We examine the performance of mutual fund managers for a sample of Spanish mutual funds considering data on active management, loads, size and the number of funds managed per manager. We find evidence of differences in fund performance according to management: independent managers outperform their banking counterparts even when the lower associated fees are considered. Overall, our results suggest that superior active managers do exist and the slight discrepancies which arise between managers can be interpreted as agency problems.View full textDownload full textKeywordsmutual fund, performance, manager, active managementJEL ClassificationG23, G11Related var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/13504851.2011.602008
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机译：我们会根据有关积极管理，负载，规模和每位经理管理的基金数量的数据，对西班牙共同基金样本中的共同基金经理的表现进行检查。根据管理层，我们发现了基金业绩差异的证据：即使考虑到较低的相关费用，独立经理的表现也要优于银行经理。总的来说，我们的结果表明存在高级管理人员，并且管理人员之间出现的细微差异可以解释为代理机构的问题。查看全文下载全文关键字共同基金，绩效，管理人员，积极管理JEL分类G23，G11相关的var addthis_config = {ui_cobrand：“ Taylor ＆Francis Online”，services_compact：“ citeulike，netvibes，twitter，technorati，delicious，linkedin，facebook，stumbleupon，digg，google，更多”，发布号：“ ra-4dff56cd6bb1830b”};添加到候选列表链接永久链接http://dx.doi.org/10.1080/13504851.2011.602008
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