Favoritism in mutual fund families? evidence on strategic cross-fund subsidization

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Favoritism in mutual fund families? evidence on strategic cross-fund subsidization

Gaspar, Jose-Miguel - ; Massa, Massimo - ; Matos, Pedro - ;

We investigate whether mutual fund familiies strategically transfer performance across member funds ot favor those more likely to increase overall family profits. We find that "high family value" funds (i.e., high fees or high past performers) overperform at the expense of "low value" funds. Such a performance gap is above the one existing between similar funds not affliated with the same family. Better allocations of underpirced intial public offering deal and opposite trades across member funds partly explain why high value funds overperform. Our findings highlight how the family organization prevalent in the mutual fund industry generate distortions in delegated asset management..Printed Journal

Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Penerbit	The American Finance Association.,
Edisi	-
Subjek	Regression analysis Mutual funds Asset management studies Rates of return
ISBN/ISSN	221082
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data