Mutual funds withdraw shield: performance or agency costs driver?

Alves, Carlos Francisco; Mouta, Helena

http://hdl.handle.net/10198/10348

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Authors

Alves, Carlos Francisco

Mouta, Helena

Abstract(s)

In this paper, using a unique database, we compare the performance of a set of equity mutual funds to a set of equity savings funds, which are similar to equity mutual funds in all but one characteristic: the tax regime that strongly penalizes withdrawals from equity savings funds. We found evidence consistent with the hypothesis that mutual funds less subject to liquidity shocks exhibit higher performances.

Keywords

Mutual fund performance Withdrawals liquidity shocks Fiscal policy

URI

http://hdl.handle.net/10198/10348

Citation

Alves, Carlos; Mouta, Helena (2012). Mutual funds withdraw shield: performance or agency costs driver? Economics and Business Letters. ISSN 2254-4380. 1(1), p. 30-34