Μελετώντας τον ανταγωνισμό μεταξύ των αμοιβαίων κεφαλαίων
Studying the competition among mutual funds
The aim of this work is to study the models that have been proposed by the literature to search the way that fund managers compete with each other. This dissertation analyzes some models from previous studies and proposes new statistical methods to estimate the strategies that managers employ in order to outperform their competitors. If the investment strategy of a particular manager is based in the strategies of his opponents, a subsequent result will be to change these strategies in terms of the risk and the frequency that the strategies are changed until the market go to the balance point. The main goal of this study is to make a literature review and then new statistical measures will be proposed to test if the tournament hypothesis holds for growth and income mutual fund of USA market. Finally the study will show how the results of the statistical evidence change when different methodologies are used to test the tournament hypothesis.