Efeito Calendário e Finanças Comportamentais no Segmento de Fundos Multimercados

Malaquias, Rodrigo Fernandes; Mamede, Samuel de Paiva Naves

doi:10.1590/1982-7849rac20152062

Cited by 16 publications

(26 citation statements)

References 44 publications

(53 reference statements)

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“…These results are partially divergent from those obtained by Jones (2009), because the author identified that smaller funds presented better performance indicators, as well as younger funds. However, other studies already developed in the Brazilian market (Milani & Ceretta, 2012;Milani & Ceretta, 2013;Malaquias & Mamede, 2015) presented results in the same line (size, with positive relation). Better-performing funds also appear to be the ones that charge lower administration and performance fees, as suggested by the results obtained.…”

Section: Resultssupporting

confidence: 67%

“…The size of the fund has already been used by other studies (Jones, 2009;Milani & Ceretta, 2012;Milani & Ceretta, 2013;Malaquias & Mamede, 2015), there being arguments for a positive relationship between this variable and the profitability of funds in the Brazilian market.…”

Section: Methodsmentioning

confidence: 99%

“…In our quantitative model, we included the control variables used in the study by Malaquias and Mamede (2015), which are: Administration Fee (maximum rate of administration charged by the funds annually, with this being the rate available both in SI-ANBIMA and in the Economatica Databases); Performance Fee (dummy variable for the charge on performance fee); Age of the Fund (age of the fund, in years, on the date of observed profitability); Size of the Fund (represented by the Neperian Logarithm of the Equity of the fund on the date of return). The size of the fund has already been used by other studies (Jones, 2009;Milani & Ceretta, 2012;Milani & Ceretta, 2013;Malaquias & Mamede, 2015), there being arguments for a positive relationship between this variable and the profitability of funds in the Brazilian market.…”

Section: Methodsmentioning

confidence: 99%

See 2 more Smart Citations

Liquidity Restrictions on Investment Funds: Are they a Response to Behavioral Bias?

Malaquias¹,

Pontes²

2018

BBR

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Section: Resultssupporting

confidence: 67%

Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

See 1 more Smart Citation

Liquidity Restrictions on Investment Funds: Are they a Response to Behavioral Bias?

Malaquias¹,

Pontes²

2018

BBR

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“…With regards to the test variables related to the fund manager, given the di culty of information involving individual managers, proxies had to be created to measure them (Chevalier & Ellison, 1999;Malaquias & Mamede, 2015;Switzer & Huang, 2007). us, the "manager's experience" was calculated in years by the di erence between the base date 1/31/2016 and the date the company managing the fund was founded.…”

Section: Methodological Proceduresmentioning

confidence: 99%

Aspects of manager, portfolio allocation, and fund performance in Brazil

Maestri

Malaquias

2018

Rev. contab. finanç.

Self Cite

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ABSTRACTis paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. e aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can a ect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain di erences in the fund performance, which increases the relevance of this study. erefore, the impact of this research lies in its revealing a signi cant relationship between riskadjusted return and the portion of portfolios allocated to xed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and xed income) was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the e ectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in xed income, managers with more funds under management, and larger funds.

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“…O estudo das finanças comportamentais enfoca que, por mais que as pessoas tentem a agir com racionalidade, há fatores externos psicológicos e comportamentais que influenciarão no processo de decisão de compra (MALAQUIAS;MAMEDE, 2015 O processo utilizado para atender aos propósitos desta pesquisa pode ser classificado como quantitativo, pois as informações coletadas são abordadas de forma estatística e o fornecimento de dados ocorre de forma mais precisa (HAIR et al, 2005…”

Section: Finanças Comportamentaisunclassified

Comportamento financeiro do estudante: avaliação da propensão ao endividamento

Rossato

Pinto

2020

ForScience

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O objetivo do estudo foi identificar o comportamento financeiro dos estudantes de uma universidade no noroeste do estado do Rio Grande do Sul, avaliando as principais razões das dívidas das pessoas, aplicando uma survey com 160 alunos do curso de administração. Foram utilizadas técnicas de média aritmética e testes de diferença de média. As diferenças de média apontaram diferentes significados de propensão ao endividamento por gênero, idade, estado civil, filhos e renda. Os resultados mostraram-se significativos referentes ao perfil pela dívida por falta de planejamento, alta propensão ao consumo, falta de desconto à vista, empréstimo do nome e por acesso ao crédito. Os procedimentos apontaram que os respondentes gastam menos ou igual à renda que recebem, possuem dívidas, porém, não estão atrasadas e são mais cautelosos ao investir, uma vez que não desejam assumir riscos.Palavras-Chave: Endividamento. Estudantes. Dívidas. Propensão. Administração.Student's financial behavior: assessment of the property to the debtABSTRACTThe objective of this study was to identify the financial behavior of students from a university in the northwest of Rio Grande do Sul state, evaluating the main reasons for the debts of the people, applying a survey with 160 students of the administration course. Arithmetic mean and difference mean tests were used. The differences in the mean showed different meanings of debt propensity by gender, age, marital status, children and income. The results were significant in relation to the debt profile due to lack of planning, high propensity to consumption, lack of cash discount, name loan and access to credit. The procedures indicated that respondents spend less than or equal to the income they receive, have debt, but are not late and are more cautious when investing, as they do not want to take risks.Keywords: Indebtedness. Students. Debts. Propensity. Administration.

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Efeito Calendário e Finanças Comportamentais no Segmento de Fundos Multimercados

Cited by 16 publications

References 44 publications

Liquidity Restrictions on Investment Funds: Are they a Response to Behavioral Bias?

Liquidity Restrictions on Investment Funds: Are they a Response to Behavioral Bias?

Aspects of manager, portfolio allocation, and fund performance in Brazil

Comportamento financeiro do estudante: avaliação da propensão ao endividamento

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