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The effectiveness of mutual funds: theoretical approaches and the experience of Russia

Listed author(s):
  • Abramov, Alexander

    ()

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

  • Akshentseva, Kseniya

    ()

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

  • Radygin, Alexander

    ()

    (Gaidar institute for economic policy)

Unlike many countries, focused on the development of domestic stock market, collective investments in Russia do not play an active role in the mobilization of domestic savings, private investors. This is due not only to low-income and higher risk investments in securities of Russian issuers, but also the problems of lack of effectiveness of the funds themselves. Reducing costs, economies of scale, professional portfolio managers, diversification of investments on the global market, specialization management companies can have a positive impact on the profitability of funds. Key words: mutual funds, excess return, mutual funds, the balance of sales, the Russian stock market, management companies, asset management.

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Article provided by Russian Presidential Academy of National Economy and Public Administration in its journal Economic Policy.

Volume (Year): 4 (2015)
Issue (Month): ()
Pages: 60-86

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Handle: RePEc:rnp:ecopol:ep1541
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  1. Michael C. Jensen, 1968. "The Performance Of Mutual Funds In The Period 1945–1964," Journal of Finance, American Finance Association, vol. 23(2), pages 389-416, May.
  2. Blake, David & Caulfield, Tristan & Ioannidis, Christos & Tonks, Ian, 2014. "Improved inference in the evaluation of mutual fund performance using panel bootstrap methods," Journal of Econometrics, Elsevier, vol. 183(2), pages 202-210.
  3. Ippolito, Richard A, 1992. "Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry," Journal of Law and Economics, University of Chicago Press, vol. 35(1), pages 45-70, April.
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  12. Malkiel, Burton G, 1995. " Returns from Investing in Equity Mutual Funds 1971 to 1991," Journal of Finance, American Finance Association, vol. 50(2), pages 549-572, June.
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  14. Robert Kosowski & Allan Timmermann & Russ Wermers & Hal White, 2006. "Can Mutual Fund "Stars" Really Pick Stocks? New Evidence from a Bootstrap Analysis," Journal of Finance, American Finance Association, vol. 61(6), pages 2551-2595, December.
  15. 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.
  16. A. Abramov & A. Radygin & M. Chernova/, 2014. "Financial Markets Regulation: Models, Evolution, Efficiency," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  17. 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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