Resumen

MONSALVEA, Juan David  y  ARANGO TOROB, Nicolas. Colombian mutual funds that invest in stocks: Do they create value?. ecos.econ. [online]. 2016, vol.20, n.42, pp.90-110. ISSN 1657-4206.  https://doi.org/10.17230/ecos.2015.42.5.

In this research we evaluate the performance of 73 Colombian stock mutual funds from 2005 to 2015. To quantify the value added by these funds compared to their respective benchmarks, Jensen's alpha is calculated using two regression methodologies: Ordinary Least Squares (OLS) and Quantile Regression. We also analyze whether these funds show any evidence of market timing. We recommend the creation of a private firm in Colombia  that would provide investors with accurate information about the features and historical performance of Colombian mutual funds, as Morningstar Inc. does in the USA. This would enable investors to choose the best fund options andmake the mutural fund market more efficient and appealing to new potential investors.

Palabras clave : Colombia; Jensen's alpha; Market Timing; Mutual Funds; Portfolio Performance Evaluation.

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