Efficiency of classical and alternative equity investment funds in light of the amendments to the Act on Investment Funds

Abstract

The article analyses the changes in the effectiveness of a group of alternative stock investment funds on the implementation of a law concerning, among other things, the amendment of the Law on Investment Funds. In order to verify the hypothesis on the positive effect of this law on the efficiency of the funds, the tools of event study were used. The results of the analysis verified the positive effect of the regulation on fund management, but only in the short term (up to one year after the event). However, in a long time horizon no significant changes in the achieved results were observed.