Abstract

BAGGIO, Daniel Knebel; FERRUZ AGUDO, Luis  and  MARCO SANJUAN, Isabel. ¿Es el desempeño de los fondos de inversión de Brasil un indicador de movimento futuro de su patrimonio?. El trimestre econ [online]. 2010, vol.77, n.306, pp.445-471. ISSN 2448-718X.

The aim of this study is to analyze the existing of the relationship between the performance and the increase of the patrimony of the Brazilian Equity Investment Funds. We used data from 459 funds, 321 of these from the IBOVESPA and 138 from the IBX, from 1997 to 2006, whose behavior has been compared across their annual, half-yearly and quarterly results. The Funds were classified as winner's funds or loser's funds by the average of the profitability's of the percentage growth of his patrimony. We developed this study in two phases: Initially the persistence of the performance is confirmed and later the relationship between the performance and the patrimony growth. From the contingency table, a parametric methodology, we can demonstrate the performance persistence and the relationship between the performance persistence and the future movements of capital.

Keywords : análisis de la persistencia; fondos de inversión de Brasil; análisis de comportamiento financiero; tablas de contingencia en el análisis financiero.