Are Funds True to Label? Matching Qualitative and Quantitative Information – Internet Appendix

Abstract

A number of prior studies have examined qualitative and quantitative indicators that help investors decide which funds to invest in. The majority of these have focused on indicators of performance, which fit broadly into two categories: measures of the funds’ historical performance (e.g. risk adjusted returns, expense ratios etc.), and manager characteristics independent of past investment decisions (e.g. education and experience of the fund managers themselves). Recent studies, including Foster and Warren (2014), have highlighted the importance of non-performance characteristics (e.g. people and processes) that significantly influence the investment decision, particularly for institutional multi-manager investors. With the context of these past studies in mind, this research seeks to determine the value of Investment Management Questionnaires in accurately capturing true investment characteristics of the funds.

The paper "Are Funds True to Label? Matching Qualitative and Quantitative Information" to which these Appendices apply is available at the following URL: http://ssrn.com/abstract=2513658