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Performance and Characteristics of Swedish Mutual Funds 1993-97

Author

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  • Dahlquist, Magnus
  • Engström, Stefan
  • Söderlind, Paul

Abstract

The performance, and its characteristics, of Swedish-based equity and bond mutual funds are studied in detail. Accounting for survivorship biases, regular equity funds have a slight overperformance, equity funds with certain tax advantages have a negative performance (before tax), and bond funds a clear underperformance. The performance is related to fund specific characteristics such as netflows of new money into funds, past performance, expense measures, commissions paid by the funds, turnover, and the size of funds. The economic importance of the cross-sectional differences is quantified by investigating various trading strategies.

Suggested Citation

  • Dahlquist, Magnus & Engström, Stefan & Söderlind, Paul, 1999. "Performance and Characteristics of Swedish Mutual Funds 1993-97," CEPR Discussion Papers 2166, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:2166
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    In- and Outflows; Persistence; Portfolio Evaluation; Style Analysis; Survivorship Bias;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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