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The Performance of Investment Bank Affiliated Mutual Funds: Conflicts of Interest or Informational Advantage?

Using a comprehensive sample of U.S. mutual funds from 1992 to 2004, we find strong evidence that investment bank affiliated funds underperform unaffiliated funds. Consistent with the conflict of interest hypothesis, we find that affiliated funds hold disproportionately large amounts of stocks of their IPO and SEO clients. Moreover, worse performing clients are more likely to be held by affiliated funds. Our results are robust to alternative risk-adjustments, portfolio weighting schemes, and regression methodologies. Overall, our findings are consistent with the idea that investment banks use affiliated funds to support underwriting business at the expense of fund shareholders..Printed Journal

Ketersediaan

Call NumberLocationAvailable
JFQA4703PSB lt.dasar - Pascasarjana1
Penerbit Cambridge Cambridge University Press.,
Edisi -
Subjek Mutual fund performance
Investment bank affiliated mutual funds
Investment banking relationships
ISBN/ISSN -
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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