This paper builds on the limited body of research on window dressing by bond mutual funds. Our monthly bias-free sample allows us to undertake a more comprehensive study than is possible with the quarterly data traditionally employed in otherwise similar studies. We test window dressing in a...

By using Lakonishok et al.(1992) measure, this work provides empirical evidence of herding behaviour in strategic assets allocated by Spanish funds investing in domestic equities from July 1997 to June 2002. This phenomenon is found with more significance when considering more important...

This paper is the first analysis of the efficiency of Mutual Funds companies in Europe. Based on the recent approach of Holod and Lewis (2011), our paper overcomes some of the potential limitations of the DEA methodology by applying the variations to the slacks-based measure (Tone, 2010). Our...

In this paper, we analyse the persistence phenomenon on the returns obtained by Spanish equity pension funds in the period 1999–2006, an unexplored topic in the Spanish financial market, one of the most emerging pension fund industries in the European Union. We provide evidence for a short-run...