TAILIEUCHUNG - Mutual funds withdraw shield: performance or agency costs driver?

Regarding identification, we need to differentiate between Business Angels and the wider informal investment market. Informal investment describes non-institutional risk capital investments in unquoted businesses, including Business Angel investments, investments by family offices, and also the category of investments made by family and friends. The latter two categories are often not commercially oriented. However, matters are complicated by the definition of ‘friends’ – social, as well as business networks are sources used to identify potential investment opportunities. . | Economics and Business Letters 1 1 30-34 2012 Mutual funds withdraw shield performance or agency costs driver Carlos Alves Helena Mouta CEF. UP Faculty of Economics University of Porto Portugal School of Technology and Management of Braganga Portugal Received 17 February 2012 Revised 26 March 2012 Accepted 26 March 2012 Abstract In this paper using a unique database we compare the performance of a set of equity mutual funds to a set of equity savings funds which are similar to equity mutual funds in all but one characteristic the tax regime that strongly penalizes withdrawals from equity savings funds. We found evidence consistent with the hypothesis that mutual funds less subject to liquidity shocks exhibit higher performances. Keywords mutual fund performance withdrawals liquidity shocks fiscal policy JEL Classification Codes G23 G28 H39 1. Introduction In the past few decades mutual fund performance has been under the constant scrutiny of both academics and practitioners. There has been ample discussion on whether some mutual fund managers achieve a persistently higher performance that justifies the higher costs of actively managed funds. Several empirical studies reject the existence of superior performance in mutual funds . Elton et al. 1996 Fletcher and Forbes 2002 while many others support such a hypothesis . Grinblatt and Titmann 1993 Otten and Bams 2002 . However there is scarce literature on the causes of abnormal performance and in particular on the effect of inflows and outflows on mutual fund returns. There is consensus amongst researchers that capital fund flows are sensitive to past performances in developed markets Goetzmann and Peles 1997 Sirri and Tufano 1998 and Christoffersen 2001 but for a small market Alves and Mendes 2011 instead of the convex flow-performance relationship usually documented for the US found an absence of reaction to past performance. There is also evidence that back-end load costs are an obstacle to performance .

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