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Is There a Link between Past Performance and Fund Failure?

In: Understanding Investment Funds

Author

Listed:
  • Philippe Cogneau
  • Laurent Bodson
  • Georges Hübner

Abstract

Mutual fund survivorship has been an ongoing concern since the early 1990s for different reasons. Many researchers have studied this phenomenon because of the so-called survivorship bias. Indeed, ignoring the funds that disappear while analyzing the performance of funds generates an important bias – since the funds that failed during the period are omitted, only the funds that were alive during the whole period are selected. Another stream of papers has focused on the assessment of the percentage of ’graveyard’ funds, that is, those that disappear within a certain period. Fewer have aimed to examine the determinants of the fund terminations.

Suggested Citation

  • Philippe Cogneau & Laurent Bodson & Georges Hübner, 2013. "Is There a Link between Past Performance and Fund Failure?," Palgrave Macmillan Books, in: Virginie Terraza & Hery Razafitombo (ed.), Understanding Investment Funds, chapter 1, pages 9-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-27361-1_2
    DOI: 10.1057/9781137273611_2
    as

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