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Mutual fund performance: banking versus independent managers

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  • Juan Carlos Matallin-Saez
  • Amparo Soler-Dominguez
  • Emili Tortosa-Ausina

Abstract

We examine the performance of mutual fund managers for a sample of Spanish mutual funds considering data on active management, loads, size and the number of funds managed per manager. We find evidence of differences in fund performance according to management: independent managers outperform their banking counterparts even when the lower associated fees are considered. Overall, our results suggest that superior active managers do exist and the slight discrepancies which arise between managers can be interpreted as agency problems.

Suggested Citation

  • Juan Carlos Matallin-Saez & Amparo Soler-Dominguez & Emili Tortosa-Ausina, 2012. "Mutual fund performance: banking versus independent managers," Applied Economics Letters, Taylor & Francis Journals, vol. 19(8), pages 755-758, May.
  • Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:755-758
    DOI: 10.1080/13504851.2011.602008
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    Cited by:

    1. Greg Hebb, 2021. "On the performance of Bank-managed mutual funds: Canadian evidence," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(1), pages 22-48, January.
    2. Juan Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2019. "Does active management add value? New evidence from a quantile regression approach," Journal of the Operational Research Society, Taylor & Francis Journals, vol. 70(10), pages 1734-1751, October.
    3. J. Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression," Working Papers 2013/01, Economics Department, Universitat Jaume I, Castellón (Spain).

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