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Mutual Funds in Germany and Sweden: Performance and Fees Analysis
Umeå University, Faculty of Social Sciences, Umeå School of Business.
Umeå University, Faculty of Social Sciences, Umeå School of Business.
2009 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Previous studies in mutual funds were focused mainly on the US market. The general belief is thatmutual funds in average cannot outperform the market. We decided to test this theory in the lessstudied markets of equity funds in Sweden and Germany. Another controversial point is fees inmutual funds. Therefore we will give an overview of fees in both markets, and analyze the relationbetween fees and performance.This study analyzes the Swedish and the German mutual funds market. For the German market,funds with domicile in Germany and abroad are analyzed separately in order to examine possibledifferences between funds with a domestic domicile, and funds domiciled abroad.1285 funds performances covering period of 2000-2008 were calculated using Jensen’s Alphameasure. The results showed that all funds have on average negative alphas. Approximately 20% offunds in the German market and 12% of the funds in the Swedish market have significantlynegative performance.Regarding fees, there is only a small difference between funds in the German and the Swedishmarket in general, while the difference between funds domiciled in Germany and Luxembourg wassignificantly bigger.Our analysis of the relation between fees and performance showed no significant relationship.

Place, publisher, year, edition, pages
2009. , 39 p.
Keyword [en]
mutual funds performance, mutual funds in germany, mutual funds in sweden, country of domicile
National Category
Business Administration
Identifiers
URN: urn:nbn:se:umu:diva-24820OAI: oai:DiVA.org:umu-24820DiVA: diva2:227764
Presentation
(English)
Uppsok
samhälle/juridik
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Available from: 2009-07-27 Created: 2009-07-16 Last updated: 2009-07-27Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf