This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term...

One year after Coronovirus and three years later after initially suggesting them, we revisit the performance of balanced portfolios of leveraged ETFs that we initially suggested in the 2017 paper. Leveraged ETFs provide a convenient mechanism to dynamically change portfolio exposure and can be...

This paper provides a risk framework for fiduciaries considering using a core-satellite approach to investing. While the article mainly covers the additional risk measurement techniques, which are needed when investing in hedge funds, its recommendations are also relevant for other investments...

German Abstract: Angesichts der politischen und wirtschaftlichen Turbulenzen am Aktienmarkt stellt sich die Frage, ob es trotz umfassender Portfolioliteratur neuere Wege gibt, die Problematik des systematischen Risikos bei Aktienanlagen wesentlich zu mindern. Die folgende Arbeit leitet ein...

We present evidence on the trading and performance impact of buy-side analysts. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. We show that buy-side analysts significantly influence trading decisions: Fund...

In order to ensure long-term viability and impact, many private foundations have three basic investment policy objectives: 1) Distribute 5% of the net fair value of their assets per year; 2) Maintain at least a constant level of real (inflation-adjusted) charitable giving per year; and 3) Do so...

The aim of this paper is to examine if fund attributes such as size, age and family size influence the expense ratio. The study employs multiple regression analysis for cross-section data with the use of three methods of estimation (OLS, Fama–MacBeth and IRLS). The analysis is conducted using...

This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term...

The article aims at verifying the occurrence of performance persistence phenomenon among equity funds in the Czech Republic. The study uses the most popular measures of return mentioned in financial academic publications. Moreover, a relatively long time horizon, lasting from the beginning of...

The article aims at finding whether the survivorship bias significantly influences the achieved returns of the surviving mutual funds in Hungary. Furthermore, the article looks at the situation on financial market, and in particular at the moment of nationalizing the competitive pension funds...