Fatores determinantes da rentabilidade dos fundos multimercados no Brasil

Abstract

This study analyzes the Brazilian Multimarket Investment Funds and aims to establish a relationship between characteristics of these funds and their respective financial returns. The variables discussed here are: the number of shareholders, the funds equity, time of existence (age), their administration and the performance fees. Through a sample of 216, we identified multimarket investment funds and the returns presented in the last 10 years. Thus, we performed regression tests (MQO and robust) based on two distinct models, one comprising the five variables studied and a second with analysis of these variables from four different groups. Statistical evidence was found to establish a relationship between fund equity and profitability, age and profitability in the model 1. In the model 2, only the construct fund assets presented some explanation for the four working groups, while the fund age variable had some explanatory power in two of the four working groups. The results are convergent with those obtained by Malaquias and Eid (2014) and Laes and Silva (2014), and the study of these characteristics helps to better understand the market of Multi-Market Investment Funds in Brazil.