Performance of mutual funds : an international perspective /

This compilation extends prior research on American fund returns to an examination of the mutual fund industry and fund performance in several other countries. A study of Canadian funds found that, unlike American investors, Canadian investors do not chase performance. A study of New Zealand funds documents differences in fund efficiency. Descriptive studies of Danish and German mutual funds stress the importance of national tax and social policies. The previously documented relationship between size and performance also applies to Spanish funds. While the studies in this volume emphasize non-US funds, one study extends prior research of American fund performance through the dot-com bubble. The authors of a study of ethical funds develop a new scale for analyzing the degree of ethical investments, but the results confirm prior studies that no difference exists between ethical and equity fund performance. Several studies employ data envelopment analysis, a nonparametric tool that eliminates benchmark selection problems and the need to use linear factor models such as the CAPM. The mathematical approach employed limits the book's appeal to graduate faculty, financial engineers, and perhaps CFAs and portfolio managers of hedge funds. Summing Up: Recommended. Research and professional collections. H. Mayo The College of New Jersey