en-US |
dc.subject | multi-index model | en-US |
dc.subject | Spanish market. | en-US |
dc.subject | portfolio management | en-US |
dc.subject | finance | en-US |
dc.subject | planes de pensiones | es-ES |
dc.subject | fondos de inversión | es-ES |
dc.subject | alfa de Jensen | es-ES |
dc.subject | gestión conjunta | es-ES |
dc.subject | modelo multi-índice | es-ES |
dc.subject | mercado español. | es-ES |
dc.subject | gestión de carteras | es-ES |
dc.subject | finanzas | es-ES |
dc.subject | gestion de portefeuille | fr-CA |
dc.subject | finance | fr-CA |
dc.title | Does Concurrent Management of Mutual Funds and Pension Plans Create Conflicts of Interest? | en-US |
dc.title | ¿Puede la gestión conjunta de planes de pensiones y fondos de inversión generar un conflicto de interés? | es-ES |
dc.type | info:eu-repo/semantics/article | |
dc.type | info:eu-repo/semantics/publishedVersion | |
dc.type | cuantitativo | es-ES |
dc.type | cuantitative | en-US |
Ficheros | Tamaño | Formato | Ver |
---|---|---|---|
No hay ficheros asociados a este ítem. |