Does active management add value?: the Brazilian mutual fund market

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence is against the active management. We also analyze the determinants of significant alphas. For stocks and hedge funds the evidence suggests that old, big and active funds generate biggest alphas. In fixed income funds the evidence is not clear, only a positive relationship between size and alphas could be found.

The effect of guia exame’s ratings on the brazilian fund industry: an analysis of net-worth flows

This paper infers the impact the publication “Guia Exame” (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds’ net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

Includes bibliography

Orthodox adjustment programmes in Latin America: a critical look at the policies of the International Monetary Fund

Includes bibliography

Fondo especial de las Naciones Unidas plan de operaciones tercer texto propuesto: proyecto regional: Costa Rica, El Salvador, Gutemela, Hoduras, Nicaragua y Panamá = United Nations Special Fund plan of operation third draft: regional: Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panamá

Designación del proyecto: ampliación y mejoramiento de los servicios hidrometeorologicos en el Istmo Centroamericano

Fondo de integración regional del Area de Libre Comercio de las Américas = A regional integration fund of the Free Trade Area of the Americas

Incluye Bibliografía