文章基本信息

标题：THE SMART MONEY EFFECT ON THE MULTIMARKET FUNDS SEGMENT
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作者：Sâmia Carneiro Fonseca, Rodrigo Fernandes Malaquias
期刊名称：Revista de Gestão, Finanças e Contabilidade
印刷版ISSN：2238-5320
出版年度：2012
期号：1809
页码：03-16
出版社：University of State of Bahia
摘要：The aim of this paper was to investigate the occurrence of the Smart Money Effect on the Brazilian hedge funds segment. It was operationalized through the comparison between the average return of funds and their net flow. For this purpose, we performed a descriptive analysis with quantitative approach, using the statistical method Student's t test, based on a sample of 20 hedge funds in the period from May 2009 to July 2011. The results showed the occurrence of the Smart Money Effect, as the average performance was higher in funds with higher net inflows. We assumed, therefore, evidences of selection skills of funds from investors; in other words, on average, investors were able to identify funds that had the best return in the next period