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Spanish Mutual Funds Yield: An Analysis of its Determinants

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  • María Isabel Cambón Murcia

Abstract

CONTENTS: This Working Papers analyses the Spanish mutual funds yield during the period 2000-2009 according to the specific features of these institutions. The model offered is estimated by the generalized method of moments (GMM) applied to panel data. The results of such estimate do not allow to conclude whether ther is a systematic persistence in mutual funds yield. Moreover, we obtain that funds with greater management and deposit fees do not offer a greater yield and that the greater the market share of the fund management company, the lower the yield of the fund.

Suggested Citation

  • María Isabel Cambón Murcia, 2011. "Spanish Mutual Funds Yield: An Analysis of its Determinants," CNMV Working Papers CNMV Working Papers no. 4, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
    • Handle: RePEc:cnv:wpaper:dt_48en
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