TENENCIAS DE EFECTIVO Y EL DESEMPEÑO DE LOS FONDOS MUTUOS
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Abstract
En el presente documento se presenta un análisis empírico sobre las tenencias de efectivo y su incidencia sobre la rentabilidad de los fondos mutuos en Bolivia. A través de la estimación de 26 modelos econométricos de Vectores Auto Regresivos, se pudo comprobar que el nivel de liquidez medido por las tenencias de efectivo sobre la cartera neta, no tuvo un impacto significativo sobre la rentabilidad de la mayor parte de los fondos estudiados, desestimando de esta manera la idea que los excedentes de efectivo generan un impacto favorable en el desempeño de una cartera.
This paper presents an empirical analysis of cash holdings and their impact on the profitability of mutual funds in Bolivia. Through the estimation of 26 econometric models of Auto Regressive Vectors, we verified that the level of liquidity did not have a significant impact on the return for most of the mutual funds studied; thus the idea that cash surpluses have a favorable impact on the portfolio performance was rejected.
This paper presents an empirical analysis of cash holdings and their impact on the profitability of mutual funds in Bolivia. Through the estimation of 26 econometric models of Auto Regressive Vectors, we verified that the level of liquidity did not have a significant impact on the return for most of the mutual funds studied; thus the idea that cash surpluses have a favorable impact on the portfolio performance was rejected.
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Vol. 20, No. 2