Redemption Fees and the Risk-Adjusted Performance of International Equity Mutual Funds

2010 ◽  
Author(s):  
Iuliana Ismailescu ◽  
Matthew R. Morey
Keyword(s):  
Mutual Funds ◽  
Equity Mutual Funds ◽  
International Equity

International Mutual Fund Performance and Political Risk

2005 ◽  
Vol 08 (01) ◽  
pp. 167-184 ◽  
Author(s):  
Barrie A. Bailey ◽  
Jean L. Heck ◽  
Kathryn A. Wilkens
Keyword(s):  
Mutual Funds ◽  
Event Study ◽  
Mutual Fund ◽  
Abnormal Returns ◽  
Political Risk ◽  
Equity Mutual Funds ◽  
International Equity ◽  
Study Methodology ◽  
The Impact ◽  
Event Study Methodology

Recent years have witnessed phenomenal growth in both the number and size of US based international equity mutual funds. While the benefits of international diversification are well documented in the literature, empirical research relating to the performance of international mutual funds has been limited and contradictory. The purpose of this study is to examine the impact of political risk on the risk-adjusted returns of international mutual funds using a modified event study methodology. More specifically, the dummy variable event study methodology using portfolios rather than individual funds is used. This methodology addresses the problems of multiple event days and calendar clustering. The macro political risk event of interest is the Iraqi invasion of Kuwait. Results of the study suggest that shareholders of international equity mutual funds earn significant abnormal returns in the face of political turmoil.

scholarly journals Mutual Fund Tournaments: Evidence From Global And International Funds

2011 ◽  
Vol 3 (6) ◽  
Author(s):  
Michael R. Melton ◽  
Thomas S. Zorn ◽  
Richard A. DeFusco
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Relative Performance ◽  
Equity Mutual Funds ◽  
International Equity

For a sample of global and international equity mutual funds, we test the proposition that managers likely to end up as losers manipulate fund risk differently from interim winners. In contrast with Brown, Harlow, and Starks (1996) who found robust support for the tournament model, we found no evidence of tournament like behavior for international and global mutual funds. A possible explanation of this behavior is that investors in these funds are primarily seeking diversification and therefore are less sensitive to relative performance.

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