The growth and size of the Brazilian mutual fund industry
This article describes the evolution of the Brazilian mutual fund industry, its regulatory framework, organization, types of investors and managers, economic environment and its relative growth. It shows the evolution of this industry in Brazil and its idiosyncrasies providing a deeper look into one of the largest emerging market mutual fund industries. It emphasizes the growth of independent managers with more complex assets and sophisticated strategies that resemble international hedge funds. There are many popular and academic explanations for the mutual funds growth, some of which were tested in this article using a time series framework. The results suggest that financial market innovation and market risk are significant variables in explaining growth. Common variables like economic growth, regulation and taxes were not found to be statistically significant. We conclude with a comparison between the evolution of the Brazilian and US mutual fund industries.
|Date of creation:||16 Mar 2010|
|Date of revision:|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Khorana, Ajay & Servaes, Henri & Tufano, Peter, 2005. "Explaining the size of the mutual fund industry around the world," Journal of Financial Economics, Elsevier, vol. 78(1), pages 145-185, October.
- Sofia B. Ramos, 2009. "The Size and Structure of the World Mutual Fund Industry," European Financial Management, European Financial Management Association, vol. 15(1), pages 145-180.
- Fung, William & Hsieh, David A., 1999. "A primer on hedge funds," Journal of Empirical Finance, Elsevier, vol. 6(3), pages 309-331, September.
- Klapper, Leora & Sulla, Victor & Vittas, Dimitri, 2004. "The development of mutual funds around the world," Emerging Markets Review, Elsevier, vol. 5(1), pages 1-38, March.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:21581. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.