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出版SSRN, 2021
URLhttp://books.google.com.hk/books?id=-BHjzwEACAAJ&hl=&source=gbs_api
註釋In this paper, we examine whether investors in equity mutual funds in Europe have selection skills, in the sense of having the ex-ante ability to predict the performance of mutual funds. In general terms, we can conclude that we have not found favorable evidence that shows the existence or, at least, the use of selection skills by European investors. Using a sample of daily data for 17 European countries, we evaluate several aspects that may explain the results obtained and that could account for the absence of incentives to use, where appropriate, these skills. We have considered the presence of segmentations in the sample of funds, different time reference of measuring profitability and qualitative aspects. The results of these tests have not altered the overall conclusion of lack of selection skills by European investors.