2026-04-17T05:14:16Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/6882025-12-20T01:55:17Zcom_2072_6col_2072_452953

00925njm 22002777a 4500 dc Marín, José M. author Rangel, Thomas A. author 2017-07-26T10:50:06Z 2017-07-26T10:50:06Z 2006-11-01 2017-07-23T02:10:48Z We study the use of derivatives in the Spanish mutual fund industry. The picture that emerges from our analysis is rather negative. In general, the use of derivatives does not improve the performance of the funds. In only one out of eight categories we find some (very weak and not robust) evidence of superior performance. In most of the cases users significantly underperform non users. Furthermore, users do not seem to exhibit superior timing or selectivity skills either, but rather the contrary. This bad performance is only partially explained by the larger fees funds using derivatives charge. Moreover, we do not find evidence of derivatives being used for hedging purposes. We do find evidence of derivatives being used for speculation. But users in only one category exhibit skills as speculators. Finally, we find evidence of derivatives being used to manage the funds cash inflows and outflows more efficiently. mutual funds derivative use risk management Finance and Accounting The use of derivatives in the Spanish mutual fund industry