Exit Decisions in the U.S. Mutual Fund Industry
This paper examines the similarities and differences in the determinants of the three mutual fund exit forms: liquidation, within-family merger, and across-family merger. All defunct mutual fund portfolios have smaller size and lower inflows. A family is less willing to liquidate a portfolio but more likely to merge a portfolio within the family if it offers more share classes. Large families are more likely to merge portfolios within the family, while a family with poor performance is more likely to sell relatively unique portfolios to other families to stay focused. This paper also compares within-objective mergers with across-objective mergers.
Year of publication: |
2005
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Authors: | Zhao, Xinge |
Published in: |
The Journal of Business. - University of Chicago Press. - Vol. 78.2005, 4, p. 1365-1402
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Publisher: |
University of Chicago Press |
Saved in:
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