Are Reported Mutual Fund Yields Useful? An Analysis of Municipal Bond Funds

We examine the relationship between the geographic location of mutual fund managers and fund performance using the unique setting of single-state municipal-bond mutual funds. We find that local managers underperform non-local muni-bond fund managers. Furthermore, we document that local muni-bond fund managers perform relatively better in states with more local funds, consistent with knowledge spillovers, business connections and networking effects associated with those areas. Locals also perform relatively better in states with higher levels of political integrity, consistent with less political pressure on local fund managers in these locations. Our results are robust to several sensitivity checks.

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An Analysis Of Mutual Fund Custodial Fees

Journal of Applied Business Research (JABR) ◽

10.19030/jabr.v21i1.1496 ◽

2011 ◽

Vol 21 (1) ◽

Cited By ~ 2

Author(s):

Charles P. Cullinan ◽

Dennis M. Bline

Keyword(s):

Mutual Fund ◽

Fund Performance ◽

Regression Analyses ◽

Equity Fund ◽

Bond Funds ◽

Investor Returns

The Securities Exchange Commissions (SEC) has an ongoing initiative to examine mutual fund fees, and their disclosure to fund shareholders. Mutual fund custodial fees are usually paid directly to the custodian from fund assets, and can therefore affect fund performance and investor returns. The purpose of this paper is to develop and test a model of mutual fund custodial fees using both equity and bond funds. Regression analyses on bond and equity fund samples reveal that custodial fees result from a variety of factors, and that these factors differ between equity and bond funds. The results of this study can be a useful benchmark to evaluate the effectiveness of custodial fee management.

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Municipal bond funds

Journal of Endodontics ◽

10.1016/s0099-2399(77)80175-1 ◽

1977 ◽

Vol 3 (4) ◽

pp. CO2

Author(s):

Harvey Sarner

Keyword(s):

Municipal Bond ◽

Bond Funds

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Portfolio Managers on the Colombian Open-End Mutual Fund Industry: Performance, downside risk and persistence

Cuadernos de Administración ◽

10.11144/javeriana.cao32-59.pmco ◽

2019 ◽

Vol 32 (59) ◽

Author(s):

Fredy Alexander Pulga Vivas ◽

María Teresa Macías Joven

Keyword(s):

Mutual Funds ◽

Mutual Fund ◽

Risk Measures ◽

Downside Risk ◽

Investment Strategies ◽

Short Term ◽

Past Performance ◽

Investment Trusts ◽

Bond Funds ◽

Equity Funds

This study explores whether Colombian mutual funds deliver abnormal risk-adjusted returns and delves on their persistence. Through traditional and downside risk measures based on Modern Portfolio Theory and Lower Partial Moments, this article evaluates the performance of 146 mutual funds categorized by investment type and fund manager. This assessment suggests that mutual funds underperform the market and deliver real returns. Similarly, bond funds underperform equity funds, and investment trusts underperform brokerage firms as managers. Furthermore, bond funds and funds managed by investment trusts exhibit short-term performance persistence. These results suggest that investors may pursue passive investment strategies, and that they must analyze past performance to invest in the short-term.

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