Resumen de Is There Competition or Strategic Behaviour Among the Mutual Funds? An Analysis in Different Countries
This study analyses the competition/strategic behaviour among the mutual funds of several countries from the European Union. To achieve this aim, it is used the Brown, Harlow and Starks (1996) methodology applied in different settings. Thus, the competition/strategic behaviour is analysed in subperiods with the same duration and in subperiods that correspond to different market cycles, the characteristics of the funds are also contemplated (the dimension of their portfolio and its period of activity), as well as the possible effect of the survivorship bias.
The outcomes obtained show the existence of strategic behaviour among the mutual funds from the European Union, this is stronger among the funds from Belgium, Spain and United Kingdom. Furthermore, with the exception of the United Kingdom, this behaviour is stronger among the funds with a smaller period of activity and in the most recent period. So, it seems that, on the one hand, the greatest strategic interaction among funds with smaller period of activity can occur from its greatest audacity, unlike the most experienced funds that tend to reveal higher caution. On the other hand, the growth of the markets from the European Union concerning the number of funds seems to contribute to the increase of the strategic behaviour.
