The Behaviour of Non-surviving Spanish Funds According to Their Investment Objectives
The main purpose of this paper is to determine if the characteristics which define the non-surviving funds are different according to their investment objectives. In Spanish market, the Spanish National Securities Market Commission (CNMV) classifies the mutual funds according to the type of assets in which each fund invests to form a portfolio. Thus, the investor could choose which fund is suitable based on the performance and the risk that he wants to assume. In this paper, Self-Organizing Maps (SOM) are used to cluster mutual funds that disappeared in 2013, 2014 and 2015, based on the variables that define its survival capacity and, as a result, to analyse if these variables, take similar values for all of them or, different depending on the funds’ investment objectives.
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