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Estudio Empírico De Las Variables Influyentes En La Utilización De Instrumentos Financieros Derivados Por Parte De Los Fondos De Inversión Garantizados Españoles /

Author

Listed:
  • Ayala Calvo, J.C.

    () (Universidad de La Rioja (España))

  • Lassala Navarré, C.

    () (Universidad de Valencia (España))

  • Rodríguez Osés, J. E.

    () (Universidad de La Rioja (España))

Abstract

Este trabajo analiza las variables que influyen en el uso de derivados en la gestión de fondos garantizados y si esa influencia se mantiene independientemente del riesgo asumido por el fondo en su gestión. Para ello se determina la relación entre el uso de derivados y un conjunto de variables económicas relacionadas con los fondos y se obtiene el conjunto de variables que mejor caracteriza el uso de derivados en los fondos garantizados: patrimonio gestionado, rentabilidad a corto plazo y riesgo asumido. Por niveles de riesgo, las variables más significativas hacen referencia a la rentabilidad obtenida en el corto plazo. / In this paper we analyse the variables which influence the use of financial derivatives in the guaranteed mutual funds management and if this influence is kept in an independent way of the risk assumed. For that, the relationship between the use of derivatives and a set of economical variables related to the funds is determined and that way we get the variables that better characterize the use of derivatives in guaranteed mutual funds: assets managed, profitability achieved in the short term and risk assumed. Finally, by risk levels, the most significant variables refer to the profitability achieved in the short term.

Suggested Citation

  • Ayala Calvo, J.C. & Lassala Navarré, C. & Rodríguez Osés, J. E., 2005. "Estudio Empírico De Las Variables Influyentes En La Utilización De Instrumentos Financieros Derivados Por Parte De Los Fondos De Inversión Garantizados Españoles /," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 11(1), pages 53-76.
  • Handle: RePEc:idi:jiedee:v:11:y:2005:i:1:p:53-76
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    References listed on IDEAS

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    1. Wood, Van R. & Bhuian, Shahid & Kiecker, Pamela, 2000. "Market Orientation and Organizational Performance in Not-for-Profit Hospitals," Journal of Business Research, Elsevier, vol. 48(3), pages 213-226, June.
    2. Tse, Alan C. B. & Sin, Leo Y. M. & Yau, Oliver H. M. & Lee, Jenny S. Y. & Chow, Raymond, 2003. "Market orientation and business performance in a Chinese business environment," Journal of Business Research, Elsevier, vol. 56(3), pages 227-239, March.
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