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| Tekijä: | Sensoy, B. A. |
| Otsikko: | Performance evaluation and self designated benchmark indexes in the mutual fund industry |
| Lehti: | Journal of Financial Economics
2009 : APR, VOL 92:1, p. 25-39 |
| Asiasana: | funds benchmarking finance USA PERFORMANCE APPRAISAL |
| Kieli: | eng |
| Tiivistelmä: | The article analyzes data collected from 1,981 actively managed and diversified US equity mutual funds to study whether their benchmark indexes match the real situation. According to the findings, nearly one-third of US equity mutual funds define a size and value/growth benchmark index in their brochure that is mismatching with the fund's true style. Performance relative to a certain benchmark is found to be an important determinant of a fund's future cash flows, which indicates irrational responses to abnormal returns. Therefore, mismatched benchmarks in the fund's prospectus are likely to be conscious strategic decisions made on purpose to improve cash flows. |
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