RANKINGS FUNDS: DO THE APPEARANCES DECEIVE?
Agency problem; Investment funds; Funds Ranking.
The present research aims to investigate if there is agency problems between the managers of investment funds classified in rankings of funds and their investors. For this research, the stock funds according to ANBIMA's classification are used as reference. We examined the funds that shows variations in volatility, return and investment flow in the previous period and after the closing of the rankings. The period used for this work will be from September 2014 to January 2016, since the closing period of the ranking of funds adopted for the data was on September 30, 2015 and its Published in December 2015. A sample of the survey will be composed of 215 funds from 86 managers.