The performance of US bond mutual funds |
| |
| Institution: | 1. The Sir John Cass Business School, City University, London, UK;2. Cork University Business School and Centre for Investment Research, University College Cork, Ireland;1. School of Accountancy, W.P. Carey School of Business, Arizona State University, Tempe, AZ 85281, USA;2. Accounting and Finance Department, College of Management, University of Massachusetts Boston, Boston, MA 02125, USA;1. University of Valladolid, Spain;2. Complutense University of Madrid, Spain;3. Champagne School of Management, Troyes, France;4. IRG, Université Paris Est, Créteil, France;5. Linköping University, Sweden |
| |
| Abstract: | We evaluate the performance of the US bond mutual fund industry using a comprehensive sample of bond funds over a long time period from January 1998 to February 2017. In this one study, we examine bond fund selectivity, market timing and performance persistence. We evaluate bond funds relative to their self-declared benchmarks and in terms of both gross-of-fee returns and net-of-fee returns. We document considerable abnormal performance among funds both to the fund (gross returns) and to the investor (net returns). Bond fund performance is found to be superior in the post financial crisis period. However, past strong performance cannot be relied upon to predict future performance. Finally, while some funds exhibit market timing ability; we find a predominance of negative market timing among US bond mutual funds. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
