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| Tekijä: | Westerholm, P.J. Kuuskoski, M. |
| Otsikko: | Do direct stock market investments outperform mutual funds? A study of Finnish retail investors and mutual funds |
| Lehti: | Liiketaloudellinen aikakauskirja
2003 : 2, p. 197-212 |
| Asiasana: | Stock markets Investments Taxation Finland Nordic countries |
| Vapaa asiasana: | Mutual funds |
| Kieli: | eng |
| Tiivistelmä: | Earlier studies of mutual fund (here as: m-f.) performance (here as: perf.) have not been able to exclusively show that it is profitable to invest in the stock market (here as: s-m.) through m-f. Most studies are concerned with how m-f. perform in relation to a benchmark index. This study compares actual investment perf. of retail investors when they invest directly in the s-m., to the investment perf. of m-f. The relative costs and efforts of constructing a well diversified portfolio (here as: prtf.) are expected to be inversely related to prtf. size. To investigate if direct investments in the s-m. are more suitable to larger prtf., this study categorizes retail investors according to their prtf. size. Using randomly drawn samples of smallest, medium and largest investors of the active largest third of investors in Finnish shareholdings data for the period Jan. 1995 to May 2000 there is found the following: The smallest active investors underperform m-f. Medium size active investors perform similarly to m-f. before transaction costs and taxes, but net of transaction costs and taxes medium size investors underperform m-f. The largest investors outperform the m-f. both before and after transaction costs and taxes. In addition, it is found that investment strategies of large investors stand out as different while the other two groups of investors apply similar strategies that produce close to the average market return. |
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