%0 Journal Article
%T O desempenho de fundos de renda fixa e o ¨ªndice de renda de mercado (IRF-M)
%A Vilella
%A Paulo Alvarez
%A Leal
%A Ricardo Pereira Camara
%J RAE eletr£¿nica
%D 2008
%I Scientific Electronic Library Online
%R 10.1590/S1676-56482008000100003
%X this article analyses the employment of the fixed income index (irf-m), based on the yields of brazilian treasury bills, to measure the performance of fixed income mutual funds. the irf-m is tested as an alternative benchmark to the one-day inter-bank offering rate (cdi), which represents floating rate securities. 212 funds in the non-leveraged and multi-index (asset) categories are analyzed. the results indicate that the irf-m marginally improves the models' explanatory power, but its economic impact is still relatively low when compared to the cdi rate.
%K mutual funds
%K investments
%K financial benchmark
%K fixed income
%K indexation.
%U http://www.scielo.br/scielo.php?script=sci_abstract&pid=S1676-56482008000100003&lng=en&nrm=iso&tlng=en