Spanish Abstract: La rentabilidad media de los fondos de inversión en España en los últimos 15 años (1,98%) fue inferior a la inversión en bonos del estado a 15 años (4,4%) y a la inversión en el IBEX 35 (4%). Sólo 26 fondos de los 614 con 15 años tuvieron una rentabilidad superior a la...

We rank the 88 companies operating in 2009 in the Mutual Fund Industry in Spain using data from 1994 to 2009 for the 2,586 existing mutual funds. The best companies according to the ranking were: Bestinver, Metagestion and Mutua Madrilena. The worst, according to the ranking: Caja Ingenieros,...

During the last 10 years (1999-2009), the average return of the mutual funds in Spain (0.85%) was smaller than the average inflation. Nevertheless, on December 31, 2009, 5.6 million investors had 163 billion euros in the 2,586 existing mutual funds. Only 1 of the 368 mutual funds with 15-year...

La rentabilidad media de los fondos de inversión en España en los últimos 10 años (2,7%) fue inferior a la inversión en bonos del estado a cualquier plazo y a la inversión en el IBEX 35. Sólo 37 fondos de los 1.161 con 10 años tuvieron una rentabilidad superior a la del IBEX 35, 178...

We rank the 79 companies operating in 2010 in the Mutual Fund Industry in Spain using data from 1991 to 2010 for the 2,285 existing mutual funds with more than a year of history. The best companies according to the ranking were: Bestinver, Profit and Metagestion. The worst, according to the...

Which trading strategies differentiate skilled mutual fund managers from their unsuccessful peers? This study provides evidence for a positive association between holdings' implied cost of capital (ICC) and future fund performance. Consistent with large transaction costs of ICC-based investments...

This study provides evidence for a positive association between mutual fund holdings’implied cost of capital (ICC) and future performance. Consistent with large transactioncosts of ICC-based investments impeding their exploitation and employing a ICC-basedstrategy reflecting skill,...

This study investigates whether firm opacity impacts the investment behaviors and outcomes of retail investors using the fintech brokerage Robinhood (i.e., “RH investors”). We theorize that higher firm opacity leads RH investors to make nonrational investment decisions. The testable...

Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is...

We use returns of actively managed mutual funds to document the link between accrual quality (AQ) and systematic (priced) risk. Despite compelling theoretical arguments, prior research finds no evidence that poor AQ commands a risk premium in the cross-section of realized stock returns. We argue...