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La información pública periódica de los fondos de inversión: como influyen en las decisiones de los inversores

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  • Ramiro Losada

Abstract

: En este artículo se analiza cómo afecta la información contenida en la información pública periódica de los fondos de inversión a las decisiones de sus partícipes. Uno de los objetivos de este tipo de textos regulatorios es reducir la información asimétrica a la que se enfrentan los inversores, especialmente los minoristas, cuando quieren participar en los mercados de valores. En concreto, se analizan dos tipos de textos: el primero, dedicado a describir la política de inversión del fondo; el segundo —conocido como anexo explicativo— dedicado a describir cuál ha sido la evolución del fondo en el último trimestre y las previsiones del gestor sobre el siguiente. De los resultados obtenidos, se puede deducir que esta información podría influir en el volumen tanto de suscripciones como de reembolsos, aunque su influencia sería muy limitada. Al mismo tiempo, se encuentra evidencia débil de que dicha información podría reducir los costes de participación de los inversores a la hora de tomar sus decisiones de compra y de venta de fondos.

Suggested Citation

  • Ramiro Losada, 2022. "La información pública periódica de los fondos de inversión: como influyen en las decisiones de los inversores," CNMV Documentos de Trabajo CNMV Documentos de Trabaj, CNMV- Comisión Nacional del Mercado de Valores - Departamento de Estudios y Estadísticas.
    • Handle: RePEc:cnv:docutr:dt_76es
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    More about this item

    Keywords

    Fondos de inversión; información pública periódica; análisis de texto; suscripciones; reembolsos; costes de participación.;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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