Informational transparency and mutual funds performance: The case study of Russia and Ukraine

Abstract

Goal of this work is to investigate the relationship between information transparency of the AMC, MF and the mutual fund performance. Tasks: To conduct the analyses of Russian and Ukrainian mutual funds markets; To analyze theoretical and empirical studies concerning informational transparency; To identify the basic criteria of transparency; To calculate AMC and MF transparency indexes for Russian and Ukrainian markets; To analyze the influence of AMC and MF transparency indexes on the mutual fund performance Main results: we calculated the indexes of mutual funds and asset management companies transparency; we didn’t find the relationship between the level of transparency of MF and AMC and the mutual fund performance; we found the relationship between the rate of return and the number of attracted by MF shareholders; we made the ranking of the transparency criteria on the basis of expert analysis.