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Is There a Local Advantage for Mutual Funds That Invest in Eastern Europe?

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  • Gábor Bóta
  • Mihály Ormos

Abstract

We investigate the performance and time-varying risk behavior of open-end mutual funds that invest in Central and Eastern European equities. We classify the funds on the basis of the location of their management companies to examine whether fund managers located and operating in the region have an advantage over others that results in excess returns to investors. We cannot detect a local advantage for funds managed from the CEE region as compared to funds managed from other developed European countries, but if we compare the European and non-European managed funds, there are substantial differences both in performance and risk factors.

Suggested Citation

  • Gábor Bóta & Mihály Ormos, 2016. "Is There a Local Advantage for Mutual Funds That Invest in Eastern Europe?," Eastern European Economics, Taylor & Francis Journals, vol. 54(1), pages 23-48, January.
    • Handle: RePEc:mes:eaeuec:v:54:y:2016:i:1:p:23-48
    DOI: 10.1080/00128775.2015.1120161
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    Cited by:

    1. Dariusz Filip, 2017. "Mutual Funds: Does the Performance Erosion Effect Exist? Evidence from the Czech Republic, Hungary and Poland," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(6), pages 512-538, October.
    2. Dariusz Filip, 2018. "The impact of fund attributes on performance: Empirical evidence for Polish equity funds," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 36(2), pages 465-488.

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