International mutual fund selectivity and market timing during up and down market conditions

G. Wenchi Kao, Tsz Wan Cheng, Kam C. Chan

Research output: Journal article publicationJournal articleAcademic researchpeer-review

50 Citations (Scopus)

Abstract

This study examines the selectivity and market-timing ability of international mutual fund managers. Ninety-seven international mutual funds with a minimum of five-year return history selected from the Morningstar OnDisc database are analyzed. Our findings suggest that managers of international mutual funds possess good selectivity and overall performance. We also find weak evidence of poor market-timing ability. Consistent with prior findings from domestic mutual funds, there is a negative correlation between the international fund managers’ selection ability and market-timing ability. Finally, managers for Europea funds show poorer performance than those managing the other three international fund groups.
Original languageEnglish
Pages (from-to)127-144
Number of pages18
JournalFinancial Review
Volume33
Issue number2
DOIs
Publication statusPublished - 1 Jan 1998

Keywords

  • International
  • Market timing
  • Mutual fund
  • Performance
  • Selectivity

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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