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Fondstorlek - Fördel eller Nackdel?

Papavramidi, Christina LU ; Bergsten, Carl LU and Tegnér, Lukas LU (2019) FEKH89 20182
Department of Business Administration
Abstract (Swedish)
Syftet med studien är att undersöka sambandet mellan fondstorlek och riskjusterad prestation på svenska aktiefonder under 2005 - 2009 och 2010 - 2016. Vidare ämnar sig studien att undersöka hur sambandet mellan fondstorlek och prestation påverkas av fonders val av placeringsinriktning, det vill säga om fonden klassificeras som en tillväxtfond eller inte. Författarna har valt att använda en kvantitativ metod med en deduktiv ansats. Studien grundar sig i tidigare forskning som undersöker sambandet mellan fondstorlek och prestation, som likt denna studie, använder Fama-French-Carharts fyrfaktormodell för att beräkna en fonds förväntade avkastning. Studiens urval består av 36 fonder under studiens första tidsperiod och 48 fonder under studiens... (More)
Syftet med studien är att undersöka sambandet mellan fondstorlek och riskjusterad prestation på svenska aktiefonder under 2005 - 2009 och 2010 - 2016. Vidare ämnar sig studien att undersöka hur sambandet mellan fondstorlek och prestation påverkas av fonders val av placeringsinriktning, det vill säga om fonden klassificeras som en tillväxtfond eller inte. Författarna har valt att använda en kvantitativ metod med en deduktiv ansats. Studien grundar sig i tidigare forskning som undersöker sambandet mellan fondstorlek och prestation, som likt denna studie, använder Fama-French-Carharts fyrfaktormodell för att beräkna en fonds förväntade avkastning. Studiens urval består av 36 fonder under studiens första tidsperiod och 48 fonder under studiens andra tidsperiod. Data har hämtats från Bloomberg, Thomson Reuters och Swedish House of Finance. Studiens resultat visar ett negativt samband mellan fondstorlek och riskjusterad prestation under den första tidsperioden, och ett positivt samband under den andra tidsperioden. Studien visar även att sambandet mellan fondstorlek och prestation påverkas positivt för tillväxtfonder, och negativt för övriga fonder. Sambanden kan däremot inte statistiskt säkerhetsställas. (Less)
Abstract
The purpose of this study is to examine the relationship between fund size and risk-adjusted return for Swedish equity funds during 2005 - 2009 and 2010 - 2016. The study also examines how the relationship between fund size and return is affected by the fund’s investment policy, i.e. growth funds or non-growth funds. To examine the purpose of this study, the authors use a quantitative method with a deductive approach. The study is based on previous research which examines the relationship between fund size and return, which also use the Fama-French-Carhart four factor model to calculate a fund’s expected return. The sample of the study consists of 36 funds during the first time period and 48 funds during the second period. Data originates... (More)
The purpose of this study is to examine the relationship between fund size and risk-adjusted return for Swedish equity funds during 2005 - 2009 and 2010 - 2016. The study also examines how the relationship between fund size and return is affected by the fund’s investment policy, i.e. growth funds or non-growth funds. To examine the purpose of this study, the authors use a quantitative method with a deductive approach. The study is based on previous research which examines the relationship between fund size and return, which also use the Fama-French-Carhart four factor model to calculate a fund’s expected return. The sample of the study consists of 36 funds during the first time period and 48 funds during the second period. Data originates from Bloomberg, Thomson Reuters and Swedish House of Finance. The result shows a negative relationship between fund size and risk-adjusted return during the first time period, and a positive relationship during the second period. Furthermore, the study shows that fund size has a positive effect on the return for growth funds, and a negative effect on the return for non-growth funds. The relations are not statistically significant. (Less)
Please use this url to cite or link to this publication:
author
Papavramidi, Christina LU ; Bergsten, Carl LU and Tegnér, Lukas LU
supervisor
organization
alternative title
En studie om fondstorlekens påverkan på prestation.
course
FEKH89 20182
year
type
M2 - Bachelor Degree
subject
keywords
Fama-French-Carhart fyrfaktormodell, Jensens Alfa, Fondförmögenhet, Placeringsinriktning, Tillväxtfonder
language
Swedish
id
8970303
date added to LUP
2019-02-22 12:18:30
date last changed
2019-02-22 12:18:30
@misc{8970303,
  abstract     = {{The purpose of this study is to examine the relationship between fund size and risk-adjusted return for Swedish equity funds during 2005 - 2009 and 2010 - 2016. The study also examines how the relationship between fund size and return is affected by the fund’s investment policy, i.e. growth funds or non-growth funds. To examine the purpose of this study, the authors use a quantitative method with a deductive approach. The study is based on previous research which examines the relationship between fund size and return, which also use the Fama-French-Carhart four factor model to calculate a fund’s expected return. The sample of the study consists of 36 funds during the first time period and 48 funds during the second period. Data originates from Bloomberg, Thomson Reuters and Swedish House of Finance. The result shows a negative relationship between fund size and risk-adjusted return during the first time period, and a positive relationship during the second period. Furthermore, the study shows that fund size has a positive effect on the return for growth funds, and a negative effect on the return for non-growth funds. The relations are not statistically significant.}},
  author       = {{Papavramidi, Christina and Bergsten, Carl and Tegnér, Lukas}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Fondstorlek - Fördel eller Nackdel?}},
  year         = {{2019}},
}