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Reversing the Question: On What Does the Turnover of Mutual Funds Depend? Evidence from Equity Mutual Funds in Chile

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  • Jaime F. Lavin
  • Nicolás S. Magner

Abstract

The purpose of this research is to study the factors that influence portfolio turnover in equity mutual funds in Chile. The main result of this research indicates that turnover is related to a combination of variables associated with efficiency, and with behavioral and agency problem hypotheses. In addition, negative effects of turnover are observed on the returns from the funds; positive effects are observed on portfolio liquidity. This study should be of interest to policymakers who regulate and monitor the delegated portfolio management industry in developing countries, as well as individual and institutionalinvestors concerned about the efficiency and performance of their investments.

Suggested Citation

  • Jaime F. Lavin & Nicolás S. Magner, 2014. "Reversing the Question: On What Does the Turnover of Mutual Funds Depend? Evidence from Equity Mutual Funds in Chile," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S5), pages 110-129, September.
    • Handle: RePEc:mes:emfitr:v:50:y:2014:i:s5:p:110-129
    DOI: 10.2753/REE1540-496X5005S507
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    Cited by:

    1. Jaime F. Lavin & Mauricio A. Valle & Nicolás S. Magner, 2019. "Modeling Overlapped Mutual Funds’ Portfolios: A Bipartite Network Approach," Complexity, Hindawi, vol. 2019, pages 1-20, July.
    2. Juan Eberhard & Jaime F. Lavin & Alejandro Montecinos-Pearce, 2017. "A Network-Based Dynamic Analysis in an Equity Stock Market," Complexity, Hindawi, vol. 2017, pages 1-16, November.
    3. Farah Naz & Hafsa Khan & Muhammad Ishfaq Ahmad & Ramiz Ur Rehman & Muhammad Akram Naseem, 2019. "Productivity and efficiency analysis of Pakistani mutual funds using Malmquist index approach," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 1-21, September.

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