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A Fuzzy-Set Qualitative Comparative Analysis of Causal Configurations Influencing Mutual Fund Performance: The Role of Fund Manager Skill

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A Fuzzy-Set Qualitative Comparative Analysis of Causal Configurations Influencing Mutual Fund Performance: The Role of Fund Manager Skill

dc.contributor.author	Carmona, Pedro
dc.contributor.author	Momparler, Alexandre
dc.contributor.author	Climent, Francisco
dc.date.accessioned	2023-11-08T13:37:06Z
dc.date.available	2023-11-08T13:37:06Z
dc.date.issued	2023
dc.identifier.uri	https://hdl.handle.net/10550/91014
dc.description.abstract	A mutual fund is a common instrument for households and corporations to invest in the financial markets through diversified portfolios of securities. Investing in managed mutual funds involves relying on a fund manager's knowledge, expertise, and investment strategy to beat the fund's benchmark. The purpose of this paper is to help mutual fund investors in their fund selection process. The fuzzy-set qualitative comparative analysis (fsQCA) is the methodology applied to identify combinations of factors that facilitate the selection of performing mutual funds. The goal is to determine whether fund manager skill, as measured by Jensen's Alpha and other qualitative factors, is a key driver of performance. Our research focuses on US-registered equity funds with a global investing scope over a 5-year period (2016-2021), and we combine three mutual fund databases to obtain more complete data while enhancing data accuracy and consistency. The findings reveal that both manager skill and fund size are pervasive factors included in all three successful combinations of sufficiency conditions leading to high-performance funds. In addition, it is verified that manager skill is the only necessary condition to ensure high returns on mutual funds. Investors' fund selection process is a cumbersome task that can be simplified with the successful recipes provided by the fsQCA model.
dc.language.iso	eng
dc.relation.ispartof	Mathematics, 2023, vol. 11, p. 4500
dc.source	Carmona, Pedro Momparler, Alexandre Climent, Francisco 2023 A Fuzzy-Set Qualitative Comparative Analysis of Causal Configurations Influencing Mutual Fund Performance: The Role of Fund Manager Skill Mathematics 11 4500
dc.subject	Economia
dc.subject	Economia d'empresa
dc.subject	Administradors de societats
dc.title	A Fuzzy-Set Qualitative Comparative Analysis of Causal Configurations Influencing Mutual Fund Performance: The Role of Fund Manager Skill
dc.type	journal article
dc.date.updated	2023-11-08T13:37:07Z
dc.identifier.doi	10.3390/math11214500
dc.identifier.idgrec	161659
dc.rights.accessRights	open access