O efeito de smart money nos fundos de investimento: o caso português

• Autores: Júlio Lobao, Miguel Oliveira
• Localización: Nova Economia, ISSN 0103-6351, Año 27, Nº. 1, 2017, págs. 241-270
• Idioma: portugués
• DOI: 10.1590/0103-6351/2877
• Títulos paralelos:
  • The smart money effect in mutual funds: the Portuguese case
• Enlaces
  • Texto completo
• Resumen
  • English

    Abstract: In this article we analyze the investors' ability to select mutual funds, a phenomenon that is known as the smart money effect. The sample used concerns funds domiciled in Portugal for the 2003-2011 period. The empirical evidence suggests that investors had good skills when selecting mutual funds. When the market is in an upward (downward) phase, investors have the ability to select the funds in which to invest (disinvest) but they do not show the ability to choose the best funds to sell (buy). The intensity of the smart money effect seems also to depend on fund category and on the size of the funds.

  • português

    Resumo: O objetivo deste artigo é o de analisar a capacidade dos investidores em fundos de investimento para selecionar aqueles que apresentam rentabilidade mais elevada. Essa capacidade é denominada na literatura por efeito de smart money. A amostra utilizada diz respeito aos fundos sediados em Portugal, no período de 2003-2011. Os resultados indicam que, em geral, os investidores tiveram boa capacidade de seleção de fundos. Quando o mercado está em fase de subida (descida) de preços, os investidores têm a perícia de selecionar os fundos onde investir (desinvestir), mas não os fundos a liquidar (comprar). A intensidade do smart money parece ainda depender da categoria e da dimensão dos fundos transacionados.

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