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L’impact de la taille de l’actif sous gestion sur la performance des fonds de placement collectif

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Listed:
  • Linh Tran Dieu

    (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon)

Abstract

Nous étudions l'impact de la taille sur la performance des fonds. En utilisant les données sur les fonds actions en France pour la période de 2002 à 2014, nous trouvons une relation U-inversée entre la taille et la performance. La performance augmente et ensuite diminue avec la taille lorsque l'actif sous gestion atteigne une taille critique. Ce résultat met en évidence le conflit d'intérêt entre les investisseurs et les gérants des fonds. Etant rémunéré en pourcentage de l'actif sous gestion, les gérants de fonds cherchent à maximiser la taille du fonds. Une augmentation de l'actif sous gestion, si elle est favorable au gérant, peut avoir un impact néfaste sur la performance.

Suggested Citation

  • Linh Tran Dieu, 2018. "L’impact de la taille de l’actif sous gestion sur la performance des fonds de placement collectif," Post-Print hal-01804604, HAL.
    • Handle: RePEc:hal:journl:hal-01804604
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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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