{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,13]],"date-time":"2026-10-13T18:48:34Z","timestamp":1791917314811,"version":"4.3.4"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":32,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>This study examines performance persistence among worldwide short-term fixedincome mutual funds. This research examines a sample of 19,459 fixed-income mutual funds around the world during the period 1990-2025. Performance is measured using an index derived from the Sharpe ratio but designed to resolve certain issues that can arise with the latter. The analysis of persistence employs a contingency table methodology, while Malkiel's (1995) statistic is used to assess the robustness of the persistence phenomenon. Finally, the practical value of understanding this persistence phenomenon is empirically demonstrated.<\/jats:p>","DOI":"10.2139\/ssrn.7569938","type":"posted-content","created":{"date-parts":[[2026,10,7]],"date-time":"2026-10-07T16:56:46Z","timestamp":1791392206000},"source":"Crossref","is-referenced-by-count":0,"title":["The Persistence of Fixed-Income Mutual Funds"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-5473-1325","authenticated-orcid":true,"given":"Javier","family":"Vidal-Garc\u00eda","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0009-0000-6872-2227","authenticated-orcid":true,"given":"Marta","family":"Vidal","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","first-page":"569","article-title":"Short-term persistence in mutual fund performance","volume":"18","author":"N P B Bollen","year":"2005","journal-title":"Journal of Finance"},{"key":"ref2","first-page":"553","volume":"5","author":"S Brown","year":"1992","journal-title":"Survivorship Bias in performance Studies"},{"key":"ref3","doi-asserted-by":"crossref","first-page":"679","DOI":"10.1111\/j.1540-6261.1995.tb04800.x","article-title":"Performance Persistence","volume":"50","author":"S Brown","year":"1995","journal-title":"Journal of Finance"},{"key":"ref4","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1111\/j.1540-6261.1997.tb03808.x","article-title":"On persistence in mutual fund performance","volume":"52","author":"Carhart","year":"1997","journal-title":"Journal of Finance"},{"key":"ref5","doi-asserted-by":"crossref","first-page":"3337","DOI":"10.1093\/rfs\/hhab103","article-title":"How global is your mutual fund? International diversification from multinationals","volume":"35","author":"I Demirci","year":"2022","journal-title":"Review of Financial Studies"},{"key":"ref6","doi-asserted-by":"crossref","DOI":"10.1016\/j.jeca.2022.e00279","article-title":"European market timing","volume":"27","author":"A El Ammari","year":"2023","journal-title":"Journal of Economic Asymmetries"},{"key":"ref7","doi-asserted-by":"crossref","first-page":"1097","DOI":"10.1093\/rfs\/9.4.1097","article-title":"Survivorship bias and mutual fund performance","volume":"9","author":"E J Elton","year":"1996","journal-title":"Review of Financial Studies"},{"key":"ref8","doi-asserted-by":"crossref","first-page":"133","DOI":"10.1086\/209685","article-title":"The persistence of risk-adjusted mutual fund performance","volume":"69","author":"E J Elton","year":"1996","journal-title":"Journal of Business"},{"key":"ref9","doi-asserted-by":"crossref","first-page":"1915","DOI":"10.1111\/j.1540-6261.2010.01598.x","article-title":"Luck versus skill in the cross-section of mutual fund returns","volume":"65","author":"E F Fama","year":"2010","journal-title":"Journal of Finance"},{"key":"ref10","first-page":"273","article-title":"An analysis of Spanish investment funds performance: Some considerations concerning Sharpe's Ratio. Omega","volume":"32","author":"L Ferruz","year":"2004","journal-title":"The International Journal of Management Science"},{"key":"ref11","first-page":"9","article-title":"Do winners repeat? Patterns in mutual fund return behaviour","volume":"20","author":"Ibbotson W N R G Goetzmann","year":"1994","journal-title":"Journal of Portfolio Management"},{"key":"ref12","doi-asserted-by":"crossref","first-page":"1977","DOI":"10.1111\/j.1540-6261.1992.tb04692.x","article-title":"The persistence of mutual fund performance","volume":"47","author":"Grinblatt M And","year":"1992","journal-title":"Journal of Finance"},{"key":"ref13","doi-asserted-by":"crossref","first-page":"1921","DOI":"10.1111\/jofi.13123","article-title":"Luck versus skill in the cross section of mutual fund returns: Reexamining the evidence","volume":"77","author":"C R Harvey","year":"2022","journal-title":"Journal