{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2022,4,3]],"date-time":"2022-04-03T11:20:22Z","timestamp":1648984822005},"reference-count":27,"publisher":"FapUNIFESP (SciELO)","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Nova econ."],"published-print":{"date-parts":[[2017,4]]},"abstract":"<jats:p>Resumo: O objetivo deste artigo \u00e9 o de analisar a capacidade dos investidores em fundos de investimento para selecionar aqueles que apresentam rentabilidade mais elevada. Essa capacidade \u00e9 denominada na literatura por efeito de smart money. A amostra utilizada diz respeito aos fundos sediados em Portugal, no per\u00edodo de 2003-2011. Os resultados indicam que, em geral, os investidores tiveram boa capacidade de sele\u00e7\u00e3o de fundos. Quando o mercado est\u00e1 em fase de subida (descida) de pre\u00e7os, os investidores t\u00eam a per\u00edcia de selecionar os fundos onde investir (desinvestir), mas n\u00e3o os fundos a liquidar (comprar). A intensidade do smart money parece ainda depender da categoria e da dimens\u00e3o dos fundos transacionados.<\/jats:p>","DOI":"10.1590\/0103-6351\/2877","type":"journal-article","created":{"date-parts":[[2017,7,9]],"date-time":"2017-07-09T15:49:17Z","timestamp":1499615357000},"page":"241-270","source":"Crossref","is-referenced-by-count":0,"title":["O efeito de smart money nos fundos de investimento: o caso portugu\u00eas"],"prefix":"10.1590","volume":"27","author":[{"given":"J\u00falio","family":"Lob\u00e3o","sequence":"first","affiliation":[{"name":"Universidade do Porto, Portugal"}]},{"given":"Miguel","family":"Oliveira","sequence":"additional","affiliation":[{"name":"Universidade do Porto, Portugal"}]}],"member":"530","reference":[{"key":"ref1","series-title":"The smart money effect in two major mutual fund European industries","author":"ANDREU L.","year":"2010"},{"key":"ref2","doi-asserted-by":"crossref","first-page":"129","DOI":"10.1007\/s10258-010-0060-x","article-title":"Does performance explain fund flows in small markets? 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