Performance and diversification benefits of IPO-focused mutual funds

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-03-22 DOI:10.1111/jfir.12323

Manel Kammoun, Habiba Mrissa Bouden

引用次数: 0

Abstract

We investigate whether mutual funds that invest in initial public offerings (IPOs) outperform the Renaissance IPO Index, IPOX® 100 U.S. Index, and other comparable equity funds that do not invest in IPOs. We also explore whether investors gain diversification benefits by investing in IPO-focused mutual funds. Using a sample of active open-ended US equity mutual funds, we find that IPO-focused funds outperform the Renaissance IPO Index and comparable funds that do not invest in IPOs. Moreover, they provide investors with the benefit of diversification along with better returns. We also find the value added by active management based on IPO strategy.

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以IPO为重点的共同基金的业绩和多元化收益

我们调查了投资首次公开募股(IPO)的共同基金是否优于文艺复兴IPO指数、IPOX®100美国指数和其他不投资IPO的可比股票基金。我们还探讨了投资者是否通过投资以ipo为重点的共同基金获得多元化收益。我们以活跃的开放式美国股票共同基金为样本，发现以IPO为重点的基金的表现优于文艺复兴IPO指数(Renaissance IPO Index)和不投资IPO的同类基金。此外，它们为投资者提供了多样化的好处以及更好的回报。我们还发现了基于IPO策略的主动管理所增加的价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.