In recent years, the investment fund industry has had a strong boost around the world, both in assets under management and in the number of funds and participants. This growth in supply and demand could be described as spectacular despite several crises in the financial markets during the last two decades. In this study, we examine and compare a sample of mutual funds across 35 countries for the 1990–2023 time period. The application of the efficiency ratios shows significant differences in efficiency among the evidence offered by the best-performing countries compared to those countries with the worst results. The fact that mutual funds obtain lower yield premiums compared to free-risk assets has originated a common situation of loss of performance efficiency at a global level. This phenomenon is shown by the three proposed indicators.

中文翻译：

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国际共同基金效率比较


近年来，投资基金行业在全球范围内得到了强劲的发展，无论是在管理的资产还是基金和参与者的数量上。尽管在过去二十年中金融市场发生了几次危机，但这种供需增长可以说是惊人的。在这项研究中，我们检查并比较了 1990 年至 2023 年期间 35 个国家/地区的共同基金样本。效率比的应用表明，与结果最差的国家相比，表现最好的国家提供的证据在效率上存在显著差异。与无风险资产相比，共同基金获得的收益溢价较低，这一事实导致了全球范围内业绩效率下降的常见情况。这种现象由三个提出的指标显示。