Conditioning information in mutual fund performance evaluation: Portuguese evidence

We estimate and compare the performance of Portuguese-based mutual funds that invest in the domestic market and in the European market using unconditional and conditional models of performance evaluation. Besides applying both partial and full conditional models, we use European information variables, instead of the most common local ones, and consider stochastically detrended conditional variables in order to avoid spurious regressions. The results suggest that mutual fund managers are not able to outperform the market, presenting negative or neutral performance. The incorporation of conditioning information in performance evaluation models is supported by our findings, as it improves the explanatory power of the models and there is evidence of both time-varying betas and alphas related to the public information variables. It is also shown that the number of lags to be used in the stochastic detrending procedure is a critical choice, as it will impact the significance of the conditioning information. In addition, we observe a distance effect, since managers who invest locally seem to outperform those who invest in the European market. However, after controlling for public information, this effect is slightly reduced. Furthermore, the results suggest that survivorship bias has a small impact on performance estimates.

Papa Bento XVI e Papa Francisco na grande final!

A chamada Lei do Branqueamento de Capitais - Lei 25/2008, de 5/6 e alterações -, considera que estão sujeitas a especiais obrigações os “Notários, conservadores de registos, advogados, solicitadores e outros profissionais independentes, constituídos em sociedade ou em prática individual, que intervenham ou assistam, por conta de um cliente ou noutras circunstâncias, em operações: § vi) De alienação e aquisição de direitos sobre praticantes de actividades desportivas profissionais;”. Estamos a pensar, como é óbvio, nas transferências de jogadores de futebol, nomeadamente na Europa, as quais atingem somas astronómicas e muitas vezes ocultas. São por demais evidentes as notícias da comunicação social que dão conta que, em muitos dos casos, os verdadeiros valores envolvidos não são os declarados. Quer para fugir aos impostos, quer para esconder o pagamento de avultadas comissões extraordinárias; Abstract: The Call of the Money Laundering Law - Law 25/2008, of 5/6 and change - considers that are subject to the special obligations "notaries, registrars, lawyers, solicitors and other independent professionals, made in society or in practice individual, that participating or assisting, on behalf of a client or other circumstances in operations: § vi) sale and acquisition of rights to practitioners of professional sports activities; ". We are thinking, of course, transfers of football players, particularly in Europe, which reach astronomical sums and often hidden. Are all too apparent the news media that realize that in many cases the true values involved are not declared. Want to evade taxes or to hide the payment of large exceptional fees.

PROGRAMA PARA A JUSTIÇA PORTUGUESA

Há a verdade, há a mentira e há as estatísticas. Muitas outras medidas poderiam ser alvitradas, mas estas são algumas das ideias fundamentais para um programa de Governo que visa uma Justiça humanista, na qual o Ser Humano, organizado ou individual, é o centro da questão. A Justiça portuguesa também não pode ser uma competição entre a cor-de-laranja e o rosa, vermelho, azul ou qualquer outra cor, como amarelo, cinzento, castanho, entre outras. A Justiça portuguesa deve fazer-se sentir e respeitar. Não é mentira se dissermos que temos entre os melhores Magistrados do mundo, entre os melhores Advogados e Solicitadores do mundo, entre os melhores Funcionários Judiciais, Conservadores, Notários e outros Auxiliares de Justiça, entre os melhores polícias e investigadores do mundo. Bem hajas, Portugal, pois és capaz de muito mais e melhor. § There is the fact there are lies and there are statistics. Many other measures could be tell, but these are some of the key ideas for a government program aimed at a humanistic Justice, in which the human being organized or individual, is the heart of the matter. The Portuguese Justice can not be a competition between the pink-orange and pink, red, blue or any other color, such as yellow, gray, brown, and others. The Portuguese Justice must be felt and respect. It's not a lie if we say we have among the best Magistrates of the world, among the best Lawyers and Solicitors of the world, among the best Judicial Officers, Conservatives, notaries and other auxiliaries of Justice, police and among the best researchers in the world. Well wilt, Portugal, for you are capable of much more and better.