Fundos de ações com benchmark em renda fixa mais do que compensam o investidor relativamente aos fundos com benchmark em renda variável?

Este trabalho estuda o diferencial de retorno entre fundos de ações com benchmark em índices de renda fixa e fundos de ações com benchmark em índices de renda variável. A escolha de um índice de renda fixa como benchmark para um FIA, em média tende a ser pior para o cotista, pois gera um potencial de ganho financeiro para o gestor não associado ao real valor por ele criado. Portanto, como a remuneração dos gestores através da taxa de performance depende em parte do benchmark escolhido, fundos com benchmark em renda fixa deveriam apresentar melhores desempenhos a fim de compensarem seus cotistas por este custo. Os resultados encontrados sugerem que os gestores de fundos com benchmark em renda fixa obtêm um retorno líquido de taxas de performance e administração superior para seus cotistas e também apresentam uma menor correlação com o Índice Bovespa.

A perceived human development index

The objective of the paper is to build a Perceived Human Development Index (PHDI) framework by assembling the HDI components, namely indicators on income, health and education on their subjective version. We propose here to introduce a fourth dimension linked to perceptions on work conditions, given its role in the “happiness” literature and in social policy making. We study how perceptions on satisfaction about the individual’s satisfaction with income, education, work and health are related to their objective counterparts. We use a sample of LAC countries where we take advantage of a larger set of questions on the four groups of social variables mentioned included in the Gallup World Poll by the IADB. We emphasize the impacts of objective income and age on perceptions. Complementarily, in the appendix we use the full sample of 132 countries where a smaller set of variables can be included, which provides a greater degree of freedom to study the impact of objective HDI components observed at country level on the formation of individual’s perception on income, education, work, health and life satisfaction. These exercises provide useful insights about the workings of beneficiaries’ point of view to understand the transmission mechanism of key social policy ingredients into perceptions. In particular, the so-called PHDI may provide a complementary subjective reference to the HDI. We also study how one’s satisfaction with life is established, measuring the relative importance given to income vis-à-vis health and education. Estimating these “instantaneous happiness functions” will help to assess the relative weights attributed to income, health and education in the HDI, which is a benchmark in the multidimensional social indicators toolbox used in practice.