of Finance"},{"key":"ref14","doi-asserted-by":"crossref","DOI":"10.1016\/j.ribaf.2023.101963","article-title":"On the short-term persistence of mutual fund performance in Europe","volume":"65","author":"A Hammouda","year":"2023","journal-title":"Research in International Business and Finance"},{"key":"ref15","first-page":"389","article-title":"Hot hands in mutual funds; short-run persistence of relative performance, 1974-1988","volume":"48","author":"D Hendricks","year":"1968","journal-title":"Journal of Finance"},{"key":"ref16","doi-asserted-by":"crossref","first-page":"43","DOI":"10.2469\/faj.v51.n6.1948","article-title":"Does historical performance predict future performance?","volume":"51","author":"R N Khan","year":"1995","journal-title":"Financial Analyst Journal"},{"key":"ref17","doi-asserted-by":"crossref","first-page":"2551","DOI":"10.1111\/j.1540-6261.2006.01015.x","article-title":"Can mutual fund \"stars\" really pick stocks? New evidence from a bootstrap analysis","volume":"61","author":"R Kosowski","year":"2006","journal-title":"Journal of Finance"},{"key":"ref18","doi-asserted-by":"crossref","first-page":"549","DOI":"10.1111\/j.1540-6261.1995.tb04795.x","article-title":"Returns from Investing in equity mutual funds 1971 to","volume":"50","author":"B Malkiel","year":"1991","journal-title":"Journal of Finance"},{"key":"ref19","doi-asserted-by":"crossref","first-page":"75","DOI":"10.1111\/1468-036X.00177","article-title":"European mutual fund performance","volume":"8","author":"Otten Bams","year":"2002","journal-title":"European Financial Management"},{"key":"ref20","doi-asserted-by":"crossref","first-page":"342","DOI":"10.1080\/135184799337000","article-title":"Persistence in portuguese mutual fund performance","volume":"5","author":"Ribeiro M","year":"1999","journal-title":"European Journal of Finance"},{"key":"ref21","doi-asserted-by":"crossref","first-page":"119","DOI":"10.1086\/294846","article-title":"Mutual fund performance","volume":"39","author":"W F Sharpe","year":"1966","journal-title":"Journal of Business"},{"key":"ref22","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1007\/BF01074960","article-title":"Persistent performance in the mutual fund market: tests with funds and investment advisers","volume":"4","author":"Shukla","year":"1994","journal-title":"Review of Quantitative Finance and Accounting"},{"key":"ref23","first-page":"63","article-title":"How to rate management of investment funds","volume":"43","author":"J Treynor","year":"1965","journal-title":"Harvard Business Review"},{"key":"ref24","doi-asserted-by":"crossref","first-page":"415","DOI":"10.1111\/j.1475-6803.1995.tb00575.x","article-title":"Determinants of persistence in performance of mutual funds","volume":"18","author":"Volknwn","year":"1995","journal-title":"Journal of Financial Research"},{"key":"ref25","doi-asserted-by":"crossref","first-page":"61","DOI":"10.3905\/jai.2015.18.2.061","article-title":"Market timing around the world","volume":"18","author":"M Vidal","year":"2015","journal-title":"Journal of Alternative Investments"},{"key":"ref26","doi-asserted-by":"crossref","first-page":"45","DOI":"10.1016\/j.ribaf.2012.09.004","article-title":"The persistence of European mutual fund performance","volume":"28","author":"J Vidal-Garc\u00eda","year":"2013","journal-title":"Research in International Business and Finance"},{"key":"ref27","author":"J Vidal-Garc\u00eda","year":"2024","journal-title":"Short-term performance and mutual fund size"},{"key":"ref28","doi-asserted-by":"crossref","first-page":"926","DOI":"10.1016\/j.econmod.2015.10.031","article-title":"The short-term persistence of international mutual fund performance","volume":"52","author":"J Vidal-Garc\u00eda","year":"2016","journal-title":"Economic Modelling"},{"key":"ref29","doi-asserted-by":"crossref","DOI":"10.1057\/s41283-024-00157-1","article-title":"Global tournaments","volume":"27","author":"J Vidal-Garc\u00eda","year":"2025","journal-title":"Risk Management"},{"key":"ref30","volume":"1","journal-title":"Canada"},{"key":"ref31","author":"U K","year":"2000"},{"key":"ref32","author":"U S","journal-title":"8,195 0,610** 0,398 All Countries 0,630*** 0"}],"container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,13]],"date-time":"2026-10-13T18:25:01Z","timestamp":1791915901000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7569938"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":32,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7569938","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}