PERFORMANCE OF INVESTMENT FUNDS OF THE TYPE THE PRIVATE PROVIDENCE AND ITS SENSITIVITY TO THE VARIATION OF THE TAX OF INTERESTS

Authors

  • Adilson Celestino de Lima Núcleo de Estudos em Finanças e Investimentos

Abstract

This work searchs to explore the field of financial investment fund, that even so is very boarded for literature, has explored basically in deep of market and free wallet. However this work searched to explore in providence investment fund ones, that has received little attention in terms from empirical studies in Brazil. The general objective was to verify the performance of the deep ones, with equity upper the R$ 100 millions, in the understood period it enters the years of 2003 and 2004. The performance heading, was made a survey of the monthly returns of each deep and calculated its shunting line-standard, as defi ning of the risk of the returns. Also the calculation of the correlation was used, comparing the returns of the deep ones with one benchmark, assigned for the CDI of the respective period. Soon after that the Index of Sharpe was calculated as performance parameter. When analyzing the results, evidenced that the deep ones, in its great majority, keep a positive correlation with benchmark (more not all) and that the performance through the returns is not total compatible with the index of Sharpe. Also it was found that the returns in the two analyzed years, not to obtain to surpass the CDI, characterizing of this form inefficiency in the management of the deep ones.

Downloads

Download data is not yet available.

Author Biography

Adilson Celestino de Lima, Núcleo de Estudos em Finanças e Investimentos

Doutorando em Administração na Universidade Federal de Pernambuco, programa de Pós-graduação em Administração (PROPAD). Mestre em Finanças das Empresas pela Universidade Federal da Paraíba. Integrante do Núcleo de Estudos em Finanças e Investimentos (NEFIN).

Downloads

Published

2008-07-30

Issue

Vol. 7 No. 2 (2006)

Section

Presentation

License

Once the papers have been approved, the authors will assign their copyrights to this Journal.  The Copyright Assignment Conditions include:

1.  The Mackenzie Administration Journal holds the rights to all the papers published therein through assignment of copyright. 

2.  The author retains moral rights to the paper, including the right to identify the author whenever the article is published.

3. As of July 1, 2015 RAM adopted the CC-BY license standard (Creative Commons– BY). Authors are allowed to copy, distribute, display, transmit and adapt articles. Authors must attribute to RAM explicitly and clearly an article’s original publication (with reference to the journal’s name, edition, year and pages in which the article was originally published), yet without suggesting that RAM endorses the author or its use of the article. Contents are released by means of the CC-BY license to fully inter-operate with a variety of different systems and services, including for commercial purposes. In case of an article’s reuse or distribution, authors must make the article’s licensing terms clear to third parties. CC-BY criteria follow open access policies by major OA (Open Access) publishers and journals, such as PLoS, eLife, Biomed Central and Hindawi, among others.

4.  When formally requested by the author, this Journal may allow the paper to be published as a chapter or part of a book.  The only requirement is that prior publication in this Journal (Journal name, issue, year and pages) must be clearly and explicitly shown as a reference.