The Italian mutual fund industry is in a severe crisis. Its net assets have been decreasing since 1999, from 42% of GDP to 8% in 2011; an investment in mutual funds has accumulated in its 28-year life a loss larger than the initial asset value, if compared to an investment in the one-year treasury bonds. However, there is a debate about the metrics to be used for measuring returns. We simulate the dynamics of returns and cash-flows in the period 2003-2010, and analyze the spread among different metrics, arguing on their appropriateness for evaluating performance from different perspectives.
VENANZI D (2013). I fondi comuni italiani: quale metrica per quale performance?. RIVISTA DI POLITICA ECONOMICA(3), 81-113.
Titolo: | I fondi comuni italiani: quale metrica per quale performance? | |
Autori: | ||
Data di pubblicazione: | 2013 | |
Rivista: | ||
Citazione: | VENANZI D (2013). I fondi comuni italiani: quale metrica per quale performance?. RIVISTA DI POLITICA ECONOMICA(3), 81-113. | |
Abstract: | The Italian mutual fund industry is in a severe crisis. Its net assets have been decreasing since 1999, from 42% of GDP to 8% in 2011; an investment in mutual funds has accumulated in its 28-year life a loss larger than the initial asset value, if compared to an investment in the one-year treasury bonds. However, there is a debate about the metrics to be used for measuring returns. We simulate the dynamics of returns and cash-flows in the period 2003-2010, and analyze the spread among different metrics, arguing on their appropriateness for evaluating performance from different perspectives. | |
Handle: | http://hdl.handle.net/11590/132881 | |
Appare nelle tipologie: | 1.1 Articolo in rivista |