168655 20260212205631.0 doi 10.1080/02102412.2026.2612896 sideral 148051 ART-2026-148051 eng Ortiz, Cristina Universidad de Zaragoza (orcid)0000-0003-3275-5814 Performance evaluation with security-level holdings: a study of government bond funds in Southern Europe during the Euro debt crisis 2026 This study is the first to evaluate the performance of Euro government bond mutual funds with characteristic-based benchmarks. This analysis is based on the security-level holdings of the most-affected countries in the Euro sovereign debt crisis, i.e. the so-called periphery countries of Southern Europe, including Greece, Italy, Portugal, and Spain (GIPS). The combined contribution of bond selection and timing casts doubt on the value of active management relative to its costs. The results also show that the reinforced home bias after the Euro sovereign debt crisis resulted in assorted management skills across these markets. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/AEI/PID2022-136818NB-I00 info:eu-repo/grantAgreement/ES/DGA/S38-23R info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/semantics/embargoedAccess All rights reserved http://www.europeana.eu/rights/rr-f/ info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Ramírez, Gloria Vicente, Luis Universidad de Zaragoza (orcid)0000-0003-4778-5960 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. (2026), 27 Rev. esp. financ. contab. Spanish journal of finance and accounting / Revista española de financiacion y contabilidad 0210-2412 550320 http://zaguan.unizar.es/record/168655/files/texto_completo.pdf Postprint info:eu-repo/date/embargoEnd/2028-06-01 787101 http://zaguan.unizar.es/record/168655/files/texto_completo.jpg?subformat=icon icon Postprint info:eu-repo/date/embargoEnd/2028-06-01 oai:zaguan.unizar.es:168655 articulos driver 2026-02-12-20:38:51 ARTICLE