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The development of mutual funds in Russia

Listed author(s):
  • Abramov, Alexander

    ()

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Akshentseva, Ksenia

    ()

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Registered author(s):

    The article examines the profitability of the mutual funds in Russia, as well as factors influencing their excess return, sale of shares and the size of the cost of investors. The regression analysis of 709 funds. In the years 2001-2012 the average yield of mutual fund shares higher than inflation, but inferior to the yield of the index portfolio. This is due to the small size of the fund and the inflated level of expenditure management. However, the size of excess return, the balance of the sales of shares and compensation management companies in Russian mutual funds follow the same laws as that of their counterparts abroad. This indicates that, overall, they perform the same functions as the mutual funds abroad.

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    File URL: ftp://w82.ranepa.ru/rnp/ecopol/ep1411.pdf
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    Article provided by Russian Presidential Academy of National Economy and Public Administration in its journal Economic Policy.

    Volume (Year): (2014)
    Issue (Month): ()
    Pages: 35-53

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    Handle: RePEc:rnp:ecopol:ep1411
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    1. Lu Zheng, 1999. "Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability," Journal of Finance, American Finance Association, vol. 54(3), pages 901-933, June.
    2. Javier Gil-Bazo & Pablo Ruiz-Verdú, 2009. "The Relation between Price and Performance in the Mutual Fund Industry," Journal of Finance, American Finance Association, vol. 64(5), pages 2153-2183, October.
    3. Gruber, Martin J, 1996. " Another Puzzle: The Growth in Activity Managed Mutual Funds," Journal of Finance, American Finance Association, vol. 51(3), pages 783-810, July.
    4. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    5. Jonathan B. Berk & Richard C. Green, 2004. "Mutual Fund Flows and Performance in Rational Markets," Journal of Political Economy, University of Chicago Press, vol. 112(6), pages 1269-1295, December.
    6. Miguel A. Ferreira & Aneel Keswani & António F. Miguel & Sofia B. Ramos, 2013. "The Determinants of Mutual Fund Performance: A Cross-Country Study," Review of Finance, European Finance Association, vol. 17(2), pages 483-525.
    7. Greene, Jason T. & Hodges, Charles W. & Rakowski, David A., 2007. "Daily mutual fund flows and redemption policies," Journal of Banking & Finance, Elsevier, vol. 31(12), pages 3822-3842, December.
    8. Brad M. Barber & Terrance Odean & Lu Zheng, 2005. "Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows," The Journal of Business, University of Chicago Press, vol. 78(6), pages 2095-2120, November.
    9. Eugene F. Fama & Kenneth R. French, 2010. "Luck versus Skill in the Cross-Section of Mutual Fund Returns," Journal of Finance, American Finance Association, vol. 65(5), pages 1915-1947, October.
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