The main aim of this paper is to analyze if pension funds managers are able to implement style timing strategies, one topic very important for an efficient management of an investment portfolio. Besides it is analyzed the stock-picking abilities of these managers. To this end, conditional and...

This paper examines the stock-picking and market timing abilities of pension funds managers in the UK and Spanish markets, analysing their use of privileged information to implement management strategies and considering the possible effects of portfolio size. We take the analysis further by...

Pension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact of fees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in...

Pension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact of fees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in...

El objetivo de este estudio es analizar la persistencia de la performance de los Fondos de Inversión de Renta Variable de Brasil. La base de datos fue formada por 459 Fondos, siendo 321 del IBOVESPA y 138 del IBX, de 1997 hasta 2006. Los Fondos fueron clasificados como ganadores (Winners) o...

En este trabajo se describe el proceso de consolidación de la propiedad y el control de la gestión en los bancos que operaron en Bolivia durante el periodo de 1996 a 2006, y se evalúa de manera general el papel de los bancos extranjeros en el desarrollo del sistema bancario. El uso del...

Pension funds represent a substantial part of welfare systems, so efficient management is important for beneficiaries. However, performance may be seriously affected by fees. This fact led us to analyze the relation between fees and performance in Spanish equity and bond pension funds with a...

Based on a strict and intuitive methodology, the article proposes an empirical test of the CAPM for the main Spanish market stocks. The idea is to replicate the behaviour of an investor purchasing undervalued shares according to the CAPM in order to beat the market during the following period....