Álvarez Herrera, Luis2016-08-042016-08-042016https://academica-e.unavarra.es/handle/2454/21143In this bachelor’s thesis, we are going to analyse the existence of performance persistence on a sample of European Equity Funds (RVE), International Equity Funds (RVI) and Guaranteed Equity Funds (GRV) for the period covering 2009-2014. Data has been obtained from the “Comisión Nacional del Mercado de Valores” database and Banco de España database. In order to test performance persistence we use Pearson’s correlation coefficient, Cross-product ratio and Chi-squared test and results have been classified into 4 different categories. The results suggest the presence of diseconomies of scale in the mutual fund industry. Moreover, mutual funds are under no efficient information allowing companies to adopt opportunistic behaviours by charging higher fees that do not match with their obtained results. Finally we also conclude that when fees are charged over results, there is a greater alignment of objectives between managers and participants.application/pdfengMutual fundsPersistencePerformanceRVERVIGRVinfo:eu-repo/semantics/bachelorThesis2016-07-28info:eu-repo/semantics/openAccess