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The growth and size of the Brazilian mutual fund industry

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  • Varga, Gyorgy
  • Wengert, Maxim

Abstract

This article describes the evolution of the Brazilian mutual fund industry, its regulatory framework, organization, types of investors and managers, economic environment and its relative growth. It shows the evolution of this industry in Brazil and its idiosyncrasies providing a deeper look into one of the largest emerging market mutual fund industries. It emphasizes the growth of independent managers with more complex assets and sophisticated strategies that resemble international hedge funds. There are many popular and academic explanations for the mutual funds growth, some of which were tested in this article using a time series framework. The results suggest that financial market innovation and market risk are significant variables in explaining growth. Common variables like economic growth, regulation and taxes were not found to be statistically significant. We conclude with a comparison between the evolution of the Brazilian and US mutual fund industries.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21581.

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Date of creation: 16 Mar 2010
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Handle: RePEc:pra:mprapa:21581

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Keywords: emerging markets; Brazilian financial market; hedge funds; mutual funds; international asset allocation.;

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  1. Fung, William & Hsieh, David A., 1999. "A primer on hedge funds," Journal of Empirical Finance, Elsevier, Elsevier, vol. 6(3), pages 309-331, September.
  2. Sofia B. Ramos, 2009. "The Size and Structure of the World Mutual Fund Industry," European Financial Management, European Financial Management Association, vol. 15(1), pages 145-180.
  3. Klapper, Leora & Sulla, Victor & Vittas, Dimitri, 2004. "The development of mutual funds around the world," Emerging Markets Review, Elsevier, vol. 5(1), pages 1-38, March.
  4. Khorana, Ajay & Servaes, Henri & Tufano, Peter, 2005. "Explaining the size of the mutual fund industry around the world," Journal of Financial Economics, Elsevier, vol. 78(1), pages 145-185, October.
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