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The Effect of Guia Exame’s Ratings on the Brazilian Fund Industry: An Analysis of Net-Worth Flows

11 Pages Posted: 18 Jul 2009 Last revised: 27 Jul 2009

Ricardo R. Rochman

FGV-EESP

William Eid Jr.

Getulio Vargas Foundation (FGV)

Date Written: July 17, 2009

Abstract

This paper infers the impact the publication “Guia Exame” (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds’ net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Keywords: Brazil, event-study, mutual funds, asset flow, fund ratings

JEL Classification: G11, G14, G20

Suggested Citation

Rochman, Ricardo R. and Eid Jr., William, The Effect of Guia Exame’s Ratings on the Brazilian Fund Industry: An Analysis of Net-Worth Flows (July 17, 2009). Available at SSRN: https://ssrn.com/abstract=1435293 or http://dx.doi.org/10.2139/ssrn.1435293

Ricardo R. Rochman

FGV-EESP ( email )

Rua Itapeva 474 9 andar
Rio de Janeiro, 01332-000
Brazil

HOME PAGE: http://www.fgv.br

William Eid Jr. (Contact Author)

Getulio Vargas Foundation (FGV) ( email )

Rua Itapeva 474 9 andar
Rio de Janeiro, 01332-000
Brazil

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